Content of the submission and basic information - general: a conditional check (IR.01.01, IR.01.02, Bank of England rule IR_bv1751)

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. 02The check applies only when its first part holds in your return. When it does, the second part must hold too: fix the second part, or correct the first.
3. 03It runs only when your filing indicators mark IR.01.01 and IR.01.02 as reported.
4. 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

Which returns it applies to

Line4 Check runs it on annual solo (ARS) return on Bank of England taxonomy 2.2.0. The Bank of England applies it to 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:

If entity uses transitional measure on the risk-free interest rate, then template IR.22.04 - Information on the transitional on interest rates calculation should be reported.

Other rules on Content of the submission (IR.01.01)

Every Solvency UK rule on IR.01.01

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.