Collective investment undertakings - look-through approach: a value must not be negative (IR.06.03, Bank of England rule IR_bv0505_01)

The rule in plain words

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

1. 01Open the table below and find the cells the rule reads.
2. 02Look for a value below zero in these cells, such as an amount entered as a negative number.
3. 03It runs only when your filing indicators mark IR.06.03 as reported.
4. 04This is a blocking check. A return that fails it is normally rejected, so fix it before you submit.

The cells it reads

Which returns it applies to

Line4 Check runs it on quarterly solo (QRS), quarterly group (QRG), annual solo (ARS) and annual group (ARG) returns on Bank of England taxonomy 2.2.0. The Bank of England applies it to quarterly solo (QRS), annual solo (ARS), quarterly group (QRG) and annual group (ARG) returns, as a blocking check.

The Bank’s own words and formula

In the Bank of England’s list of validations, word for word:

When an item is a liability, excluding derivatives, then it is classified as "Liabilities" and should be reported positive in template IR.06.03.01.01 - Collective investment undertakings - look-through approach.

Other rules on Collective investment undertakings - look-through approach (IR.06.03)

Every Solvency UK rule on IR.06.03

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.