The rule in plain words
In Part 1: Overview (SR808.06.08.01): either "There has been no use of the exemptions in articles 9-12 of the Order during this reporting period" in column "Current period" (row 010, column 010) is "No use of the exemptions in articles 9-12 of the Order" and 9 rows (listed below) in "Current period" (column 010), "Current period" (column 020), "Financial assets" (column 030) and "Financial liabilities" (column 040) in Part 2: Transactions with Account Holders (SR808.06.08.02) is left empty and 6 rows (listed below) in column "Current period" (column 010) in Part 3: RRR conditions (SR808.06.08.03) is left empty and "Number of breaches during current period - where fair value measurement is not constituted by IFRS Level 1 & 2 inputs" (row 170) and "Number of breaches during current period - trading venue requirements for transactions under articles 10 and 11" (row 180) in column "Current period" (column 010) in Part 4: breaches (SR808.06.08.04) is left empty, or "There has been no use of the exemptions in articles 9-12 of the Order during this reporting period" in column "Current period" (row 010, column 010) is "Use of the exemptions in articles 9-12 of the Order" and 9 rows (listed below) in "Current period" (column 010), "Current period" (column 020), "Financial assets" (column 030) and "Financial liabilities" (column 040) in Part 2: Transactions with Account Holders (SR808.06.08.02) is reported or 6 rows (listed below) in column "Current period" (column 010) in Part 3: RRR conditions (SR808.06.08.03) is reported or "Number of breaches during current period - where fair value measurement is not constituted by IFRS Level 1 & 2 inputs" (row 170) and "Number of breaches during current period - trading venue requirements for transactions under articles 10 and 11" (row 180) in column "Current period" (column 010) in Part 4: breaches (SR808.06.08.04) 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.
This is a blocking check. A return that fails it is normally rejected, so fix it before you submit. It runs only when your filing indicators mark SR808.06.08 as reported.
The cells it reads
Part 1: Overview (SR808.06.08.01)
Row
- R010There has been no use of the exemptions in articles 9-12 of the Order during this reporting period.
Column
- C010Current period
Part 2: Transactions with Account Holders (SR808.06.08.02)
Rows
- R020Currency swaps
- R030Interest rate swaps
- R040Forward contracts relating to currencies
- R050Forward contracts relating to commodities
- R060Currency options
- R070Commodity options
- R080Caps
- R090Floors
- R100Swaptions
Columns
- C010Current period
- C020Current period
- C030Financial assets
- C040Financial liabilities
Part 3: RRR conditions (SR808.06.08.03)
Rows
- R110Total Own Funds
- R120RRR due to transactions with account holders under articles 9 to 11, and any investments traded for the purpose of hedging risks arising from those transactions with account holders
- R130Credit risk capital requirements
- R140Sum of RRRs attributable to each individual transaction with account holders under articles 9 to 11
- R150RRR due to transactions with account holders under articles 9 to 11
- R160RRR due to transactions with account holders under article 11
Column
- C010Current period
Part 4: breaches (SR808.06.08.04)
Rows
- R170Number of breaches during current period - where fair value measurement is not constituted by IFRS Level 1 & 2 inputs
- R180Number of breaches during current period - trading venue requirements for transactions under articles 10 and 11
Column
- C010Current period
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_b1144_m: T1: SR808.06.08.01; T2: SR808.06.08.02; T3: SR808.06.08.03; T4: SR808.06.08.04; Expression: ({SR808.06.08.01, r010, c010} = [boe_SR:x6023] and empty({SR808.06.08.02, r020-100, c010-040}) and empty({SR808.06.08.03, r110-160, c010}) and empty({SR808.06.08.04, r170-180, c010})) or ({SR808.06.08.01, r010, c010} = [boe_SR:x6024] and not(empty({SR808.06.08.02, r020-100, c010-040})) or not(empty({SR808.06.08.03, r110-160, c010})) or not(empty({SR808.06.08.04, r170-180, c010})))
Show the formulaShowHide
The Bank of England's formula. Cells are written as {t: table, r: row, c: column}.
({t: SR808.06.08.01, r: 010, c: 010} = [boe_SR:x6023] and isNull({t: SR808.06.08.02, r: 020; 030; 040; 050; 060; 070; 080; 090; 100, c: 010; 020; 030; 040}) and isNull({t: SR808.06.08.03, r: 110; 120; 130; 140; 150; 160, c: 010}) and isNull({t: SR808.06.08.04, r: 170; 180, c: 010})) or ({t: SR808.06.08.01, r: 010, c: 010} = [boe_SR:x6024] and not(isNull({t: SR808.06.08.02, r: 020; 030; 040; 050; 060; 070; 080; 090; 100, c: 010; 020; 030; 040})) or not(isNull({t: SR808.06.08.03, r: 110; 120; 130; 140; 150; 160, c: 010})) or not(isNull({t: SR808.06.08.04, r: 170; 180, c: 010})))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.