They are two different checks.
"No issues" concerns what you have just typed in the open table: character rules, minimum and maximum values, formats. The full validation runs against the regulator's rule set and sees the whole report, including checks between tables.
A report can therefore look clean in the open table and still have blocking errors elsewhere. "No issues" means nothing is wrong in what has been filled in ΓÇö not that the report is complete or approved.