SEC EDGAR System Updates Are Approaching: Are You Ready?

In September 2024, the U.S. Securities and Exchange Commission (SEC) unveiled a series of amendments to its Electronic Data Gathering, Analysis and Retrieval (EDGAR) system. 

Published
January 23, 2025

In September 2024, the U.S. Securities and Exchange Commission (SEC) unveiled a series of amendments to its Electronic Data Gathering, Analysis and Retrieval (EDGAR) system. These updates are designed to increase security and improve user experience for filers by enhancing the integrity of the EDGAR system, bolstering account management and providing more efficient ways to interact with the system.

As the effective date of March 24, 2025 draws closer, here’s a look at the four key amendments and what filers must do to comply with the changes.

1. Authorize Identified Individuals to Manage Accounts: Filers will now be required to authorize specific individuals to manage their EDGAR accounts. This will ensure that only those with explicit permission can access and file sensitive information on behalf of the company. Individuals acting on behalf of filers will need to present personal account credentials obtained through Login.gov—the U.S. government’s authentication service—to protect against unauthorized access and potential security breaches.

2. Use the New Version of Form ID:
The SEC is also updating Form ID, the application filers use to request access to EDGAR. The new version aims to be more user-friendly, but requires additional information compared to the previous version, including “bad actor” representations.

3. Leverage Application Programming Interfaces to Improve Efficiency and Accuracy:
The SEC will introduce optional application programming interfaces (APIs) that will allow filers to automate tasks such as submissions, retrieving information and managing accounts. Companies with a high volume of filings or those seeking to streamline operations will benefit from the APIs by reducing manual input and minimizing the risk of errors. Filers will be able to manage their accounts without interfacing directly with EDGAR’s web portal.

4. Register for Beta Testing: The SEC introduced beta software in September, when it announced the series of updates. This environment allows filers to test the amended rules, forms and technical changes before they go live. If you have not already taken advantage of the opportunity to test the process, provide feedback, troubleshoot any issues and explore the new system before compliance becomes mandatory, now is a good time to do so. Filers can sign up for beta testing through the SEC’s EDGAR Next platform, where extensive resources related to the upcoming rule changes are available. Login.gov credentials are required.

Timeline

Filers must utilize the amended Form ID by March 24, 2025, and with all remaining rule and form amendments by September 15, 2025.

How Agile Legal Helps

Compliance with regulatory updates is often time-consuming and challenging. Agile Legal is here to assist on the actions you’ll need to take to meet the upcoming deadlines. We can help designated filers handle enrollment and the subsequent filings.

If you require support in preparing for the EDGAR updates, please click here to contact the Agile Legal Fund Services Team.

Authors
Rebecca Reilly, Esq.
Operations Manager, Fund Services
Rebecca Reilly, Esq.
Operations Manager, Fund Services
Rebecca Reilly, Esq.
Operations Manager, Fund Services
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