SEC Unveils Major Amendments to EDGAR Access and Account Management
Author: Destiny Aigbe
October 30, 2024
On September 27, 2024, the SEC announced comprehensive amendments to the EDGAR system, termed "EDGAR Next," aimed at significantly enhancing security and modernizing access and account management procedures. These revisions, part of an effort to bolster data integrity and streamline user management, introduce new responsibilities for EDGAR filers, including mandatory authorization of individual account administrators and annual verification of account data.
The SEC's new rules modify Rules 10 and 11 under Regulation S-T and make substantial changes to Form ID, establishing a requirement for individual credentials and multifactor authentication for authorized users. A major feature is the introduction of a dashboard for managing EDGAR accounts, enabling administrators to update authorized user lists, monitor account access, and assign permissions. This transition also mandates a notarized power of attorney for non-employee authorized individuals.
Additionally, the SEC has developed an optional API to facilitate direct machine-to-machine interactions, allowing for automated filings, real-time data retrieval, and streamlined account management through minimal manual input.
The amendments are expected to bring increased transparency and accountability, as each account administrator will be tasked with yearly data validation. Compliance dates are set for March 24, 2025, when EDGAR Next will become operational, while complete compliance is required by September 15, 2025.
These updates mark a new era for EDGAR, with stronger protections and more rigorous oversight on authorized access—a significant shift that seeks to elevate security and system resilience for market participants.
For additional details, you can view the full announcement on the Securities Law Blog.
About the Author
Destiny Aigbe
Managing Partner
Aigbe Law PLLC | Dark Alpha Capital
A Corporate and Securities Law Firm
With a robust foundation in law and finance, Destiny Aigbe has carved a distinguished career, underpinned by his pivotal role in orchestrating and managing complex transactions that have propelled companies to significant growth and market prominence. As a seasoned attorney and strategic advisor, Destiny has been instrumental in facilitating over $75 million in capital raises, demonstrating a keen acumen for securing funding and fostering investor confidence.
Destiny's leadership in the execution of six successful public listings, through meticulously structured reverse mergers and registration statements, showcases his adeptness in navigating the intricacies of the public markets and his capacity to guide companies through transformative growth phases. His involvement in five mergers as an operator further illustrates his versatile skill set, extending beyond legal expertise to include hands-on management and operational strategy, though these ventures did not involve funding.
Destiny's professional journey is marked by a commitment to excellence and a diverse range of experiences, from representing a wide spectrum of clients including public and private companies, and investment firms, to holding significant roles within the US government. His tenure with the US Department of State and the National Institutes of Health highlights his adaptability and his contribution to the advancement of entrepreneurial ventures in sectors like biotechnology and nanotechnology through strategic funding initiatives.
An alumnus of Vanderbilt University Law School, Destiny focused on Finance and Mergers & Acquisitions, further honing his expertise with a certificate in Law and Business. His foundational education in Finance was obtained with honors from the University of Maryland's Robert H. Smith School of Business, which laid the groundwork for his subsequent achievements in investment banking and legal practice.
Residing in the Washington, D.C. area, Destiny Aigbe continues to leverage his extensive experience and insightful leadership to drive innovation, growth, and success for his clients and the ventures he is involved with.
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