Items "External rating" and "Nominated ECAI" in Open Derivatives should be reported simultaneously (IR.08.01, Bank of England rule IR_bv0579_02)

The rule in plain words

What to do if your return fails it

1. 01Open the table below and find the cells the rule reads.
2. 02Report these values together, or leave them all out.
3. 03It runs only when your filing indicators mark IR.08.01 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 group (QRG) and annual group (ARG) returns on Bank of England taxonomy 2.2.0. The Bank of England applies it to 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:

Items "External rating" and "Nominated ECAI" in IR.08.01.04.02 - Open Derivatives should be reported simultaneously.

Other rules on Open derivatives (IR.08.01)

Every Solvency UK rule on IR.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.