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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 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
CURRENT MEMBERS
December 2006
48
XBRL is a country project with
Institutional support
Private support
University participation
Audit firms participation
IT support
www.xbrl.org.es
XBRL Jurisdiction in Spain
Dirección General de Coordinación Financiera con las Entidades Locales
Institutional Support: Public members
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
General Meeting
President
Strategic Commission
AuditCommittee
General Secretary
Facilitator
Board(15)
Consultancy & Mediation
Marketing & Communication
Management & Secretary
Accounting
Basel II
Taxonomies
Technology
Development & Training
ORGANIZATION STRUCTURE
Working Groups
Vicepresident
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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
Investors
DataVendors
OtherGovernmentEntities
CIIManagementFirms
OfficialRegisters&internalApplications
Website
Publications
CD-ROM
FTP
Issuers
Markets
Broker- Dealers& Brokers
SettlementEntities& CSD
CollectiveInvestmentSchemes
www.xbrl.org.es
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
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Issuers supervision
ListedCompanies
OfficialRegisters& internalApplications
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
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IPP reporting to the CNMV (before 1/7/05)
XML
Semi-annualReportCreationtemplate
The encrypted XML file was sent by e-mail to the CNMV
Signature validation and File decryption
Data extracted from the report and incorporated to CNMV’s data-bases
Listed companies
XML
XML
XML
The XML file was encrypted and electronically signed with CIFRADOC
INTERNET
QuarterlyReport creation template
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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.
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Current IPP reporting to the CNMV
XBRL 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
SoftXBRL
Listed companies
The encrypted XBRL file is sent by e-mail 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
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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 Jose M. [email protected]