Nested IFs in Data Validation does not return anything

Hi,
I want to display some data in 2nd drop-down list taking into consideration both value selected in 1st drop-down list and value in cell B2. It sounds simple, but I have stuck with a problem that I can not make to work multiple IF statements in Data validation. For example, if 1st condition is True(in the 1st drop down list there is selected 'Rating - Scenario'), then I check for which country it's meant, if it's for SE, then I need to display that list calling named range GetSESeqList, if not, then I check if it's another country and so on.

Formula:

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When I put this in Source field of Data validation, it does not return anything to me except error that source currently evaluates to error, but if I put it in the formula bar, it works as I wanted.

So I would really appreciate any help or ideas where have I made mistake.

How about putting together a little VLOOKUP table with country codes in column 1 and GetSeq in column 2. Also don't know why you're using INDIRECT for your dropdowns and "Country" cell. In Row 5 for example, (can be dragged across or down)

=IF($A5 = "Rating - Scenario"; INDIRECT(VLOOKUP($B$2; $F$2:$G$50;2; FALSE));"F")
where F2:G50 is where your vlookup table is.
Maybe upload (Go advanced>Manage Attachments) an example workbook if that doesn't work.

EDIT: changed to semicolons