The rule in plain words
The item "CIC" in Open Derivatives (S.08.01) is not valid
EIOPA writes it out as separate checks, one for each table or return it covers. Line4 Check runs two of them (BV993-1 and BV993-2), 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.
- 02Compare the code or text in your return with the format the rule sets out, character by character, including any prefix and any spaces.
- 03It runs only when your filing indicators mark S.08.01 as reported.
- 04This is a warning. It does not stop the return on its own, but your supervisor may ask you to explain it.
The cells it reads
Open derivatives: information on derivatives (S.08.01.01.02)
Column
- C0380CIC
Open derivatives: information on derivatives (S.08.01.04.02)
Column
- C0380CIC
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), annual ECB solo (AES), quarterly ECB solo (QES), quarterly ECB branch (QEB), annual ECB branch (AEB), quarterly solo (QRS), quarterly branch (QRB), annual solo (ARS) and annual branch (ARB) returns, as a warning.
EIOPA’s own words and formula
In EIOPA’s list of validations, word for word:
The item "CIC" in S.08.01 - Open Derivatives is not valid.
Show the formulaShowHide
EIOPA's formula, for BV993-2. Cells are written as {t: table, r: row, c: column}.
matches({t: S.08.01.01.02, c: C0380, z: Z0001}, "^..((A1)|(A2)|(A3)|(A5)|(A7)|(A8)|(A9)|(B1)|(B2)|(B3)|(B4)|(B5)|(B6)|(B7)|(B8)|(B9)|(C1)|(C2)|(C3)|(C4)|(C5)|(C6)|(C7)|(C8)|(C9)|(D1)|(D2)|(D3)|(D4)|(D5)|(D7)|(D8)|(D9)|(E1)|(E2)|(E7)|(E8)|(E9)|(F1)|(F2)|(F3)|(F4)|(F9))$")BV993-1:
matches({t: S.08.01.04.02, c: C0380, z: Z0001}, "^..((A1)|(A2)|(A3)|(A5)|(A7)|(A8)|(A9)|(B1)|(B2)|(B3)|(B4)|(B5)|(B6)|(B7)|(B8)|(B9)|(C1)|(C2)|(C3)|(C4)|(C5)|(C6)|(C7)|(C8)|(C9)|(D1)|(D2)|(D3)|(D4)|(D5)|(D7)|(D8)|(D9)|(E1)|(E2)|(E7)|(E8)|(E9)|(F1)|(F2)|(F3)|(F4)|(F9))$")Other rules on Open derivatives (S.08.01)
- Open derivatives: a cell must be reported (BV994)Blocking
- Open derivatives: a cell must be reported (BV995)Blocking
- Items "External rating" and "Nominated ECAI" in Open Derivatives must be reported simultaneously (BV986)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.