Implementing XBRL in cross-sector supervision

_____________Eric JARRY – Banque de France

eric.jarry@banque-france.fr

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Eurofiling2013-06-19

……

JurisdictionsReporters NSAs ESAs

Europe

Joint Committee

CSDBCentral

SecuritiesDataBase

CEBS

CESR

CEIOPS

European System of Financial Reporting

XBRL

XBRLXBRL

XBRL

XBRL

XBRL

XBRL in ACP / Banque de France

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• Before 2007: the French banking regulator, Commission bancaire, bound to Banque de France, used a proprietary format for the French banking reporting since 1993, BAFI

• 2005-2006: CEBS (now EBA) has chosen XBRL for the Basel II / CRD and Financial reporting: COREP and FINREP taxonomies

• 2006: Banque de France has decided that XBRL will be the only format accepted for COREP and FINREP data, a new application is developed: COFINREP. Reception of XBRL reports in 2007

• 2008: New French regulations, complete change of the reporting system : SURFI (Unified FInancial Reporting System), all banking reporting for prudential and statistical needs of Banque de France, will be done in XBRL, the SURFI taxonomy and SURFI application are developed

• 2010: The French authorities for Banking and Insurance supervision have been merged, giving ACP (Prudential Supervisory Authority), bound to Banque de France

• EBA uses another implementation of the SURFI sytem, IPEBA – IT Platform for EBA. EBA accepts XBRL, XML and CSV reports for KRI (Key Risk Indicators) data

• 2011: Decision of EIOPA to use XBRL for the reporting, from undertakings to NSAs and from NSAs to EIOPA

• 2012-2013: SURFI application adapted to support Solvency II and new EBA taxonomies

• 2014: First filings of COREP, COREP_LE and FINREP data• 2014: First filings of Solvency II data (in XBRL, voluntary reporting,

specific to France)

XBRL in ACP / Banque de France

A S S U R A N C E S

A S S U R A N C E S

A S S U R A N C E S

A S S U R A N C E S

SMTP

HTTP

Transferprotocols

Web dataentry

Taxonomies

XBRLvalidatio

n(not

formula)

Filetransfer

Webforms

Formshandling

Signature

Encryption

AuthenticationAuthorization

Certificats mgt

Security

TimestampingConversions

(IPEBA)

OneGate

Other flows

Messages

Excel

XBRL

XMLCSV

SURFI

XBRLvalidatio

n(with

formula)

Due timemanagement

Outputprocessing

Registry

RegistryApplication

Taxonomies

Reportingdatabase(XBRL)

Viewsgeneration

Excel

XBRL

A S S U R A N C E S

A S S U R A N C E S

A S S U R A N C E S

A S S U R A N C E S

Excel

Messages

Instances and errors processing

XML

Excel

PDF

Common portal of Banque de France(from National Bank of Belgium)

XBRL

XML

CSV

EDI

Formsgeneration

SASApplicationXBRL

XML

KRI instances (to EBA)

XBRL

XBRL

The SURFI system

Otherapplications

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Appreciated practices

• Give to each assertion:• A clear label expressing the check: xxxx shall be equal to yyyyy• A code

Escaped XML element

Generic messages / labels

Web forms

• Applicable only to small set of data

– Will certainly not be implemented for Solvency II reporting in ACP

• May be a way to view the data sent to the regulator

– But ACP sends back Excel sheets containing the data and showing the errors

• May be a way to correct (slightly) invalid reports

• Imply a cost to create forms from taxonomy / regulatory templates

– The Table linkbase will help

• May be used for the signature of reports for small filers (view the reported data, then sign)

Excel to XBRL conversion tool

• Some small filers use solutions based on Excel (specially in the insurance sector)

• An Excel to XBRL conversion tool may be an alternative to Web forms (some offers provide both solutions)– Possibility to fill the forms with Excel API (e.g.:

ActiveX)

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Thank you.

Questions ?eric.jarry@banque-france.fr