XBRL US Working Group provides commentary on SEC’s EDGAR Next proposal
Last week, the XBRL US Regulatory Modernization Working Group (RMWG) submitted a comment letter in response to the Securities and Exchange Commission’s (SEC) proposed rule, EDGAR Filer Access and Account Management, also known as ‘EDGAR Next.’
The comment letter delves into crucial aspects, including the need for additional API functionality, concerns about complex protocols that could hinder timely submissions, and the necessity for appropriate training and transition timing for registrants and application developers.
The proposed amendments aim to enhance access to and management of accounts on EDGAR, collectively referred to as ‘EDGAR Next.’ This includes requirements for filers to authorise and maintain designated individuals as account administrators and the introduction of optional APIs for machine-to-machine communication with EDGAR.
The comment letter provides some insights into these proposed changes, emphasising practical considerations and potential challenges.
For a detailed understanding of the XBRL US response and the SEC’s proposed amendments, dive into the letter here and read the original rule proposal here.
