XBRL US Regulatory Modernization Working Group Seeks Extension on SEC’s ‘EDGAR Next’ Proposal

XBRL US Regulatory Modernization Working Group Seeks Extension on SEC’s ‘EDGAR Next’ Proposal

By Prathamesh 8 December, 2023
news

In a recent development, the XBRL US Regulatory Modernization Working Group has submitted a comment letter in response to the Securities and Exchange Commission’s (SEC) proposed rule, known as “EDGAR Filer Access and Account Management” or “EDGAR Next”. This proposal, which is of significant technical complexity, has prompted the Working Group to request a 60-day extension on the current comment period, originally set to expire on November 21, 2023.

The “EDGAR Next” proposal represents a substantial shift in the way EDGAR filers access and manage their accounts. Given the technical intricacies involved in this proposal, the Working Group believes that additional time is necessary to fully understand and provide meaningful feedback on the proposed changes.

The request for an extension underscores the importance the Working Group places on thorough and thoughtful commentary. It reflects their commitment to ensuring that any changes to the EDGAR system are beneficial to all stakeholders involved, including filers, investors, and regulators.

The SEC’s proposed rule is a critical part of their ongoing efforts to modernize and enhance the EDGAR system. However, the Working Group’s request for an extension highlights the need for careful consideration and comprehensive understanding of the proposal’s implications.

In conclusion, the XBRL US Regulatory Modernization Working Group’s request for an extension on the comment period for the “EDGAR Next” proposal is a testament to their dedication to thorough analysis and meaningful participation in the regulatory process.

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