Background/Goals of EDGAR Next
The EDGAR Next compliance date is approaching quickly. If filers are not enrolled by September 15, 2025, then they will not be able to submit any filings. EDGAR Next is the most transformational SEC change in decades and filers need to be ready.
In my previous blog, I discussed the background and highlights of EDGAR Next. In summary, the SEC adopted EDGAR Next to improve EDGAR security and ensure filings are properly authorized. In our recent On the Dot podcast episode, Gordon Ruckdeschel, Jon Regan and I focused on the practical steps of enrollment and delegation which filers need to take to be ready.
Listen to the On The Dot episode.
On March 24, 2025, the SEC launched the updated EDGAR Next Filer Management website.
- All Form ID applications and EDGAR code management must now be performed on the Filer Management website, regardless of enrollment status
- The EDGAR Next enrollment and delegation process opened
Phases
The SEC provided filers with a generous compliance period of almost a full year to comply from the adoption date of the final rule. The SEC estimates over 200,000 filers (CIKs) need to enroll in EDGAR Next. This is a logistical challenge for an array of filers from corporations, their officers and directors, mutual funds and all other entities that report to the SEC. It is helpful to think of the rule in phases. Currently, we are in the enrollment phase:
Enrollment
The enrollment phase opened March 24, 2025, and runs through September 12, 2025. Beginning September 15, 2025, filers must be enrolled in EDGAR Next to submit fillings. After a filer is enrolled, the SEC will allow them to use either the current method or the new EDGAR Next requirements. The SEC provides a grace period until December 19, 2025, for filers to still enroll. If a filer is not enrolled by December 19, then they must submit an amended Form ID to regain access to submit filings.
The SEC offers two options for enrollment:
- Manual enrollment allows one filer to enroll at a time
- Bulk enrollment allows up to 100 CIKs to be enrolled simultaneously, such as a company and their officers and directors or mutual funds. The SEC created a bulk template with instructions that filers can use.
The SEC requires the CIK, CCC and passphrase of the filer to enroll them in EDGAR Next. We have helpful instructions regarding resetting these EDGAR codes, including the passphrase. See our step-by-step enrollment instructions.
Helpful tip: A CIK can only be enrolled once. If you are coordinating enrollment for Section 16 officers and directors who serve on more than one board, communication and coordination with the other companies is critical. EDGAR Next only requires that individual filers have one account administrator. We strongly encourage every officer and director to have an administrator from every public company for which they have a reporting obligation.
Additionally, the CCC for every CIK will change automatically upon enrollment in EDGAR Next. We suggest enrolling during a quiet period with no filings. An administrator will be able to access a filer’s codes, including the updated CCC, on the EDGAR Next dashboard. We have also seen many filers revert the CCC to the pre-enrollment value to ensure a seamless transition.
Delegation
To ensure that filings are authorized to be submitted, the SEC requires that a filer delegate filing authority to any other entity that will submit filings on their behalf. Delegation is from one CIK to another CIK, including a filing agent such as Toppan Merrill. Right after enrollment, we encourage filers to delegate to the Toppan Merrill CIK 0001104659. If you use a SaaS filing platform, like Toppan Merrill Bridge or SEC Connect, then delegation is critical. As a delegated entity, Toppan Merrill can view the filing codes, filer’s status, and submit filings on their behalf. See our step-by-step delegation instructions.
How Toppan Merrill can help
Toppan Merrill is here to help you prepare for EDGAR Next. We are hosting weekly webinars focused on EDGAR Next enrollment and delegation. You can register here. Contact our dedicated EDGAR Next team at [email protected] with any questions.
Toppan Merrill Resources:
- https://www.toppanmerrill.com/sec-edgar-resources/getting-started-with-edgar-next-filing/
- https://www.toppanmerrill.com/sec-edgar-resources/resetting-edgar-codes-in-the-filer-management-dashboard/
- https://www.toppanmerrill.com/blog/edgar-next-frequently-asked-questions/
SEC Resources:
- SEC | EDGAR Filer Management website: https://www.filermanagement.edgarfiling.sec.gov/
- SEC | EDGAR Next final rule: https://www.sec.gov/files/rules/final/2024/33-11313.pdf
- SEC | EDGAR Next resources: https://www.sec.gov/submit-filings/improving-edgar/edgar-next-improving-filer-access-account-management
- SEC | EDGAR Next FAQ: https://www.sec.gov/submit-filings/improving-edgar/edgar-next-improving-filer-access-account-management/edgar-next-frequently-asked-questions
- SEC | EDGAR Next Beta website: https://filermanagement-bravo.edgarfiling.sec.gov/
- SEC | Reset Passphrase documentation: https://www.sec.gov/files/edgar/filer-information/reset-passphrase.pdf
