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EDGAR NEXT FINAL RULE: FAQS

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 * 11 days ago
 * Edited

Related to sec edgar

With the recent announcement of the EDGAR Next Final ruling, there's been many
questions from our customers and partners. Below are some of the most common
ones, and our response and recommendations. We will continue to add to this as
new information as its provided. If you have an additional question for us, just
let us know here!



QUESTION 1: WHICH FILERS ARE IMPACTED BY EDGAR NEXT?

A: Every EDGAR account (CIK) is impacted by EDGAR Next, including Section
16/Form 144 Reporting Owners, Institutional Advisors, Investment
Companies/Funds, Asset Backed Security registrants, Foreign Private Issuers,
Co-Registrants, and Operating Companies.

QUESTION 2: WHAT ARE THE IMPORTANT DEADLINES FOR EDGAR NEXT COMPLIANCE?

A: There are three phases of the EDGAR Next rollout:

 * September 30, 2024 - December 19, 2025: Proposing Beta Period
   This is primarily for filing agents and other software providers to update
   and test their software to work with the EDGAR Next changes.  Registrants may
   choose to access the beta Filer Management site in order to experience how
   the user and administrator functionality will work when the Enrollment period
   begins.  The SEC encourages filers to participate in the Proposing Beta
   testing, but many filers may choose to instead review SEC videos and other
   training material, including videos on the SEC’s YouTube channel.  The beta
   site is completely separate from the production EDGAR and filers will need to
   create a new account using the Form ID registration process, using fictitious
   information other than email addresses, and will receive a new CIK for beta
   testing only.  Note that this period extends past the Enrollment and final
   cutoff periods, in order that filing agents can continue to test their
   changes.
   
   
 * March 24, 2025 - September 15, 2025 (with a grace period until December 19,
   2025)
   EDGAR Next enrollment, filing, and Filer Management functionality will be
   available in production for all filers.  During this period, every existing
   EDGAR account (CIK) must complete the Enrollment process by September 15,
   2025 in order to maintain the ability to submit filings.  Filers who do not
   complete the enrollment process by September 15 will be suspended and will
   not be able to submit filings and have until December 19 in order to complete
   the enrollment process under the grace period.  Filers who are not enrolled
   in EDGAR Next after December 19 will be required to submit a new Form ID
   registration.  New filers who create EDGAR accounts on or after March 24 will
   automatically be enrolled in EDGAR Next, but may also choose to create a
   “temporary” password to file using the current EDGAR system.
   
   During the March 24 - September 15 period, filings will be allowed using
   either traditional EDGAR (password authentication) or EDGAR Next.  Therefore
   all filers should strive to enroll in EDGAR Next as soon as possible to
   ensure they do not lose access to the ability to file on September 15, 2025,
   then decide when it is appropriate to start using the EDGAR Next system for
   filings.
   
   
 * September 15, 2025: all filings will be required to be submitted using EDGAR
   Next and enrolled accounts.  Accounts not already enrolled in EDGAR Next will
   not be allowed to submit filings and have three months to enroll under the
   grace period.

QUESTION 3: WHAT DATA IS REQUIRED TO COMPLETE EDGAR NEXT ENROLLMENT?

A: Each EDGAR account (CIK) must provide their current CIK, CCC, and Passphase. 
Note that the Passphrase is not the same as your SEC password.  If you do not
have the Passphrase for every CIK that you manage, follow the reset instructions
provided by the SEC in this document.  In addition to the credentials, you will
be required to identify two or more Account Administrators, or one or more
administrators for a single member/Section 16 reporting owner account.  Up to 20
account administrators may be included in each EDGAR account.  After enrolling
in EDGAR Next, you may then add individual users and Technical Administrators.

 * Note that the process of enrolling in EDGAR Next will automatically reset
   your CCC code for each account (CIK). Therefore before enrolling, make sure
   you’re prepared to communicate this CCC to any filing agent or other entity
   that submits filings on your behalf.  Also note that while the CCC is
   randomly set to a new value, you can always log into
   https://www.edgarfiling.sec.gov/ or the EDGAR Next Filer Management site and
   change the CCC, perhaps back to the previous value…

QUESTION 4: WHAT IS LOGIN.GOV AND HOW IS IT USED IN EDGAR NEXT?

A: login.gov is the United State government’s primary identity provider, used
for many different agency’s sites, including EDGAR Next.  Registration in
login.gov is required to access the EDGAR Filer Management dashboard and other
EDGAR websites after September 15, 2025.  Registration using your business email
address(es) is encouraged by the SEC, and involves providing the email address,
a password which receives a confirmation email message, and choosing one or more
of the supported two-factor authentication methods.  The supported methods
include SMS text messages (not available in all countries), a TOTP/Google
Authenticator 6 digit number, security key, and a set of backup codes for users
without phones.  Use of the two-factor authentication method is currently
required every 30 days to log into login.gov.

