Recently, the SEC adopted rule changes to improve the security of filer EDGAR access, including amending Form ID. As Cydney Posner lays out in her PubCo blog, the rule changes impact companies so that:
- There will no longer be a single set of company credentials to access EDGAR to make filings. Instead, each individual responsible for making filings will have to obtain their own EDGAR credentials.
- There will now be multifactor authentication.
- The new EDGAR dashboard goes live on March 24, 2025.
The good news is that these new rules likely will cut down on the number of fake EDGAR filings, which were pretty rare, but a lot of fun to blog about, as I have done a number of times over the past two decades.
The bad news is that this EDGAR modernization likely won’t cut down on the number of EDGAR outages, which continue to happen on a fairly regular basis. One of my pet peeves is that the SEC continues to not be transparent when EDGAR is down. It would help the filer community – as well as the market at large – if the SEC posted a note when EDGAR is down (and when it’s back up) …
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