Fort Lauderdale, Dec. 23, 2024 (GLOBE NEWSWIRE) -- M2 Compliance, LLC ("M2"), On September 27, 2024, the US Securities and Exchange Commission (SEC) adopted amendments to Rules 10 and 11 of Regulation S-T, Form ID, and the EDGAR Filer Manual. These changes, collectively referred to as "EDGAR Next," will alter how filers access and manage their accounts on EDGAR.
Among other revisions, EDGAR Next will phase out and ultimately eliminate the current EDGAR access codes used by filers, financial printers, and other filing agents to log in and make filings. Current EDGAR filers, even those making only a few filings annually, need to prepare for EDGAR Next and enroll on the EDGAR Next dashboard within the transition period.
Current filers with active EDGAR access codes can use them during the transition period to enroll on the EDGAR Next dashboard. However, failure to enroll during the transition period will necessitate submission of the new Form ID, which must be approved by SEC staff, to apply for access to make submissions on EDGAR.
IMPORTANT TRANSITION DATES:
FAQS:
Q1: If I currently file on EDGAR, do I need to submit a new Form ID once EDGAR Next goes live?
A1: Filers with previously submitted Form IDs and working EDGAR access codes do not need to submit a new Form ID if they enroll in EDGAR Next by December 15, 2025. Current filers must authorize account administrators (typically between two and 20 individuals) to manage the filer’s EDGAR account. Account administrators must sign up at login.gov and use existing EDGAR access codes to enroll on the EDGAR Next dashboard starting March 24, 2025.
Q2: If I am a new EDGAR filer, what do I need to do?
A2: New EDGAR filers must apply for EDGAR access using the new Form ID beginning March 24, 2025. The new Form ID includes spaces for authorizing and designating account administrators.
Q3: What are account administrators and what do they do?
A3: An account administrator is an individual authorized to manage a filer’s EDGAR account and make filings on its behalf. This person may be employed by the filer, one of its affiliates, or a third party. Notarized power of attorney is required if the account administrator is employed by a third party.
Q4: How does login.gov work? Can we create a corporate-level account rather than individual accounts?
A4: Login.gov is a US federal government sign-in service employing multifactor authentication, not exclusive to the SEC. Only individuals can apply for login.gov access; it is not available at a corporate level. It is highly recommended that multiple people register via login.gov to ensure timely EDGAR filings.
Q5: My company engages a financial printer for EDGAR filings. Can I continue this practice on EDGAR Next?
A5: Yes, individual employees of a financial printer may be authorized as account administrators or designated as users by an account administrator. Users must have login.gov credentials and undergo multifactor authentication to make submissions on EDGAR.
Q6: What can I do now to prepare for EDGAR Next?
A6:
1 Referenced in 17 CFR 239.63, 17 CFR 249.446, 17 CFR 269.7, and 17 CFR 274.402.
2 Available at SEC Final Rule
3 Available at EDGAR Next Beta Testing
DEEPER DIVE
Enrollment Process
Designation of Account Administrators
Each filer must authorize at least two individuals as account administrators (one is permitted if the filer is an individual or single-member company) to:
The SEC encourages filers to appoint additional account administrators (up to 20 in total) in case some become unavailable. If that happened, the filer would need to submit a new Form ID to authorize new administrators.
Companies will be able to authorize as account administrators either (1) individuals employed at the company or an affiliate or (2) any other individual provided the company submits a notarized power of attorney providing such authorization.
Individuals will be able to authorize as account administrators either (1) themselves or (2) any other individual – such as their company, their filing agent or other representative entity – provided the filer submits a notarized power of attorney providing such authorization.
Designation of Users
Account administrators will be able to authorize individuals to make submissions on Edgar on behalf of the filer. However, each “user” will need to obtain their own individual account credentials. The administrator would “add” users through the dashboard, which will send an email invitation to the user. Edgar Next will permit up to 500 users per filer.
Account administrators and the SEC will be able to see which users made which submissions; however, this information will not be made public. The dashboard will allow users to:
Only account administrators will be able to add or remove individuals from the dashboard.
Designation of Technical Administrators
Any filer that decides to connect to an optional API must authorize, through its account administrators, at least two technical administrators to manage the API-- unless the filer arranges to use the filer API tokens and API connections of its delegated entities. The account administrator would “add” technical administrators through the dashboard, which will send email invitations to them.
A technical administrator will:
Edgar Next will permit up to 20 technical administrators per filer.
Delegation of Filing Authority (M2 Compliance)
A filer will be able to delegate authority to file on its behalf to any other Edgar account, such as a filing agent, which will become a delegated entity for the filer. A delegated entity can also include issuers making Section 16 submissions on behalf of insiders and parent companies of large groups of related filers. On the dashboard, a delegated entity can receive delegated authority to file for an unlimited number of filers.
After the account administrator selects the Edgar account to which the filer seeks to delegate authority to file, Edgar will send both email and dashboard invitations to the account administrators for that account. A filer may delegate filing authority to multiple Edgar accounts.
Similarly, prospective delegated entities may send delegation requests to filers. The account administrators would need to accept the invitations for the delegation to be effective.
Delegated administrators and delegated users will not be able to access the filer’s dashboard or take dashboard actions on behalf of the filer.
Delegated Users
If a delegated entity accepts a delegation from a filer, the delegated administrators can authorize specific users at the delegated entity to become delegated users with respect to that filer.
Amended Form ID
Starting on March 24, 2025, any person or entity that does not already have Edgar codes must obtain them through the amended Form ID process. The new Form requires applicants to:
Timeline to Get Ready
Filers who have not enrolled by September 15, 2025 will not be able to make submissions or take other actions in EDGAR other than enroll.
SEC Support – Recorded Webinars, Q&A Sessions and Instructions
The SEC has posted a webpage with instructions regarding transitioning to Edgar Next and how to participate in Beta testing. The webpage also details several forms of filer support for the transition, including links to the SEC's YouTube channel, such as:
The SEC indicated it also plans to post a recording to accompany its October 23, 2025 webinar slides.
Please contact M2 Compliance via edgarnext@m2compliance.com for more information on how to get ready for EDGAR Next.
For more information, please contact:
M2 Compliance, LLC
501 East Las Olas Blvd., Suite 300
Fort Lauderdale, Florida 33301
Tel: (754) 243-5120
edgarnext@m2compliance.com
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