 * The login.gov email address used for registration is also the EDGAR Next
   username, which is visible to certain users, therefore the EDGAR Business
   Office recommends using a business email address as opposed to a personal
   address.

Question 5: What steps can I do prior to the start of the enrollment period on
March 24, 2025?

A: For every EDGAR account (CIK) that you control or manage, ensure that you at
least know the Passphrase and have updated the contact email address in EDGAR,
but consider the following:

 * Make sure that all contact information, especially the email address, is
   correct in EDGAR.  You can do this by logging into
   https://www.edgarfiling.sec.gov/ then clicking on Retrieve/Edit Data in the
   left side bar, enter your CIK and CCC, then click Retrieve Company
   Information.  If there are any corrections required, click the Edit Company
   Information button at the bottom of the page.  See Maintain and Update
   Company Information for additional information.
   
   
 * Make sure you know your CCC and passphrase code for every EDGAR account/CIK. 
   The passphrase is not the normal password and is something that you only
   normally need to use when generating new credentials on
   https://www.filermanagement.edgarfiling.sec.gov/ but will be required to
   enroll in EDGAR Next after the beta testing period.  If you don't know this
   code, you will need to go to the Filer Management site, click on Update
   Passphrase, then select the Update passphrase (manual) option.  EDGAR
   Business Office Information for Filers Reset Passphrase POC Email.
   
   
 * Identify at least two people (preferably more) at your company to serve as
   account administrators for the EDGAR Next account.
   
   
 * Have all people who will be administrators or filers create a login.gov
   account, preferably using their work email address.  There is no identity
   verification process other than responding to the confirmation email, so you
   can create as many accounts as you have email addresses.  You will need to
   choose one or more two-factor authentication methods, such as SMS and Google
   Authenticator/TOTP codes. The Final Rule and EDGAR Business Office has stated
   that these should be an individual’s email address and not a group address.

QUESTION 6: WILL I STILL BE ABLE TO CREATE AND SUBMIT FILINGS IN WORKIVA UNDER
EDGAR NEXT?

A: Yes, the document creation, tagging, and preparation steps are completely
unaffected by EDGAR Next.  The impact of EDGAR Next occurs only in the Test and
Live Filing steps, where you will be offered the ability to submit filings as
usual (with a password) until September 15, 2025, or provide your EDGAR Next
token or tokens after March 24, 2025, depending on your preferences and
delegation status.  You will need to perform the EDGAR Next enrollment process
prior to using the EDGAR Next filing option, but this will not prevent you from
also going back to the traditional method until 10:00 PM Eastern on September
12, 2025.

QUESTION 7: WHAT IS DELEGATION AND WHY DOES WORKIVA RECOMMEND THAT I PERFORM IT?

A: The stated goals of EDGAR Next are to improve the security of EDGAR filings,
provide accountability to the person submitting the filing, and modernize the
system used by filing agents to access EDGAR (also known as APIs - Application
Programming Interface, or the system that Workiva’s machines use to communicate
with EDGAR).  Under the current EDGAR system, any entity that knows a
registrant’s CCC is able to submit filings as that registrant.  This system has
been mostly abuse-free, but since the CCC never expires and is often shared
amongst many filing agents and other users, the potential for a malicious or
unauthorized entity to submit a public filing has always been a concern.

 * EDGAR Next addresses this issue by adding an additional user management layer
   on top of the CCC, accessed via the EDGAR Filer Management dashboard, to
   create a set of authorized users who are allowed to file for an EDGAR account
   (CIK).  Since filing agents are responsible for more than 90% of all filings,
   adding every filing agent’s user to an account would be impractical, so the
   concept of delegation was created.

 * In the past, providing your CCC to a filing agent or law firm was the
   implicit delegation mechanism, but this is now augmented by an explicit
   delegation process on the EDGAR Filer Management site.  The delegation
   process allows the delegated entity (filing agent) the ability to transmit
   filings on behalf of its customers, while still providing the traceability
   back to an individual user.  Delegation is not required to use Workiva’s
   filing software, but if you do not delegate, you will be responsible for
   managing your Filer Token and be required to have at least two Technical
   Administrator users, which is a separate role from the required Account
   Administrators.

QUESTION 8: WHAT ARE THE FILING SCENARIOS FOR EDGAR NEXT WORKIVA FILERS?

A: There are a number of combinations of situations, which can make EDGAR Next
confusing.  Some common scenarios are:

 1. A filer who wants to control all aspects of the filing.  Every EDGAR Next
    filing using the API, where a user doesn’t manually log into the EDGAR
    website, requires two tokens - a Filer Token and User Token.  The Filer
    Token requires an account to have two or more Technical Administrator users
    (who can also be Account Administrators) to create and manage the token, and
    it expires on a yearly basis.  A Workiva customer would obtain this Filer
    Token and upload it into their Workspace Settings or would provide it with
    every filing.
    
