EDGAR Legacy vs. EDGAR Next: Adapting Compliance Workflows to SEC’s New Era

March 25, 2025

Introduction

If your law firm or compliance team deals with SEC filings, you’ve likely heard the buzz about EDGAR Next. The SEC’s EDGAR system – used for filing everything from Form D notices to IPO registration statements – is undergoing a major modernization.

The old EDGAR Legacy login and access method is giving way to a more secure, individualistic approach under EDGAR Next. This transition isn’t just an IT upgrade; it directly impacts legal compliance workflows for companies and filing agents (including law firms).

In this article, we’ll explore the differences between legacy EDGAR and EDGAR Next and what they mean for your practice. From key account management changes to practical tips for preparing filings, consider this a starting point for navigating the EDGAR Next era with greater clarity and confidence.

From EDGAR Legacy to EDGAR Next: What’s Changing?

For decades, the SEC’s EDGAR (Electronic Data Gathering, Analysis, and Retrieval) system has been the portal through which companies make required filings. Under the traditional EDGAR Legacy system, filers accessed EDGAR with a shared company account (identified by a CIK number) and a password, along with certain codes for authorization.

📌 One password, many users — that was the Legacy model. EDGAR Next changes that.

This legacy approach meant that an entire organization or its agents often used a single set of credentials to submit filings. While functional, the old system had limitations: security was only as strong as that one password, and it was hard to tell which individual user within a firm actually submitted a given filing.

EDGAR Next represents a sweeping change in how access to the SEC filing system is managed. Effective March 2025, the SEC is replacing the password-based login with a new, more secure credentialing system tied to personal identity. Under EDGAR Next, every individual who needs to file or assist in filing must have their own account, verified through the U.S. government’s Login.gov service with multi-factor authentication.

In practical terms, this means no more sharing one username and password among a team. Instead, a company will designate account administrators who in turn authorize specific individuals (each with their own Login.gov credentials) to have roles in the filing system. Every submission can now be traced back to a specific person’s login, enhancing accountability and security.

Key Differences Between EDGAR Legacy and EDGAR Next

• Login Credentials:
  Legacy – One set of credentials per filing entity (company CIK and password).
  Next – Individual credentials for each user via Login.gov, plus an assignment to the filer’s account by an administrator.

• User Roles and Authorization:
  Legacy – Limited concept of roles; anyone with the login could file.
  Next – Defined roles such as Account Administrator, Technical Administrator, and Delegators. Access is explicitly granted.

• Security & Traceability:
  Legacy – Relied on secrecy of passwords; weak traceability.
  Next – Every filing is tied to an individual with 2FA (two factor authentication) and Login.gov verification.

• Transition Period:
  March 24, 2025 – EDGAR Next Filer Management interface launched.
  September 12, 2025 – Last day to migrate.
  September 15, 2025 – Full compliance becomes mandatory.

  🚨 Missing the transition deadline could result in losing your ability to file. Don’t wait.

  

EDGAR Next Role Capabilities

Here’s a summary of what each EDGAR Next role can do:

📌 Note:

• “Manage Users & Roles” includes assigning Admins, Users, Tech Admins, and Delegated entities.
• ✅ means the role has permission to perform that action.
• All users must be identity-verified via Login.gov with multi-factor authentication.

Impact on Legal Compliance Workflows

The transition from EDGAR Legacy to EDGAR Next isn’t just an IT hassle — it has tangible effects on how law firms and companies manage their compliance workflows.

1. Onboarding and Training

Law firms that regularly file documents (like Form Ds, registration statements, or reports) for clients will need to onboard all relevant staff into the new system. Every attorney, paralegal, or filing clerk who touches EDGAR will require their own Login.gov account linked to the client’s EDGAR profile.

This means training the team on the new login process and the role-based access. Firms may need to create internal guidelines for who should serve as an Account Administrator for client filings versus who will be standard Users.

There’s also an educational aspect for clients — especially smaller companies who only occasionally use EDGAR for things like exemption filings. Clients will look to their counsel for guidance on how to enroll in EDGAR Next and designate roles.

2. Workflow Adjustments

Under EDGAR Legacy, a common practice at law firms was to keep a spreadsheet or database of client EDGAR credentials. With EDGAR Next, that approach must change. Each user at the firm must now be individually authorized. Firms must also maintain visibility into various user roles and track access across multiple accounts.

In practice, this could introduce some initial friction. Law firms will likely update engagement letters or procedures to get EDGAR authorization when a new client matter begins.

3. Compliance and Accountability

From a compliance perspective, EDGAR Next provides improved oversight. Firms should welcome the ability to track exactly who submitted a filing.

Each user having a unique identity in the system encourages a higher standard of diligence. Risk management protocols may evolve, like requiring a second reviewer before submitting a filing.

4. Technology and Tools

Any software tools that interacted with EDGAR will need updates. Law firm IT departments or vendors must ensure that tools work with the new authentication system.

The SEC has provided guidance and resources (videos, FAQs, etc.) to support the transition. Updating early helps avoid last-minute disruptions.

5. No Exceptions – Everyone Must Comply

EDGAR Next applies universally — large public companies, small startups, individual insiders, and filing agents alike.

📌 EDGAR Next isn’t optional. Waiting too long could result in lockout or failed filings.

Tips for a Smooth Transition

• Start Early: Begin enrolling your team as soon as possible.
• Educate Your Team and Clients: Help everyone understand the roles and MFA (multi factor authentication) process.
• Designate Account Administrators: Assign trusted individuals now.
• Update Internal Checklists: Include EDGAR Next access checks in every workflow.
• Leverage Help Resources: Use SEC-provided guides and support channels.

Conclusion

The shift from EDGAR Legacy to EDGAR Next marks a new era in compliance workflows. While the change requires adjustments by law firms and companies alike, it ultimately creates a more secure and reliable filing environment.

By proactively updating your processes and embracing the improvements, you can turn this compliance challenge into an opportunity—streamlining your internal practices and reducing risk.

At PaxAI, we recognize that staying on top of such regulatory tech changes is daunting. Our AI-powered digital paralegal is built to seamlessly accommodate updates like EDGAR Next, so you don’t miss a beat.

📌 Compliance doesn’t wait. With PaxAI, neither do you.

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