Guidance Note: Validation and verification of the '5.1 FX & Gold' Sheet (September 2019)

Summary

This guidance note explains the automated validation and verification checks that run on the '5.1 FX & Gold' sheet of the JFSC's prudential reporting template for OIBs (Overseas Investment Businesses). It sets out, cell by cell, the data entry rules and calculation formulas the JFSC's system applies when a completed return is submitted.

• Input validation: Most monetary cells (Balance Sheet Assets, Balance Sheet Liabilities, Forward Gross Purchases, Forward Gross Sales for items A.1 to A.9 and B.0) must contain a whole number between -1,000,000,000 and +1,000,000,000 (units of £1,000).
• Blank cells: Certain cells for items A.10 and A.0 must be left blank rather than populated.
• Calculated fields: Spot Net, Forward Net and Overall Total columns are auto-calculated by formula (e.g. Spot Net = Balance Sheet Assets minus Liabilities; Overall Total = Spot Net plus Forward Net), with item A.10's total being the negative sum of A.1 to A.9 and item A.0's total summing only positive values.
• Submission process: Excel's built-in validation is not a failsafe since it only checks direct manual input, so the JFSC re-runs the checks on submission; if all checks pass the submission is accepted, together with any warnings communicated to the OIB.
• Error identification: Each check has a unique 'Check' number that appears in any failure message so the OIB can match it to the relevant row in this guidance.

The note is purely technical and procedural, intended to help OIBs correctly complete the FX and Gold sheet before submitting prudential returns; it does not introduce new substantive reporting obligations beyond the existing prudential reporting framework.

Key obligations

• OIBs must enter monetary values in the specified cells of the '5.1 FX & Gold' sheet as whole numbers within the range -1,000,000,000 to +1,000,000,000 (in £1,000 units), unless the cell is designated to be left blank.
• OIBs must leave the designated cells for items A.10 and A.0 blank rather than entering data.
• OIBs should check their own data before submission, since Excel's validation only checks direct manual input and is not a failsafe.
• OIBs must review and address any warnings or failed-check messages returned by the JFSC upon submission, using the Check number to identify the relevant validation rule.

Applies to

OIBs (Overseas Investment Businesses)