The Securities and Exchange Commission (SEC) has proposed new rules to improve access to and management of accounts on its EDGAR system.
EDGAR, which stands for the Electronic Data Gathering, Analysis, and Retrieval system, is the primary system for companies and others submitting documents required under the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, and the Investment Company Act of 1940. The EDGAR system processes about 3,000 filings per day.
The proposed rule amendments would require EDGAR filers to authorize identified individuals who would be responsible for managing their EDGAR accounts. Further, any individuals acting on behalf of filers on EDGAR would need individual account credentials to access those EDGAR accounts and make filings.
If the proposed amendments are adopted, the SEC will make technical changes to EDGAR. These changes would include making available to EDGAR filers certain Application Programming Interfaces (APIs) for machine-to-machine submissions on EDGAR and retrieval of related filing information.
“Today’s actions would enhance EDGAR’s security and improve filers’ access to the EDGAR system,” SEC Chair Gary Gensler said. “The proposed amendments would further secure login protocols by requiring every person filing something into EDGAR to login with individual credentials and to use multi-factor authentication. Additionally, the SEC’s EDGAR Business Office soon will roll out a Beta version of a new EDGAR user interface that will include, among other things, a set of optional APIs to enhance how filers, including registrants and their agents, can access EDGAR, retrieve information, and submit bulk filings.”
In addition, the SEC announced that it will open to the public a beta software environment for filer testing and feedback starting on Sept. 18. This beta test will reflect the proposed rule and form amendments as well as the related technical changes,
Those interested in signing up for the beta testing or learning more about these proposed changes can go to SEC.gov and click the EDGAR Next—Filer Access and Account Management page.
The SEC is seeking public comment on the proposal. The comment period will remain open until 60 days after the date of publication of the proposing release in the Federal Register.