Summertime Means Bees And Bee-ing Prepared For The Bank of England OSCA to BEEDS Migration

By Fraser Hall, Global Product Manager – FinReg, Adenza

The end of summer is a busy time for bees as they prepare for an impending change of season. But financial institutions would be wise to likewise prepare for the impending Bank of England (BoE) OSCA to BEEDS migration. BoE’s Data and Statistics Division (DSD) is moving the data collection of statistical reporting from the online statistical collection application (OSCA) portal to the Bank of England Electronic Data Submission (BEEDS) portal. BEEDS is the strategic data collection platform and is used by BoE to collect many different datasets. OSCA was designed to collect only statistical data and therefore the functionality between the two systems is very different.

Given the large change and associated data migration requirements, conversion to BEEDS will take place over an extended period and in three phases with finalization mandated for the end of September 2022. Additionally, the reporting format will change from XML to XBRL and a draft XBRL taxonomy and data point model is planned for final release on the September 6, 2021. If institutions do not prepare now, they may find themselves left out in the cold without a reliable system post BEEDS migration.

A Swarm Of Questions: What Are Financial Institutions Concerned About?

The BEEDS system release, including enhancements to allow for the new submission requirements, is expected to go live in January 2022. OSCA is scheduled to be switched off in September 2022. This leaves financial institutions with a swarm of questions to answer as they prepare their systems and processes for a successful OSCA to BEEDS migration. To support this process BoE held a series of working group sessions with AxiomSL over the past nine months and has published a Q&A list in which issues facing institutions were addressed. The most recent session occurred in July 2021 and relevant questions were published by BoE subsequently, including:

What is the new format?OSCA to BEEDS Migration

Reporting is migrating from XML to XBRL. There are no additional reporting requirements or changes to the data required. We recommend that all statistical reporters subscribe to Statistical Notices published on our website.

Will the same 4-digit OSCA code be used? 

No, reporters will be asked to identify their reporting with a Legal Entity Identifier (LEI) code.

When will the BEEDS system be available for testing?

The first UAT window is scheduled for the end of September with further testing windows before each onboarding phase.

Currently, Form FV (for financial vehicles) and Form AS (for securities holdings of U.K. monetary financial institutions) are uploaded in BEEDS manually as there is no API integration. With the migration from OSCA to BEEDS, will an API be made available to allow in-house software systems to connect with BEEDS?

At present, there is no API functionality to connect BEEDS to external software.

As the migration project continues to progress, the Q&A document will be updated and users are encouraged to send in their questions. But the fact remains that firms require a transparent and technology-driven approach to managing their data submissions and satisfying the new BoE BEEDS requirement by the anticipated deadline.

Other Things Might Be Flying Around At The End Of Summer: Additional Requirements To Consider

 The end of summer doesn’t just see a flurry of activity among bees, the entire ecosystem of the garden comes to life with the objective of collecting as much pollen as possible – and from disparate sources. Similarly, the OSCA to BEEDS migration not only involves a different format, but also new requirements regarding validations, reporting units, and artefacts. Data collection from across an institution will be required and transparent data management will be critical. Additionally, BoE has also announced upcoming changes to the validation rules applied to Form BTL (buy to let) on July 31, 2020, with future updates to be published.

Validations

  • Validations in BEEDS will use an absolute tolerance approach rather than an interval arithmetic approach
  • Form FV validations will also change to absolute tolerance approach, but Form AS will remain with interval arithmetic approach
  • Cross form validations will be provided in the final taxonomy package

Reporting in units

  • Data point value will be reported in units, not in thousands or millions as currently reported in OSCA
  • Tolerances will apply on the reported values, no rounding will be applied in the validation definition

Artefacts

  • BoE statistics filing manual will be based on the European Banking Authority (EBA) filing manual and will clarify which forms can be reported, in line with current reporting requirements
  • Box code mapping documents will be published to help reporters use the published definition documents in the immediate term, but long-term box code mapping documents will be discontinued

The Buzz: AxiomSL Delivers An Automated, Transparent Solution For OSCA To BEEDS Migration

Institutions leverage AxiomSL’s solutions across financial, liquidity, capital and credit, shareholding disclosure, trade and transaction, and tax mandates. Its single, fully managed RegCloud® ― AxiomSL’s ControllerView® platform and solutions ― futureproofs clients against technology and regulatory change.  The high-performance, cyber-security certified RegCloud enables financial firms to harness the power of the cloud, minimize total cost of ownership (TCO), and achieve on-time compliance across jurisdictions.

AxiomSL’s automated cloud and SaaS-enabled solutions and risk management ecosystem are built on deep industry knowledge and experience of working closely with financial institutions.  A transparent approach to FinReg data management and reporting ― powered by an extensible data dictionary architecture — delivers consistency, with shared business rules and taxonomies, and automated processes.

Furthermore, the unique FinView data dictionary reuses data from other financial and statistical reporting requirements, including FINREP and COREP, and thus current clients will not have the headache of addressing new data sourcing and mapping processes required for the BEEDS migration. The platform automatically accommodates the new requirements and testing procedures and strongly positions firms to confidently meet the regulatory imperatives of OSCA to BEEDS migration and ensure they can manage any future regulatory changes that might come buzzing along.

To Bee Prepared For Data Collection Requirements In Time For OSCA To BEEDS Migration, contact us here.

Calypso Technology and AxiomSL have combined forces under a new name: Adenza. Adenza provides customers with end-to-end, trading, treasury, risk management and regulatory compliance platforms which can be delivered on-premise or on-cloud. Adenza enables financial institutions to consolidate and streamline their operations with front-to-back solutions integrated with data management and reporting, benefitting from a single source of truth across the business.


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