The rule in plain words
The item "CIC" in Open Derivatives (IR.08.01.01.02) is not valid
What to do if your return fails it
- 01Open the table 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.
- 03It runs only when your filing indicators mark IR.08.01 as reported.
- 04This is a warning. It does not stop the return on its own, but your supervisor may ask you to explain it.
The cells it reads
Open derivatives - information on derivatives (IR.08.01.01.02)
Column
- C0380CIC
Which returns it applies to
Line4 Check runs it on quarterly solo (QRS) and annual solo (ARS) returns on Bank of England taxonomy 2.2.0. The Bank of England applies it to quarterly solo (QRS) and annual solo (ARS) returns, as a warning.
The Bank’s own words and formula
In the Bank of England’s list of validations, word for word:
The item "CIC" in IR.08.01.01.02 - Open Derivatives is not valid.
Show the formulaShowHide
The Bank of England's formula. Cells are written as {t: table, r: row, c: column}.
matches({t: IR.08.01.01.02, c: C0380, z: Z0001}, "^..((A1)|(A2)|(A3)|(A5)|(A7)|(A8)|(A9)|(B1)|(B2)|(B3)|(B4)|(B5)|(B6)|(B7)|(B8)|(B9)|(C1)|(C2)|(C3)|(C4)|(C5)|(C6)|(C7)|(C8)|(C9)|(D1)|(D2)|(D3)|(D4)|(D5)|(D7)|(D8)|(D9)|(E1)|(E2)|(E7)|(E8)|(E9)|(F1)|(F2)|(F3)|(F4)|(F9))$")Other rules on Open derivatives (IR.08.01)
- There is at least one derivative reported in Table 1 of IR.08.01 that is not reported in Table 2 of IR.08.01 (IR_bv1729_01)Blocking
- There is at least one derivative reported in Table 1 of IR.08.01 that is not reported in Table 2 of IR.08.01 (IR_bv1729_02)Blocking
- Open derivatives: the format of a code or text (IR_bv1712)Blocking
- Open derivatives: the format of a code or text (IR_bv1732)
- Open derivatives and securities lending and repos: the format of a code or text (IR_bv1711)Blocking
- The item "CIC" in Open Derivatives is not valid (IR_bv1703)
- Open derivatives: the format of a code or text (IR_bv1765)
- Open derivatives: a conditional check (IR_bv1766)
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.