Office of the Superintendent of Financial Institutions
Questions About … the RRS
RRS is the acronym for the Regulatory Reporting System (RRS), the name of the new solution used by the Office of the Superintendent of Financial Institutions (OSFI), the Bank of Canada (BoC) and the Canada Deposit Insurance Corporation (CDIC) to gather and process regulatory returns. RRS replaces the former system, known as Automated Data Transfer (ADT), which has been used since 1999.
The ADT software solution used to submit regulatory returns is out-dated and unable to keep pace with the increasing quantity and complexity of data collection and management needs. ADT has been in place since 1999. The Office of the Superintendent of Financial Institutions (OSFI), the Canada Deposit Insurance Corporation (CDIC) and the Bank of Canada are aware of the need to keep pace with current technology environment and technology upgrades, such as the change from ADT to the RRS.
A number of Deposit-Taking Institutions have been using RRS since September 2013 to file financial returns. A second phase of the RRS implementation is currently targeted to be delivered April 28, 2014 to allow filers to submit insurance industry, pension plan and corporate regulatory returns with the new system. The RAPID returns (BF, BG, and RAPCORP) will also be submitted in RRS for Deposit Taking Institutions filings.
All organizations and plans that file regulatory returns will have to do so using RRS once the system is fully implemented.
Note that if your organization or plan is currently using a third-party service provider to file regulatory returns, you may choose to continue to do so. Note that it is the filer’s responsibility to register the third-party service provider to RRS.
The ADT will remain available for a limited number of returns. Please refer to the Getting Ready package for details. If you need to have this package re-sent to your organization or plan, please email ReturnsAdmin@osfi-bsif.gc.ca.
The Government of Canada has three agencies responsible and involved with regulatory returns for deposit-taking institutions; the Office of the Superintendent of Financial Institutions (OSFI), the Bank of Canada (BoC) and Canada Deposit Insurance Corporation (CDIC). All three of these agencies (known as the Tri-Agencies) are involved with this modernization effort.
Questions About … Secure Access to the RRS
In the week leading up to April 28, 2014, registered users will receive the following information via separate emails:
You must sign up a minimum of two users to RRS, to ensure appropriate backup.
If you wish to receive a confirmation that your organization or plan is registered, please contact firstname.lastname@example.org.
Similar to the current ADT system, the Bank of Canada secures all data and restricts access to authorized RRS users. To access the RRS, users will first need to authenticate through the Bank of Canada’s secure site. There is a multi-factor and multi-step authentication process that is required to access Bank services, which protects the applications hosted on the Bank’s site, including the RRS, from unauthorized access.
The Bank of Canada hosts the RRS application on its secure site. To reach the application, users must connect through the secure gateway that enforces authentication and authorization mechanisms to protect the Bank’s applications and the information contained there.
Organizations are responsible for granting access to RRS to users. Users will be given a single, unique user name and password for RRS. With this user name and password, they can file returns on behalf of several organizations.
If your organization now uses RRS to file financial returns, you are required to complete the RRS Initial User Registration form to designate users who will have access to corporate returns. This will enable new or existing RRS users to access corporate returns within RRS. If you have not done so, please contact email@example.com. Registered users will be able to access both financial and corporate returns using their unique RRS user name and password.
Questions About …. The Transition to RRS
A necessary step of the transition to RRS involves a ‘freeze’ period during which organizations will not be able to file returns. Dates and instructions for this period are provided below.
Details on the freeze period and a list of the returns impacted are provided in the Getting Ready package that was emailed to your organization and its registered users in March 2014. If you need to have this package re-sent to your organization or plan, please email ReturnsAdmin@osfi-bsif.gc.ca.
There are several steps and activities organizations will need to take to prepare for the change to the RRS. Each step of the way, the RRS team will guide the transition to ensure all steps and requirements are understood. Some of the ways organizations and plans will be expected to get ready are:
Complete a Secure Access Agreement: Organizations must sign and return a document called a Secure Access Agreement which outlines their responsibilities for managing their access to the RRS through the Bank of Canada Secure Site. This form was emailed to all organizations and plans early December, 2013. If you need assistance or you would like to have the form re-sent to you, please send a request to firstname.lastname@example.org.
Designate Local Registration Authorities (LRAs): Authorized persons within each organization and plan, called Local Registration Authorities (LRAs), will be responsible for authorizing new users and any changes to end user accounts. Each LRA will receive instructions on how to do this in March 2014. Each organization must have two LRAs appointed prior to implementation, for back up purposes.
Request RRS User Accounts: Individual user accounts must be created to access the new RRS application. Authorized persons within each organization and plan called Local Registration Authorities (LRAs) will be required to authorize new users and any changes to end user accounts. The form to be used to request RRS User Accounts was email to your organization along with the Secure Access Agreement early December.
RRS Training: Online training for all new users will be available in February 2014. The RRS training and support team recommends training be completed at least one week prior to filing the first return using RRS.
RRS User Instructions: All user instructions including RRS User Guides and Quick Reference Guides will be available for all registered RRS users. Each organization’s LRA will distribute instructions to their users on how to access the secure site, through the Secure Site User Guide.
Organizational Readiness: Organizations and plans involved in the change to the RRS should ensure that all users have set up their user profiles and that all users are aware of the change. They are asked to ensure their users have completed training and have access to supporting documentation and user instructions.
