Next Up In 2025: EDGAR Next

As we embark on the new year, it is time to consider what is next for the SEC—specifically, EDGAR Next. In September 2024, the Securities and Exchange Commission adopted amendments to Regulation S-T aimed at modernizing the agency's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. The new system—aptly named EDGAR Next—will feature improved access procedures and enhanced security measures, including two-factor authentication.

EDGAR Next will impact all electronic filers, including: public companies, Section 16 officers and directors, shareholders with reporting obligations (e.g., Schedule 13D, Schedule 13G, Form 13F, and Form 144), investment funds, and third-party filing agents.