Modernized EDGAR ready for filing load

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By GCN

By GCN

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The Securities and Exchange Commission will retire its legacy corporate and financial filing system Friday.

| GCN STAFFThe Securities and Exchange Commission will retire its legacy corporate and financial filing system Friday.The modernized Electronic Data Gathering, Analysis and Retrieval system will contain two new components:' Internet filing. Companies can file over the Internet or by dialing in to a secure Web site, at . Once at the site, they can review the status of their filings, change company information and conduct research.' Updated EDGARLink software. Filers can attach supplementary files in Adobe Portable Document Format. Required documents must be submitted as Hypertext Markup Language or ASCII files, but any unofficial data can be attached as PDF files.Filers no longer need to use header tags, because the new version of EDGARLink allows plain English labels. There is also an online help manual. The software, which SEC distributes free to EDGAR users, runs under Microsoft Windows.'We just had a peak day [of filings] on April 2,' said Rick Heroux, project manager for EDGAR. 'About 41 percent of the filings were done on the modernized system, and it could handle the volume without a problem.'To make sure the next-generation EDGAR was ready, the commission conducted an external stress test March 3. Nearly 100 financial filers blasted the system with filings.SEC has conducted 30 internal stress tests since December, because companies last summer expressed concern that the new hardware and software might falter if bombarded with large volumes of filings.'It's important that filers have confidence in the new system,' Heroux said.The $22.5 million modernization began in 1997. It is aimed at reducing the filing burden on companies required by law to submit financial data to SEC.
BY PREETI VASISHTHA





www.edgarfiling.sec.gov




Rick Heroux










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