November 20, 2025
What happened?
The longest government shutdown in U.S. History officially ended on November 12th. Government employees are back at work, and the SEC has reopened. However, it may take time for the SEC to return to normal operations.
Filing Backlog
The EDGAR filing system was open during the shutdown and continued to accept new filings. These now await the SEC staff for processing and review. It will take several weeks for reviews and approvals to return to their pre-shutdown pace. The SEC Division of Corporation Finance published “Guidance After Government Shutdown” aimed at filings for issuers. This guidance indicated that SEC staff are “working expeditiously to clear the backlog of filings” and that staff “will continue to review those filings in the order in which they were received.”
What does this mean to me?
Compliance never stops. If you slowed down during the shutdown, you need to speed up with the reopening of the government.
Filings and requests are now being reviewed. If you need assistance with a filing or are seeking guidance during this time, please let us know. Members of our team are available to help.
