If the SEC’s EDGAR system were a person, it would have reached an important milestone this year: turning 21. In May 1996, the SEC began requiring all public companies to file their financial reporting forms on the electronic database. It has become a widely used tool for investors, financial advisors, and corporate users alike.
In recent years, however, the system has begun to show its age. Beginning in 2014, the Commission kicked off a program to upgrade the database to meet the demands of the modern era, as part of its overall Disclosure Effectiveness project. The question is: What exactly would make EDGAR better?