Guidance Note: Validation and verification of the '3.7 OTC - Commodities' Sheet (JIBs prudential reporting) (Revised February 2019)

Summary

This is a technical guidance note from the Jersey Financial Services Commission explaining the automated validation and verification checks applied to the '3.7 OTC - Commodities' sheet of the JIBs (Jersey International Banks) prudential reporting template. It does not create new prudential requirements but describes how the JFSC's system checks data entered on this sheet when a JIB submits its return, and what error or warning messages mean.

• Input validation: Monetary amount cells (Amount, Positive Mark-to-Market, Amount After CRM) must contain whole numbers between -1,000,000,000 and +1,000,000,000 (units of £1,000).
• Mandatory blank cells: Certain Risk Weighted Amount cells (corresponding to 0% risk-weight rows) must be left blank; entering a value triggers a validation failure.
• Calculated fields: Section 3 lists cells populated by formulas (sums, add-on amount calculations at 10%, 12% or 15%, credit equivalent amount, and risk weighted amount at 20%, 50%, 100% or 150%) which are automatically checked rather than manually entered.
• Submission process: Submitting the completed template to the JFSC triggers these checks; if all checks pass the submission is accepted and any warnings are communicated to the JIB.

Each check is identified by a unique reference number so that a JIB receiving an error or warning message can match it to the relevant row/column and guidance in this note. JIBs are expected to check their own data before submission, as Excel's built-in validation is not a failsafe.

Key obligations

• JIBs must ensure that monetary amount cells on the 3.7 OTC - Commodities sheet contain only whole numbers within the range -1,000,000,000 to +1,000,000,000
• JIBs must leave the specified Risk Weighted Amount cells blank where the corresponding item attracts a 0% risk weight
• JIBs should check their own data for accuracy prior to submission, since Excel validation alone is not a failsafe

Applies to

JIBs (Jersey International Banks) subject to prudential reporting requirements