    On top of the Filer Token is the User Token, which is tied to an individual
    human (no group email addresses or non-individuals are permitted per the
    EDGAR Business Office and Final Rule).  Practically, this would mean that
    the Test and Live Filing steps would prompt the user to select or input
    their tokens, instead of a password.  The User Token is also allowed to be
    stored within the user’s profile, but note that this token expires every 30
    days and only one User Token is allowed per user, across all filing agents. 
    The User Token must belong to a user who is an account administrator or
    user-type user in the EDGAR Filer Management dashboard.
    
    
 2. Delegated account (strongly preferred).  In this situation, the filing’s
    primary CIK account has delegated to Workiva at the time of filing or
    previously delegated (delegations never expire).  This allows Workiva’s
    software to use the Workiva Filer Token, relieving the filer of the need to
    manage and keep that token up to date.  Note that a valid User Token
    associated with the primary account/CIK submitting the filing is still
    required, so there is little risk of an unauthorized submission since EDGAR
    Next will enforce that the filing has a valid User Token from either a user
    in the registrant’s account or an authorized Workiva employee.  This is in
    addition to all of Workiva’s permission and other access control systems. 
    Co-registrants CIKs are not considered for EDGAR Next filings, so the User
    Token must be related to the primary registrant, but any co-registrant
    accounts do not need individual delegation, but are still subject to the
    annual confirmation and account administrator requirements.
    
    
 3. File With Workiva.  This filing option will continue to exist, but due to
    the requirement of having a human user involved and responsible for every
    filing in the EDGAR Next system, this will require the involvement of a
    Workiva employee and the delegation process completed, instead of the
    Workiva-internal code which is now that is all that is required to submit
    the File With Workiva filing.  This scenario is still subject to change -
    Workiva has several meetings with the EDGAR Business Office scheduled prior
    to the end of the beta adopting period and will attempt to guide the EBO to
    best outcome for our customers.

QUESTION 9: WHAT ARE THE BEST AND EASIEST OPTIONS FOR SECTION 16/FORM 144
REPORTING OWNERS?

A: There are various options for individuals under EDGAR Next, ordered from
least intrusive to most hands on. The EDGAR Business Office provides a document
which discusses these options:

 1. Provide a notarized Power of Attorney letter, similar to what may be filed
    in a Form 3 or Form ID filing, authorizing an entity to perform all of the
    EDGAR Next requirements for an individual as an account administrator.  Note
    that a PoA letter is NOT required to enroll the individual in EDGAR Next. 
    It isn’t exactly specified how this letter is provided - it may be similar
    to a signature authorization document where it is held and (rarely)
    presented to the SEC upon request, for existing filers.
    
    This eliminates the need for a reporting owner to create a login.gov
    account, perform the required yearly acknowledgments, and other Filer
    Management tasks for themselves.  The authorized entity would then decide
    which of the above filing scenarios would work best in the filing
    situations.  One or more unrelated entities could potentially have PoA for
    the reporting owner’s account, so some coordination may be necessary between
    the account administrators regarding which users are authorized to file for
    the RO as well as delegations.  One of the entities will also be responsible
    for enrolling the EDGAR account (CIK) in EDGAR Next as well as performing
    the required annual confirmation and token management.
    
    
 2. The reporting owner could create their own login.gov account, perform the
    enrollment with themselves, and, hopefully one or more users such as a
    personal or corporate attorney or paralegal, as additional account
    administrators.  Then one of the account administrators could choose to
    delegate to another entity - perhaps a law firm who themselves delegate to a
    filing agent, or none of the above.
    
    
 3. The reporting owner could create their own login.gov account and act as
    their own account and technical administrator, creating the Filer Token
    (unless delegated to a filing agent) and their personal User Token, and
    perform filings directly without any assistance from other authorized
    users.  They may choose to delegate to one or more entities, such as filing
    agents or law firms.


3


COMMENTS

1 comment

Sort by Date Votes
 *  * 9 days ago
   
   
   
   Hi Mike,
   
   Thank you for the comprehensive summary and key information about EDGAR Next.
   We have a few questions that we hope Workiva can help us with as we navigate
   these changes.
   
    1. How many delegations can one CIK have? We have other groups outside of
       financial reporting that use Broadridge, DFIN, and other software for
       Section 16 filings, which will also need delegation.
    2. With the various options available for Section 16 filings, would any of
       them reduce the number of delegations per CIK?
    3. We have multiple registrants and typically file a combined report.
       However, there are instances where we file on behalf of one registrant
       depending on the circumstances. How will it work if a registrant is a
       co-registrant in one filing but a standalone registrant in another?
   
   0
   



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