The rule in plain words
In Part 1: Overview (SR808.01.08.01): either "There has been no use of the exemptions in article 5(1) of the Order during this reporting period" in column "Current period" (row 010, column 010) is "No use of the exemptions in article 5(1) of the Order" and "Transactions dealing with commodities - Non Derivatives" (row 040) and "Transactions dealing with commodities - Derivatives" (row 050) in "Current period" (column 010), "Current period" (column 020), "Financial assets" (column 030) and "Financial liabilities" (column 040) in Part 2: Commodity trading (article 5(1)) (SR808.01.08.02) is left empty, or "There has been no use of the exemptions in article 5(1) of the Order during this reporting period" in column "Current period" (row 010, column 010) is "Use of the exemptions in article 5(1) of the Order" and "Transactions dealing with commodities - Non Derivatives" (row 040) and "Transactions dealing with commodities - Derivatives" (row 050) in "Current period" (column 010), "Current period" (column 020), "Financial assets" (column 030) and "Financial liabilities" (column 040) in Part 2: Commodity trading (article 5(1)) (SR808.01.08.02) is reported.
The headline gives only the template and the kind of check, because the rule is too long to say in a headline. The plain words above say all of it.
What to do if your return fails it
- 01Open the tables below and find the cells the rule reads.
- 02Report these values together, or leave them all out.
- 03It runs only when your filing indicators mark SR808.01.08 as reported.
- 04This is a blocking check. A return that fails it is normally rejected, so fix it before you submit.
The cells it reads
Part 1: Overview (SR808.01.08.01)
Row
- R010There has been no use of the exemptions in article 5(1) of the Order during this reporting period.
Column
- C010Current period
Part 2: Commodity trading (article 5(1)) (SR808.01.08.02)
Rows
- R040Transactions dealing with commodities - Non Derivatives
- R050Transactions dealing with commodities - Derivatives
Columns
- C010Current period
- C020Current period
- C030Financial assets
- C040Financial liabilities
Which returns it applies to
Line4 Check runs it on the excluded activities and prohibitions (RFB008) return on Bank of England banking taxonomy 4.1.1. The Bank of England applies it to excluded activities and prohibitions (RFB008) returns, as a blocking check.
The Bank’s own words and formula
The plain words above spell out the Bank’s formula, with each cell named from its templates. In the Bank of England’s list of validations, word for word:
boe_b1133_m: T1: SR808.01.08.01; T2: SR808.01.08.02; Expression: ({SR808.01.08.01, r010, c010} = [boe_SR:x6001] and empty({SR808.01.08.02, r040-050, c010-040})) or ({SR808.01.08.01, r010, c010} = [boe_SR:x6002] and not(empty({SR808.01.08.02, r040-050, c010-040})))
Show the formulaShowHide
The Bank of England's formula. Cells are written as {t: table, r: row, c: column}.
({t: SR808.01.08.01, r: 010, c: 010} = [boe_SR:x6001] and isNull({t: SR808.01.08.02, r: 040; 050, c: 010; 020; 030; 040})) or ({t: SR808.01.08.01, r: 010, c: 010} = [boe_SR:x6002] and not(isNull({t: SR808.01.08.02, r: 040; 050, c: 010; 020; 030; 040})))Other rules on Part 1: Overview (SR808.01.08.01)
- Part 1: Overview: values to report together, or not at all (boe_b1134_m)Blocking
- Part 1: Overview: values to report together, or not at all (boe_b1135_m)Blocking
Every PRA banking rule on SR808.01.08.01
Checks like this one, run at the point of submission, are the first step to real-time supervision. Line4 builds SupTech software for financial regulators that runs checks like these as each return arrives.