Q&A

This code indicates that there is a transmission code that needs to be accessed. You may have used a generic scanner, it still may be able to access the transmission computer but it may not, then you will have to go to a shop that has a Volvo capable scanner.

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I believe this is indicating that the transmission module has detected a fault with the transmission and is requesting that the Check Engine Light be turned on. Check the diagnostic codes in the transmission.

I'm trying to troubleshoot the same code, although slightly different symptoms.
What I've found so far is that this Code relates to the transmission, albeit indirectly it seems. Its a code that's telling you that the transmission is in Limp mode, or will be soon. And there are various factors that can trip this code, the most common it seems is a failing speed sensor in the ABS Control module (engine bay) connect to ABS pump. This module has to be replaced or rebuilt.
Other symptom is a common one associated with a cable fault, wring loose, or some such thing, relating to the connecting wiring between transmission control module and engine computer.
Other people are reporting that if you haven't changed tranny fluid and filter in a quile or ever, that this can trip this code too.
If you car isn't in limp mode with this code, you're lucky.