The rule in plain words
Item "Use of derivative" in Open Derivatives (IR.08.01.04.01) should be reported
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 IR.08.01 as reported.
The cells it reads
Open derivatives - information on positions held (IR.08.01.04.01)
Column
- C0110Use of derivative
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:
Item "Use of derivative" in IR.08.01.04.01 - Open Derivatives should be reported.
Show the formulaShowHide
The Bank of England's formula. Cells are written as {t: table, r: row, c: column}.
not(isNull({t: IR.08.01.04.01, c: C0110, z: Z0001}))Other rules on Open derivatives (IR.08.01)
- Item "Use of derivative" in Open Derivatives should be reported (IR_bv0754_01)Blocking
- The item "Contract size" in Open Derivatives should be reported for futures and options (CIC '##A#' or '##B#' or '##C#' or ‘##F2’) (IR_bv0753_01)
- The item "Contract size" in Open Derivatives should be reported for futures and options (CIC '##A#' or '##B#' or '##C#' or ‘##F2’) (IR_bv0753_02)
- Open derivatives: the format of a code or text (IR_bv0752_01)Blocking
- Open derivatives: the format of a code or text (IR_bv0752_02)Blocking
- Open derivatives: the format of a code or text (IR_bv0751_01)Blocking
- Open derivatives: the format of a code or text (IR_bv0751_02)Blocking
- Open derivatives: a conditional check (IR_bv0729_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.