⚖️ Are You Ready for EDGAR Next?

What Filers Need to Know in 2025

AuthorAuthor

Michael Huseby & Daniel Sepulveda
September 05, 2025

🎉 Happy Friday, funds family!

Today, we’ll discuss a looming SEC deadline for funds and syndications relying on Regulation D (which is…basically all of them).

(If you’re one of our clients, you can breathe easy. We have already taken care of this enrollment. Go back to the peaceful, happy, fulfilling life of being a TIL client. Everyone else, keep reading.)

But first…

/ SELF PROMOTION

If you’re a sponsor (GP) raising an investment fund or syndication in private equity, private credit, real estate, or venture capital, we may be a good fit for you. We also represent limited partners (LPs) investing in funds and syndications.

Thanks for reading. Now, let’s jump into the article 😃 

🔐 Who’s Subject to EDGAR Next? Does it apply to me?

Generally, If you have a fund or syndication that files documents (such as Form D) with EDGAR, this applies to you. That includes individuals and entities, regardless of whether you use filing agents.

🧮 What are the changes?

Back in March of this year (2025), the SEC launched 🔗 EDGAR Next, a “modernization” of the EDGAR filing system meant to improve security, user management, and filing integrity.

By moving away from shared account codes and toward individual 🔗 Login.gov accounts with multi-factor authentication (MFA), EDGAR Next & the SEC want to ensure every filer can be clearly identified and held accountable.

In addition, the SEC has opened the door to APIs within the platform, which may enable filers to automate submissions, pull data directly, and streamline workflows. We’ll see how successful this is.

🚨 STOP! What is the deadline for this?

On September 15, 2025, everything changes:

  • Passwords disappear: If you’ve been filing or updating 🔗 Form Ds using your old EDGAR credentials, they’ll simply stop working. 🔗 Link

  • 🔗 Login.gov required: All access to EDGAR Online Forms and EDGAR Filing website will require 🔗 Login.gov credential, plus multifactor authentication.

Unenrolled = Locked out: As of September 15, 2025, unenrolled filers will generally be unable to access EDGAR filing systems, though enrollment typically remains available through December 19, 2025, per SEC guidance

📝 How to Enroll (Checklist)

Enrollment is now open, and the process is fairly straightforward:

  1. Log into the EDGAR Filer Management dashboard with your 🔗 Login.gov credentials.

  2. Enter the filer’s CIK, CCC, passphrase, and information about authorized account administrators.

  3. Make sure you’ve reset your CCC and passphrase if you haven’t touched them since September 2019.

  4. Submit and confirm enrollment.

If you’ve submitted a Form ID that was granted on or after March 24, 2025, you’re already in compliance with EDGAR Next—no extra enrollment required.

/ WRAPPING THE CASE

  1.  In March 2025, the SEC began overhauling the EDGAR system used to make securities filings like Form D. 

  2.  Issuers (funds and syndications) must update their login credentials with the SEC to remain compliant.

  3. The deadline for compliance is September 15, 2025.

Thanks for reading, everyone.

Have a great weekend! 🙌 

/ JURY TRIAL

How did you like today's post?

Login or Subscribe to participate in polls.

Have you enjoyed this newsletter? Don’t forget 🔗 to share it with your GP, Co-GP, LPs, or anyone else you think might find it valuable!

You can also propose a topic that you would like us to cover! Just reply to this email or submit your suggestions 🔗 here.

⚠️ Note: This newsletter is for informational purposes only and nothing should be considered legal advice. For that, hire a lawyer! I am a lawyer, but not your lawyer (unless I actually am your lawyer because you’ve signed an engagement letter and we’re working together). This newsletter may be considered attorney advertising.

Reply

or to participate.