EDGAR Filer Access and Account Management

<RULE> SECURITIES AND EXCHANGE COMMISSION <CFR>17 CFR Parts 232, 239, 249, 269, and 274</CFR> <DEPDOC>[Release Nos. 33-11313; 34-101209; 39-2557; IC-35343; File No. S7-15-23]</DEPDOC> <RIN>RIN 3235-AM58</RIN> <SUBJECT>EDGAR Filer Access and Account Management</SUBJECT> <HD SOURCE="HED">AGENCY:</HD> Securities and Exchange Commission. <HD SOURCE="HED">ACTION:</HD> Final rule. <SUM> <HD SOURCE="HED">SUMMARY:</HD> The Securities and Exchange Commission (“Commission”) is adopting rule and form amendments concerning access to and management of accounts on the Commission's Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”) that are related to certain technical changes to EDGAR (collectively referred to as “EDGAR Next”). EDGAR Next will improve the security of EDGAR, enhance filers' ability to manage their EDGAR accounts, and modernize connections to EDGAR. The amendments require electronic filers (“filers”) to authorize and maintain designated individuals as account administrators and to take certain actions, through their account administrators, to manage their accounts on EDGAR. Further, pursuant to these amendments, filers may only authorize individuals as account administrators or in the other roles described herein if those individuals first obtain individual account credentials in the manner specified in the EDGAR Filer Manual. As part of the EDGAR Next changes, optional Application Programming Interfaces (“APIs”) will be offered to filers for machine-to-machine communication with EDGAR. Moreover, we are amending Volume I of the EDGAR Filer Manual to accord with these changes. Filers will have 12 months from the issuance of this release to transition to EDGAR Next. </SUM> <EFFDATE> <HD SOURCE="HED">DATES:</HD> <E T="03">Effective date:</E> The effective date for this rule is March 24, 2025. The incorporation by reference of certain material listed in this rule is approved by the Director of the Federal Register as of March 24, 2025. <E T="03">Compliance date:</E> The compliance date for amended Form ID is March 24, 2025. The compliance date for all other rule and form amendments (other than the EDGAR Filer Manual changes) is September 15, 2025. See <E T="02">SUPPLEMENTARY INFORMATION</E> for more information on compliance and the EDGAR Filer Manual changes. </EFFDATE> <FURINF> <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD> Rosemary Filou, Deputy Director and Chief Counsel; Daniel K. Chang, Senior Special Counsel; E. Laurita Finch, Senior Special Counsel; Jane Patterson, Senior Special Counsel; Margaret Marrero, Senior Counsel; Lidian Pereira, Senior Special Counsel; EDGAR Business Office at 202-551-3900, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549. </FURINF> <SUPLINF> <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD> The Commission is adopting amendments to 17 CFR 232.10 (“Rule 10”) and 17 CFR 232.11 (“Rule 11”) under 17 CFR part 232 (“Regulation S-T”); and amendments to Form ID (referenced in 17 CFR 239.63, 249.446, 269.7, and 274.402). The Commission is also adopting an updated Filer Manual, Volume I: “EDGAR Filing,” Version 42 (issued September 27, 2024) and amendments to 17 CFR 232.301 (“Rule 301”). The updated Filer Manual is incorporated by reference into the Code of Federal Regulations. <HD SOURCE="HD1">Table of Contents</HD> <EXTRACT> <FP SOURCE="FP-2">I. Introduction</FP> <FP SOURCE="FP-2">II. Discussion</FP> <FP SOURCE="FP1-2">A. Individual Account Credentials</FP> <FP SOURCE="FP1-2">B. Individual Roles: Account Administrator, User, Technical Administrator</FP> <FP SOURCE="FP1-2">1. Account Administrators</FP> <FP SOURCE="FP1-2">2. Users</FP> <FP SOURCE="FP1-2">3. Technical Administrators</FP> <FP SOURCE="FP1-2">C. Delegated Entities</FP> <FP SOURCE="FP1-2">1. Delegating Authority To File</FP> <FP SOURCE="FP1-2">2. Separation of Authority of Filer and Delegated Entity</FP> <FP SOURCE="FP1-2">3. Delegated Entities</FP> <FP SOURCE="FP1-2">4. Delegated Users</FP> <FP SOURCE="FP1-2">5. User Group Functionality at Delegated Entities</FP> <FP SOURCE="FP1-2">6. Technical Administrators at Delegated Entities</FP> <FP SOURCE="FP1-2">D. Hours of Operation of the Dashboard</FP> <FP SOURCE="FP1-2">E. Optional Application Programming Interfaces</FP> <FP SOURCE="FP1-2">1. APIs That Commission Staff Will Provide</FP> <FP SOURCE="FP1-2">2. API Tokens</FP> <FP SOURCE="FP1-2">F. Final Amendments to Rules and Forms</FP> <FP SOURCE="FP1-2">1. Rule 10 of Regulation S-T</FP> <FP SOURCE="FP1-2">2. Rule 11 of Regulation S-T</FP> <FP SOURCE="FP1-2">3. Form ID</FP> <FP SOURCE="FP1-2">G. EDGAR Filer Manual Changes</FP> <FP SOURCE="FP1-2">H. Transition Process</FP> <FP SOURCE="FP1-2">1. Enrollment Process</FP> <FP SOURCE="FP1-2">2. Compliance</FP> <FP SOURCE="FP-2">III. Other Matters</FP> <FP SOURCE="FP-2">IV. Economic Analysis</FP> <FP SOURCE="FP1-2">A. Baseline</FP> <FP SOURCE="FP1-2">B. Consideration of Benefits and Costs as Well as the Effects on