SEC to delay retirement of legacy EDGAR system

SEC to delay retirement of legacy EDGAR system

By Mark A. Kellner

Special to GCN


OCT. 24-The Securities and Exchange Commission will extend until next April the life of its legacy Electronic Data Gathering Analysis and Retrieval system so filers can adjust to its new, Web-based system.


Over the Thanksgiving weekend, SEC will convert EDGAR to the new input system, one of the government's first forays into Extensible Markup Language forms. The day after Thanksgiving has had historically "the fewest filings of any day in the year," SEC officials said [see story at www.gcn.com/vol19_no26/news/2839-1.html].


But the agency will continue to run its current DOS system for five months as a safety net for users getting accustomed to EDGARLink.


A whopping 90 percent of EDGAR filers have not tried the new, $22.5 million system, and the agency wanted to give all filers "one more try" before enforcing a conversion, officials said.


"Under this new schedule, the commission will continue to support legacy EDGARLink filings until April 20, 2001," officials explained in a statement. "However, filers are strongly urged to migrate to the new modernized EDGARLink and EDGAR system now. We will make every effort to keep the legacy filing system fully operational during this extended period, but no further system expansion or improvements are planned. We do not contemplate any further extensions past this date."

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