Understanding EDGAR Next, the SEC's new filing requirements.

The new EDGAR rules (EDGAR Next) are soon to be finalized. And though the changes are certainly a topic of discussion—and even of concern—among business leaders, they are designed to help companies achieve smarter, more transparent reporting. This will be a positive shift for the industry.

While compliance and legal teams are wisely engaged in the changes, the new Electronic Data Gathering, Analysis, and Retrieval (EDGAR) rules matter to a broad range of executive leaders, including CFOs and startup founders. And with all this interest will come a wide spectrum of questions.

In the spirit of getting some clarity on the new EDGAR Next rules, let's break down what's happening: from why the change in the first place to what you should be considering as you move forward.

So, why the change?

As a refresher, EDGAR is the Security and Exchange Commission's (SEC's) giant public filing system where companies submit data, like annual reports and stock plan disclosures. These are important documents that investors, journalists, analysts, and regulators can access to determine how a company is doing. Any company that files reports with the SEC, such as public companies, investment funds, insiders, and third-party filing agents, will be affected by the new EDGAR rules. You may be thinking, "So why change something that has been done the same way since the 1990s?"

The changes are being made to improve accountability, monitoring, and security in the filing process. They will, for example, enable the SEC to identify who posts each filing. Fake filings have been reported for several years and are harmful to investors and anyone interested in the financial status of a company. The SEC felt it was time to modernize the filing process to improve overall security and accountability.

The EDGAR Next process.

EDGAR Next will be built on a foundation of authorization: Multifactor authentication, filing authorizations, and authorized annual reviews will be the pillars of EDGAR Next. In general, the changes will improve system performance and security and strengthen consistency in how filings are submitted.

Here are three significant changes being made to EDGAR access that will affect how you file moving forward.

Change 1: Designated administrators.

Starting September 15, 2025, anyone who knows the CIK and CCC of a filer (also called an "insider") can submit documents for that insider. Under the new rules, each insider will be required to designate 1 to 20 (max) administrators who will be able to manage their EDGAR account and submit filings on their behalf. No others beyond that group of designated administrators will be authorized to manage the account or submit filings for the insider.

The designated administrator(s) will be listed on the insider's Form ID. Insiders can also designate individual users who can submit filings on behalf of the insider but do not have the ability to manage the insider's account.

Change 2: Multifactor authentication.

The new multifactor authentication requirement should come as no surprise since such authentication has become a common security tool in our digital world. Moving forward, the SEC will manage EDGAR through Login.gov and will require anyone who submits filings or manages filer accounts in EDGAR to establish login credentials through Login.gov and to use multifactor authentication. This is simply an extra layer of security for protecting who has access to your important financial reports and documents.

Change 3: Annual administrator confirmation.

On an annual basis, account administrators will need to confirm who should have access to each account and that the information for all insiders is accurate. There are penalties for failing to follow this annual requirement, including deactivation of the insider's account.

In addition to this annual confirmation, EDGAR filers will still be required to submit a notarized Form ID to the SEC. The form will ask for more specific contact information for the designated account administrator and information about whether the filer has any prior securities law violations. Additionally, the insider's CIK and CCC will still be required.

What you should be thinking about now.

With these changes in the final stage of completion, there are some things you should consider first. First and foremost, EDGAR Next will create a more transparent and secure market. Since information will be available much more quickly, collaborating with your financial partners should be easier than ever before. Take advantage of this improved collaboration and reach out with questions.

Here are additional things to keep in mind:

• With filing accuracy comes market credibility and visibility.

  Structured data means less ambiguity. Investors, analysts, and your stakeholders will have better access to your financials and disclosures. This access makes it easier to search and analyze for interested parties. Transparency becomes a shining beacon for everyone involved.

• There may be more to come.

  The SEC seems poised to continue its effort to modernize. Speculators think this is the start of a bigger push toward digital-first, machine-readable reporting. AI tools (you knew that was coming, right?) may be scanning filings in real time, with real-time market surveillance in the future. Make sure you're preparing your company for the technology certainly coming our way.

Final thoughts—EDGAR Next is about transparency and security.

The SEC's EDGAR Next platform is about building a more secure and transparent system for submitting data like annual reports and stock plan disclosures. With multifactor authentication, filing authorizations, and authorized annual reviews, filings will be more secure and will promote accountability. Although it may take a bit to get accustomed to, EDGAR Next should achieve the common goal of ensuring that all required filings are submitted safely and on a timely basis.

Want more information?

Here are some great resources for learning more about EDGAR Next:

• Resources provided by the SEC, including webinars
• Short instructional videos: EDGAR Next playlist on YouTube
• (This material contains links to content that is available on third-party websites. Schwab is not affiliated with and not responsible for the content on YouTube and does not provide, edit, or endorse any of the content.)

Dates to remember:

• Don't forget—December 19, 2025 is the last date that legacy EDGAR filers can be enrolled on the EDGAR Next platform without submitting a new Form ID

Need help navigating the SEC's new requirements? Let us know.