The rule in plain words
Items "External rating" and "Nominated ECAI" in Open Derivatives (S.08.01) must be reported simultaneously
EIOPA writes it out as separate checks, one for each table or return it covers. Line4 Check runs two of them (BV986-1 and BV986-2), and a failure names the one that failed.
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 S.08.01 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
Open derivatives: information on derivatives (S.08.01.01.02)
Columns
- C0290External rating
- C0300Nominated ECAI
Open derivatives: information on derivatives (S.08.01.04.02)
Columns
- C0290External rating
- C0300Nominated ECAI
Which returns it applies to
Line4 Check runs it on quarterly solo (QRS), quarterly group (QRG) and quarterly branch (QRB) returns on EIOPA taxonomy 2.10.0. EIOPA applies it to quarterly group (QRG), annual group (ARG), quarterly ECB branch (QEB), quarterly ECB solo (QES), quarterly branch (QRB), quarterly solo (QRS), annual branch (ARB), annual solo (ARS), annual ECB solo (AES) and annual ECB branch (AEB) returns, as a blocking check.
EIOPA’s own words and formula
In EIOPA’s list of validations, word for word:
Items "External rating" and "Nominated ECAI" in S.08.01 - Open Derivatives must be reported simultaneously.
Show the formulaShowHide
EIOPA's formula, for BV986-2. Cells are written as {t: table, r: row, c: column}.
(isNull({t: S.08.01.01.02, c: C0290, z: Z0001}) and isNull({t: S.08.01.01.02, c: C0300, z: Z0001})) or (not(isNull({t: S.08.01.01.02, c: C0290, z: Z0001})) and not(isNull({t: S.08.01.01.02, c: C0300, z: Z0001})))BV986-1:
(isNull({t: S.08.01.04.02, c: C0290, z: Z0001}) and isNull({t: S.08.01.04.02, c: C0300, z: Z0001})) or (not(isNull({t: S.08.01.04.02, c: C0290, z: Z0001})) and not(isNull({t: S.08.01.04.02, c: C0300, z: Z0001})))Other rules on Open derivatives (S.08.01)
- The item "CIC" in Open Derivatives is not valid (BV993)
- Open derivatives: a cell must be reported (BV994)Blocking
- Open derivatives: a cell must be reported (BV995)Blocking
- The item "Premium paid to date" in Open Derivatives should be positive or equal to zero (BV1014)
- The item "Premium received to date" in Open Derivatives should be positive or equal to zero (BV1024)
- The item "Number of contracts" in Open Derivatives should be positive (BV1025)
- The item "Contract size" in Open Derivatives should be positive (BV1026)
- The item "Maximum loss under unwinding event" in Open Derivatives should be positive or equal to zero (BV1027)
Every Solvency II rule on S.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.