The rule in plain words
The item "Instrument underlying the derivative (code and type of code)" (IR.08.01.01.01 C0090) is not in a valid format: a code starting with ISIN/ should be ISIN/ followed by 12 capital letters or digits (a valid ISIN, with its check digit)
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
- 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.
- 03This is a blocking check. A return that fails it is normally rejected, so fix it before you submit.
The cells it reads
Open derivatives - information on positions held (IR.08.01.01.01)
Columns
- C0060Portfolio
- C0080Derivatives held in index-linked and unit-linked contracts
- C0110Use of derivative
- C0120Delta
- C0130Notional amount of the derivative
- C0140Buyer / Seller
- C0150Premium paid to date
- C0160Premium received to date
- C0170Number of contracts
- C0180Contract size
- C0190Maximum loss under unwinding event
- C0200Swap outflow amount
- C0210Swap inflow amount
- C0220Initial date
- C0230Duration
- C0240Solvency II value
- C0250Valuation method
Open derivatives - information on positions held (IR.08.01.04.01)
Columns
- C0010Legal name of the undertaking
- C0060Portfolio
- C0080Derivatives held in index-linked and unit-linked contracts
- C0110Use of derivative
- C0120Delta
- C0130Notional amount of the derivative
- C0140Buyer / Seller
- C0150Premium paid to date
- C0160Premium received to date
- C0170Number of contracts
- C0180Contract size
- C0190Maximum loss under unwinding event
- C0200Swap outflow amount
- C0210Swap inflow amount
- C0220Initial date
- C0230Duration
- C0240Solvency II value
- C0250Valuation method
Which returns it applies to
Line4 Check runs it on quarterly solo (QRS), quarterly group (QRG), annual solo (ARS), annual group (ARG) and annual third-country branch (ARB) returns on Bank of England taxonomy 2.2.0. The Bank of England applies it to quarterly solo (QRS), annual third-country branch (ARB), 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:
dim:IW doesn't follow correct ISIN pattern "^ISIN/[A-Z0-9]{{12}}$".
Show the formulaShowHide
The Bank of England's formula. Cells are written as {t: table, r: row, c: column}.
if matches(dim($v0,$[s2c_dim:IW]), "^ISIN/.*") then (if matches(dim($v0,$[s2c_dim:IW]), "^ISIN/[A-Z0-9]{12}$") then isinChecksum(substring(dim($v0,$[s2c_dim:IW]), 6)) else false()) else true()Other rules on Open derivatives (IR.08.01)
- Open derivatives: a check on its values (IR_bv1629)
- Open derivatives: a check on its values (IR_bv1630)
- Open derivatives: the first two letters are not valid ISO3166 country code (IR_bv1674)Blocking
- Open derivatives: the first two letters are not valid ISO3166 country code (IR_bv1675)Blocking
- The item "CIC" in Open Derivatives is not valid (IR_bv1703)
- Open derivatives and securities lending and repos: the format of a code or text (IR_bv1711)Blocking
- Open derivatives: the format of a code or text (IR_bv1712)Blocking
- The item "CIC" in Open Derivatives is not valid (IR_bv1722)
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.