Electronic Data Gathering, Analysis and Retrieval (EDGAR)

What Is Electronic Data Gathering, Analysis and Retrieval (EDGAR)?

EDGAR — Electronic Data Gathering, Analysis, and Retrieval — is the electronic filing system made by the Securities and Exchange Commission to increase the productivity and accessibility of corporate filings. The system is utilized by all publicly traded companies while submitting required documents to the SEC. Corporate documents are time-delicate, and the creation of EDGAR has incredibly diminished the time it takes for corporate documents to open up.

Figuring out EDGAR

Under the Securities Act of 1933, public companies are required to distribute their financial data like clockwork. Albeit this information was hypothetically available to all investors, getting to in the age of paper communication was troublesome.

The SEC started fostering an electronic reporting system in the mid 1980s, sending off the principal pilot in 1984. The primary operational EDGAR system was sent off in 1992, yet electronic reporting was as yet voluntary around then. Beginning in 1993, the commission started to phase in the requirement for electronic filing.

Corporate documents filed with the SEC through EDGAR incorporate annual and quarterly statements, information on the holdings of institutional investors, and numerous different forms. These filings incorporate the absolute most important information utilized by investors and analysts. A few public companies might be exempt from filing on the off chance that they fall below certain "limits."

The Securities Act of 1933 requires all public companies to uncover certain financial data. EDGAR makes this information more accessible to retail investors.

Utilizing the EDGAR System

EDGAR comprises of a searchable database with over twenty years of electronic filings. Users can look through the database in a similar way as an online hunt, utilizing either the name of a company or individual. Query items can be additionally reduced by date, location of the company's executive offices, or the type of file looked for.

Notwithstanding company data, EDGAR can likewise be utilized to research mutual funds, variable insurance products, or confidential treatment orders. These are orders that confine access to data that is generally required to be filed.

Advantages and Disadvantages of EDGAR

A drawback of the EDGAR system is that the filings are exceptionally stripped down and frequently challenging to peruse compared to annual reports received by shareholders. All the information is contained in the filings, however subtleties can be hard to track down in one gigantic text file. Notwithstanding, the information is constantly structured similarly paying little heed to which company filed the information.

For instance, assuming an analyst is keen on knowing whether a company rolled out any improvements to its accounting methods, the investor will track down that information in Part II, Item 9, in the annual report (or 10-K).

Due to increased access to the Internet, the majority of the reports on EDGAR can be found on the sites of the company that reported them. This can be a simpler client experience than the EDGAR database, where users could need to filter through many reports by likewise named companies to find the document they need.

Documents that are accessed utilizing EDGAR and filed with the SEC incorporate quarterly and annual corporate reports and financial statements. Annual Reports (Form 10-K) incorporate company history, evaluated financial statements, a description of products and services, and an annual survey of the organization, its operations, and the company's markets. Quarterly Reports (Form 10-Q) incorporate unaudited financial statements and information about the company's operations in the previous three months.

Documents filed before 1995 may not be available on EDGAR but rather can be requested through the Freedom of Information Act.

Different reports that are frequently looked by investors are Registration Statements, which are required before stock can be sold to the public; Form 8-K, which unveils notable events like bankruptcy; Forms 3 and 4, which contain ownership information; and Form 5, which reports transactions not reported on Form 4.

The Bottom Line

EDGAR is a helpful method for accessing the electronic reports of any public company in the United States. Nonetheless, the pursuit function can be ungainly, and it is nowhere near instinctive. In the age of the Internet, a lot of this data can be found just as effectively on a company webpage.

Features

• Notwithstanding equity information, EDGAR can likewise be utilized to look through the public filings of mutual funds, variable insurance products, or different types of securities.
• Today, EDGAR can be utilized to track down annual or quarterly reports for public companies as far back as 1995 or even 1994.
• EDGAR was sent off in 1992, however electronic filings did not become mandatory until 1995.
• Electronic Data Gathering, Analysis, and Retrieval (EDGAR) is an online database of public filings kept up with by the Securities and Exchange Commission.
• Under the Securities Act of 1933, public companies are required to unveil certain information to the public.

FAQ

How Far Back Does the EDGAR Database Go?

EDGAR documents are available as far back as 1995 or 1994. Paper filings from prior dates might be available through the Freedom of Information Act.

How Did Hackers Access EDGAR?

In 2016, a Ukrainian hacker utilized taken login credentials to access filings on the EDGAR system that had not yet been delivered. This information was then given to traders, who had the option to trade on the advance knowledge of company reporting figures before they were distributed.

How Do You Find a Proxy Document in the EDGAR Database?

One can find a proxy filing, or some other public filing, via looking through the EDGAR database by company name. The query items might should be refined with extra details like filing date or category. Proxy statements are filed under form 14K.

What Is EDGAR Filer Management?

Edgar Filer Management is a portal for companies and individuals who wish to submit electronic filings to the SEC. This is more muddled than looking through the EDGAR database, and it requires Filers to present a Form ID for authorization to make an access code.

What Is the Canadian Version of EDGAR?

The System for Electronic Document Analysis and Retrieval (SEDAR) is an electronic reporting apparatus utilized by Canadian public companies and securities issuers. This is the Canadian equivalent to EDGAR, kept up with by the Canadian Securities Authority (CSA).