Just to confirm. Validation Rules work fine on both financial and consolidation type model. So, that should not be a problem.
There are two tables which are relevant for validation - clcvalidation and clcvalidationH. As it appears, system can't find any data in this table. I have seen such errors before while running currency conversion - Nothing extract from table where it meant that since there were no records to be converted to reporting currency, it failed. Trying to draw a similarity here, system is fetching data from clcvalidationH table but can't find anything there and thus failing.
Please check the contents in these 2 tables for your model and see if you have any data there.
Be sure about the validation that it is executing on dataset which has got some data in it.
Hope it helps.
Regards,
Ashish