List of assets and collective investment undertakings - look-through approach: the format of a code or text (IR.06.02, IR.06.03, Bank of England rule IR_bv0903_02)

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 tables below and find the cells the rule reads.
2. 02Compare the code or text in your return with the format the rule sets out, character by character, including any prefix and any spaces.
3. 03It runs only when your filing indicators mark IR.06.02 and 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 group (QRG) return on Bank of England taxonomy 2.2.0. The Bank of England applies it to quarterly group (QRG) returns, as a blocking check.

The Bank’s own words and formula

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

There is at least one asset reported in IR.06.03 - Collective investment undertakings - look-through approach that according to IR.06.02 - List of assets doesn’t have a form of Collective Investment Undertaking.

Other rules on List of assets (IR.06.02)

Every Solvency UK rule on IR.06.02

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.