Ready for RRS Phase Two “Go Live”: Go Live dates refer to the official start for using RRS instead of ADT to submit regulatory returns to OSFI, the BoC and CDIC. Organizations and plans are responsible for ensuring everyone who files for their organization/plan is aware of the change and dates the RRS is officially underway. RRS Phase Two is planned to go “live” on April 28, 2014 for:
A Local Registration Authority (LRA) is a person from each organization or plan who is required to serve as the official authority to manage and control the creation and modification of user accounts for the BoC Secure Site and the RRS application. LRA’s will receive an Account Management Guide to help them prepare for their role.
There are a number of ways organizations are going to experience the change to RRS. Some of the key impacts are:
A new secure sign-on process will be now be required. This process is a two-step process. First, each authorized user of RRS will need a unique username and password to connect to the Bank of Canada secure site. Then, users need their RRS user name and password to gain access to the RRS application. With the RRS, Local Registration Authorities (LRAs) will exist in your organization or plan for the purpose of creating users and managing user roles and permissions.
There will be a self-service function with the RRS. Users will be able to view their submission, the return history and the current status of their submissions. They will also be able to save all work in progress.
With the RRS, all returns will be submitted by keying data into a new online facility or by direct upload into the RRS solution. If you choose to continue to upload directly, no submission file format changes are required.
Return management will change with new features such as:
Online validation means easier and more efficient filing. With RRS, there will be an upfront data validation component, which will confirm the accuracy and completeness of each submission before the return is accepted, reducing the need for follow-up. Returns processed online will display validation results on-screen within the same online session. You will not need to go to your email to view the results. Return resubmission requests will also be performed online through RRS.
Your organization or plan received a letter in November 2013 to provide information on the change. This letter is available on the website.
Filers will have approximately two months to complete the steps required to facilitate the transition to RRS prior to deployment. This allows the RRS team to collect and provide information required for the initial user account set up. The training provided by the RRS team will take most users a maximum of a half day to complete. However, adequate time will be provided to do so since the training will be available on the RRS Training website in February 2014.
No, there is no cost. RRS is free of charge for all users. Filers who currently depend on a software vendor to support their filings may choose to continue to do so.
Additional information about the transition to RRS can be requested through a specially-designated email ReturnsAdmin@osfi-bsif.gc.ca. All enquiries will receive a response within three business days. Additional support for authorized users will be available through a support desk email and phone number once the application has gone live. This information will be available with the training material.
DTIs, insurance companies and pension plans will no longer be required to submit their corporate information (such as contact information and address, etc.) each year, as they did with ADT. Rather, this type of corporate information will now be visible in RRS. Organizations will be required to validate that their current information is accurate or provide any required updates.
While the bulk of all regulatory returns will now be submitted using the RRS, there are a few exceptions, which will be communicated at a later date, by industry.
Return due dates are mostly unchanged. There are minor updates to return due times in the weeks leading to the implementation of RRS. Those returns are listed in the Getting Ready package that was emailed to your organization in March 2014. If you need to have this package re-sent to your organization or plan, please email ReturnsAdmin@osfi-bsif.gc.ca.
Information on regulatory requirements is available on the OSFI website. The implementation of the RRS does not impact those requirements.
All of the organizations currently submitting regulatory data through the ADT are impacted by the change to RRS. Detailed information on regulatory requirements is available on the OSFI website.
Questions About …. What Will Change with RRS
Filers who depend on third-party software vendors to support their filings may choose to continue to do so. In that case, filers will be required to provide formal authorization to grant the software vendor access to the RRS system. This is managed through the RRS registration process. For additional details, please contact email@example.com.
Third-party service providers can file returns on behalf of several organizations. They will be given a single, unique user name and password for RRS. With this user name and password, they will be granted access to file returns on behalf of several organizations.
Questions About …. RRS User Experience
The RRS will give users access to data related to previously filed returns.
The OSFI 49 return currently contains both corporate and financial information. With the RRS, the corporate information will be entered separately from the financial information. Further instructions will be provided on how this process is changing.
Questions About …. RRS Training and Support
The training for RRS will be web-based and made up of self-paced, training videos. We will also provide User Guides, Quick Reference Guides and other supporting documentation.
Training material will be available online to all registered RRS users in February 2014. The training will be presented in different web-based videos. Our training team recommends users start with the Training Overview video and continue with the Manage Financial and Manage Corporate Returns videos. Local Registration Authorities will receive the Account Management Guide.
Anyone who currently performs regulatory filing duties should take the training. Additionally, each organization or plan will be required to identify two Local Registration Authorities (LRAs), who must also complete user management training.
The time required to complete the training will depend on each person’s role. However, we expect it will take users, at most, half a day to complete. However, one of the benefits of self-paced training is the ability to work through the material at your own pace.
There is no cost associated with RRS training. It is available free of charge to all filers who require training.
All training and support is available online through an RRS training site as well as through the RRS Help link available within the new software itself. In addition to this Information Package, we’ll also have User Guides and Quick Reference Guides available.
No, registered users will be able to access to the system on April 28, 2014.
Training will be available for the duration of the implementation to RRS and beyond to accommodate new RRS users.
All general RRS transition enquiries can be directed to a specially designated email ReturnsAdmin@osfi-bsif.gc.ca. All questions submitted will be answered within three business days. Additional support for authorized users will be available through a support desk.
The training for the RRS was developed and offered by the RRS team, together with the company who developed the software, Vizor. It is designed to be self-paced and is entirely web-based.
The RRS team designed the training program according to best practices, and in consultation with focus groups from the filer community who assisted in providing guidance to the project team.