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Www.xbrl.org.es XBRL Jurisdiction in Spain XBRL regulatory reporting to the Securities Commission of Spain (CNMV) José-Manuel Alonso-Revilla Comisión Nacional.

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Presentation on theme: "Www.xbrl.org.es XBRL Jurisdiction in Spain XBRL regulatory reporting to the Securities Commission of Spain (CNMV) José-Manuel Alonso-Revilla Comisión Nacional."— Presentation transcript:

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

2 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

3 XBRL Jurisdiction in Spain FOUNDER MEMBERS April CURRENT MEMBERS December XBRL is a country project with  Institutional support  Private support  University participation  Audit firms participation  IT support

4 XBRL Jurisdiction in Spain Dirección General de Coordinación Financiera con las Entidades Locales  Institutional Support: Public members

5 XBRL Jurisdiction in Spain  Private support

6 XBRL Jurisdiction in Spain  University participation  Audit firms participation

7 XBRL Jurisdiction in Spain  IT support

8 XBRL Jurisdiction in Spain General Meeting President Strategic Commission Audit Committee General Secretary Facilitator Board(15) Consultancy & Mediation Marketing & Communication Management & Secretary Accounting Basel II Taxonomies Technology Development & Training ORGANIZATION STRUCTURE Working Groups Vicepresident

9 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.

10 Financial Reporting Supply Chain at the CNMV Investors Data Vendors Other Government Entities CII Management Firms Official Registers & internal Applications Website Publications CD-ROM FTP Issuers Markets Broker- Dealers & Brokers Settlement Entities& CSD Collective Investment Schemes

11 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 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

12 Issuers supervision Listed Companies Official Registers & internal Applications 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 ISSUE DATA  Issuing prospectuses  Listing prospectuses  OPV & OPA prospectuses  Placement information  Securitization information

13 IPP reporting to the CNMV (before 1/7/05) XML Semi- annual Report Creation template The encrypted XML file was sent by to the CNMV Signature validation and File decryption Data extracted from the report and incorporated to CNMV’s data- bases Listed companies XML The XML file was encrypted and electronically signed with CIFRADOC INTERNET Quarterly Report creation template

14 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 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.

15 Current IPP reporting to the CNMV XBRL IPP Taxonomy Instance creation template (EXCEL) provided by the CNMV XBRL file is validated against the IPP taxonomy Information reported is incorporated to the CNMV’ databases Soft XBRL Listed companies The encrypted XBRL file is sent by to the CNMV The XBRL file is encrypted and electronically signed with CIFRADOC INTERNET XBRL files are published at the CNMV's website Signature validation and File decryption

16 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.

17 More information: White Paper by the Technology Working Group of XBRL Spain: XBRL documents: Thank you Jose M. Alonso


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