Guidance Note: Validation and verification of the '5.6 OTC' Sheet (September 2019)

Summary

This is a technical guidance note from the JFSC explaining the automated validation and verification checks applied to the '5.6 OTC' sheet within the prudential reporting template used by OIBs (Overseas Investment Businesses). It lists the specific cell-level checks that run when the template is submitted, so preparers can understand and pre-empt error or warning messages.

• Data input validation: Cells for Amount and Positive Mark-to-Market values across items N.1.1 through N.7.2 must contain whole numbers within the range -1,000,000,000 to +1,000,000,000 (representing units of GBP 1,000, i.e. up to plus or minus GBP 1 trillion).
• Excel limitations: Built-in Excel validation only checks direct manual input and is not a failsafe, so OIBs are expected to verify their own data quality before relying on it.
• Submission process: On submission of the template, the JFSC runs the full set of checks; if all pass, the submission is accepted and the OIB is notified along with any warnings.
• Calculation checks: Certain summary cells (e.g. N.1.0, N.2.0 through N.7.0) are automatically calculated via SUM formulas from underlying rows and are checked for consistency rather than manually entered.

The note is purely explanatory and technical, intended to help OIBs interpret error codes and correctly complete the 5.6 OTC sheet; it does not introduce new reporting deadlines or change substantive prudential requirements.

Key obligations

• OIBs should check their own data for accuracy before and during submission of the 5.6 OTC sheet, since Excel's built-in validation is not a failsafe.
• Amount and Positive Mark-to-Market entries in the specified cells must be whole numbers within the range -1,000,000,000 to +1,000,000,000.

Applies to

OIBs