Transcript Diapositiva 1

XBRL Jurisdiction in Spain
XBRL regulatory reporting to the Securities
Commission of Spain (CNMV)
José-Manuel Alonso-Revilla
Comisión Nacional del Mercado de
Valores
www.xbrl.org.es
XBRL Jurisdiction in Spain
Was created in April, 2004 with the following main
objectives:
•
To foster the introduction and development of the XBRL
language with the aim of standardizing the financial and
business reporting
•
To coordinate activities oriented to the promotion of
XBRL in Spain
•
To advise members and other third parties in relation to
issues connected to the process of XBRL implementation
•
To promote the spirit of collaboration among the
members
www.xbrl.org.es
XBRL Jurisdiction in Spain
FOUNDER MEMBERS
April 2004
11
XBRL is a country project with
 Institutional support
 Private support
 University participation
 Audit firms participation
 IT support
www.xbrl.org.es
CURRENT MEMBERS
December 2006
48
XBRL Jurisdiction in Spain
 Institutional Support: Public members
Dirección General de
Coordinación Financiera con
las Entidades Locales
www.xbrl.org.es
XBRL Jurisdiction in Spain
 Private support
www.xbrl.org.es
XBRL Jurisdiction in Spain
 University participation
 Audit firms participation
www.xbrl.org.es
XBRL Jurisdiction in Spain
 IT support
www.xbrl.org.es
XBRL Jurisdiction in Spain
ORGANIZATION STRUCTURE
General Meeting
Consultancy &
Mediation
Audit
Committee
President
Facilitator
Vicepresident
General Secretary
Management &
Secretary
Board(15)
Strategic Commission
Basel II
Working
Groups
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Technology
Accounting
Development &
Training
Taxonomies
Marketing &
Communication
XBRL in regulatory reporting
•Regulators are members of a business reporting supply
chain but they are not at the end of the chain.
•They receive data from regulated entities and use this
information in internal applications, but then, they extract
and report part of the information to other government
agencies, investors, information aggregators, re-sellers ...
•Multiple formats make data difficult to re-use by different
entities. Therefore, the regulators are interested in promoting
the use of data standards that are workable for both,
reporting entities and regulators’ information recipients.
•XBRL is a tool that helps regulators to standardize
information definitions.
www.xbrl.org.es
Financial Reporting Supply Chain at the CNMV
Issuers
Markets
Broker- Dealers
& Brokers
Investors
Official
Registers
&
internal
Applications
Website
Publications
CD-ROM
Settlement
Entities& CSD
Collective
Investment
Schemes
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FTP
CII
Management
Firms
Data
Vendors
Other
Government
Entities
Documents submission to the CNMV
Supervised entities can submit documents to the CNMV:
On paper or CD-ROM
By electronic means using an e-administration service called Virtual Office
The CNMV Virtual Office service allows its users to send documents (several
types of files are admitted) to the CNMV from any computer connected to the
Internet.
The files are previously encrypted and electronically signed by the user with a
software application (CIFRADOC) provided by the CNMV free of cost.
The encrypted files are attached to an e-mail addressed to a specific CNMV’s
mail-box.
The documents submitted by this means are as valid as the paper documents
presented at the CNMV offices.
More than 1,100 entities are currently using this service
www.xbrl.org.es
Issuers supervision
ISSUE DATA
 Issuing prospectuses
 Listing prospectuses
 OPV & OPA prospectuses
 Placement information
 Securitization information
Listed
Companies
www.xbrl.org.es
ISSUER DATA
 Audit reports
 Significant corporate events
 Major holdings notifications
 Public Periodic Information (IPP)
(Quarterly & semi-annual reports)
 Treasury stock information
 Annual Corporate Governance
Report
Official
Registers
& internal
Applications
IPP reporting to the CNMV (before 1/7/05)
Listed companies
Semiannual
Report
Creation
template
Quarterly
Report
creation
template
Data extracted
from the report
and incorporated
to CNMV’s databases
XML
Signature
validation and
File decryption
INTERNET
XML
XML
The XML file was encrypted and
electronically signed with CIFRADOC
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XML
The encrypted XML file was sent by e-mail
to the CNMV
IPP Taxonomy
The IPP Taxonomy facilitates the listed companies’ regulatory
reporting of Public Periodic Information to the CNMV, to fulfil the
requirements of the CNMV’s official letter published in January 2005.
Four different models of report, depending on the type of entity, can
be prepared with the IPP Taxonomy.
-
Insurance Companies
Credit institutions
Portfolio Management Companies
General (Utilities, Telecommunications, transportation,..)
Each model of report covers data on the individual entity and on its
consolidated group, when the reporting entity is part of an economic
group.
www.xbrl.org.es
Current IPP reporting to the CNMV
XBRL files
are
published at
the CNMV's
website
Listed companies
Instance creation
template (EXCEL)
provided by the
CNMV
Soft
XBRL
XBRL
INTERNET
The XBRL file is encrypted and
electronically signed with CIFRADOC
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IPP
Taxonomy
XBRL file is
validated
against the IPP
taxonomy
Information
reported is
incorporated
to the CNMV’
databases
Signature
validation and
File decryption
XBRL
The encrypted XBRL file is sent by e-mail
to the CNMV
XBRL, a working reality at the CNMV
• Around 12,000 instances received per year at the CNMV and
published on its website.
•Submitted by 441 entities.
Next step
•In 2007 a new version of the IPP taxonomy to adapt the taxonomy
to upcoming changes in regulation.
•Web-based tools to analyse the items of information contained in
XBRL reports.
•A new taxonomy to be used by the CII management firms to file
with the CNMV the quarterly report that they provide to the mutual
funds shareholders.
www.xbrl.org.es
More information:
White Paper by the Technology Working Group of XBRL Spain:
http://www.xbrl.org/es/technical/XBRLSpain-White_Paper-Sept2005.pdf
XBRL documents:
www.cnmv.es
Thank you
www.xbrl.org.es
Jose M. Alonso
[email protected]