Efficiency, Competition, and Capital Formation</FP> <FP SOURCE="FP1-2">1. Benefits</FP> <FP SOURCE="FP1-2">2. Costs</FP> <FP SOURCE="FP1-2">3. Effects on Efficiency, Competition, and Capital Formation</FP> <FP SOURCE="FP1-2">C. Reasonable Alternatives</FP> <FP SOURCE="FP1-2">1. Add and Allow Bulk Confirmation for Related CIKs</FP> <FP SOURCE="FP1-2">2. Extend the ABSCOMP Process to Affiliated Entities</FP> <FP SOURCE="FP1-2">3. Retire the CCC for Filing Submissions</FP> <FP SOURCE="FP1-2">4. Requirements for Individual and Small Filers</FP> <FP SOURCE="FP1-2">5. Implementing Performance-Based Standards</FP> <FP SOURCE="FP-2">V. Paperwork Reduction Act</FP> <FP SOURCE="FP1-2">A. Summary of Comment Letters on PRA Estimates</FP> <FP SOURCE="FP1-2">B. Form ID</FP> <FP SOURCE="FP1-2">C. The Dashboard</FP> <FP SOURCE="FP-2">VI. Final Regulatory Flexibility Analysis</FP> <FP SOURCE="FP1-2">A. Need for and Objectives of the Rule and Form Amendments</FP> <FP SOURCE="FP1-2">B. Significant Issues Raised by Public Comments</FP> <FP SOURCE="FP1-2">C. Small Entities Subject to the Rule and Form Amendments</FP> <FP SOURCE="FP1-2">D. Projected Reporting, Recordkeeping, and Other Compliance Requirements</FP> <FP SOURCE="FP1-2">E. Agency Action to Minimize Effects on Small Entities</FP> <FP SOURCE="FP-2">Statutory Authority</FP> <FP SOURCE="FP-2">Appendix A—Form ID</FP> </EXTRACT> <HD SOURCE="HD1">I. Introduction</HD> The Commission is seeking to enhance the security of EDGAR, improve the ability of filers  <SU>1</SU> <FTREF/> to securely manage and maintain access to their EDGAR accounts, facilitate the responsible management of filer credentials, and simplify procedures for accessing EDGAR. <SU>2</SU> <FTREF/> <FTNT> <SU>1</SU>  For purposes of this release, we use the term “filer” to mean “electronic filer,” as defined in Rule 11 of Regulation S-T: “A person or an entity that submits filings electronically pursuant to Rules 100 or 101 of Regulation S-T.” </FTNT> <FTNT> <SU>2</SU>  For a discussion of the current EDGAR access and account management processes, please refer to <E T="03">EDGAR Filer Access and Account Management,</E> Release No. 33-11232 (September 13, 2023) [88 FR 65524 (September 22, 2023)] (“Proposing Release”). </FTNT> In furtherance of these goals, on September 30, 2021, the Commission issued a Request for Comment on Potential Technical Changes to EDGAR Filer Access and Filer Account Management Processes (“2021 Request for Comment”). <SU>3</SU> <FTREF/> The Commission received comments in response to the 2021 Request for Comment, <SU>4</SU> <FTREF/> and Commission staff subsequently engaged in a dialogue with commenters and other interested parties, <SU>5</SU> <FTREF/> considered feedback from these parties, and gathered additional information about filers' interactions with EDGAR. Staff discussed a variety of topics with commenters including the addition of optional APIs for submission and for verifying certain information on EDGAR; filers' annual confirmation of the accuracy of their account information; whether accession numbers should be traceable to the individuals making the submissions; bulk submissions and user group functionality; delegation of authority to file; a potential transition process to implement the contemplated changes; and other technical matters. <FTNT> <SU>3</SU>  For a discussion of the 2021 Request for Comment, please refer to the Proposing Release. </FTNT> <FTNT> <SU>4</SU>  Comment letters related to the 2021 Request for Comment are available at <E T="03">https://www.sec.gov/comments/s7-12-21/s71221.htm.</E> </FTNT> <FTNT> <SU>5</SU>  Memoranda describing these meetings with SEC officials are available at <E T="03">https://www.sec.gov/comments/s7-15-23/s71523.htm.</E> </FTNT> After consideration of the information provided by commenters in response to the 2021 Request for Comment, the Commission issued a Proposing Release on September 13, 2023, that included proposed amendments to Rule 10 of Regulation S-T concerning filer access and account management and related matters; Form ID, the application for EDGAR access; and Rule 11 of Regulation S-T, containing the definitions of terms in Regulation S-T. The Commission proposed changes to Rule 10 and Form ID to require each EDGAR filer to authorize and maintain individual account administrators to manage the filer's EDGAR account on a dashboard on EDGAR and to authorize account administrators and other individuals only if those individuals obtained individual account credentials. The Commission further proposed that each filer, through its account administrators, be required to confirm annually that the filer authorized all individuals and delegated entities reflected on the dashboard to act on its behalf, and that all information about the filer on the dashboard w ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 494k characters. Full document text is stored and available for version comparison. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━