XBRL regulatory reporting to the Securities Commission of Spain José M. Alonso Comisión Nacional...
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Transcript of XBRL regulatory reporting to the Securities Commission of Spain José M. Alonso Comisión Nacional...
XBRL regulatory reporting to the Securities Commission of Spain
José M. AlonsoComisión Nacional del Mercado de Valores (CNMV)
Investors
DataVendors
OtherGovernmentEntities
CIIManagementFirms
OfficialRegisters&internalApplications
Website
Publications
CD-ROM
FTP
Issuers
Markets
Broker- Dealers& Brokers
SettlementEntities& CSD
CollectiveInvestmentSchemes
Financial Reporting Supply Chain
Supervised entities can submit documents to the CNMV:
On paper or CD-ROM
Documents submission to the CNMV
By electronic means using an e-administration service called CNMV on-line
The CNMV on-line 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
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
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
IPP reporting to the CNMV (before 1/7/05)
QuarterlyReport creation template
•The IPP Taxonomy facilitates the listed companies’ regulatory reporting of Public Periodic Information to the CNMV, to fulfill 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
IPP Taxonomy
Issuer identification
Changes in the consolidated economic group
Basis for presentation and valuation policies
Balance SheetProfit and Loss statementComparative Consolidated Balance Sheet
Business Development
Breakdown of the net turnover by activity
Number of employees
Issues, Reimbursements and Cancellations of debentures
Dividends distributed
Structure of the IPP reports
Explanatory appendix relating to Significant events
Special Audit report
Significant events
Operations with linked parties
COMMONDATA ELEMENTS
INSURANCE CO
CREDITINSTITUTIONS
PORTFOLIOMANAGEMENT CO
GENERAL
IPP-SOC-INDIPP-SOC-IND
IPP-COMUNIPP-COMUN
import
IPP-SEG-INDIPP-SEG-IND
IPP-ENC-INDIPP-ENC-IND
import
import
import
Import
IPP-GEN-INDIPP-GEN-IND
IPP-GEN-CONIPP-GEN-CON
IPP-MAS-PATIPP-MAS-PAT
IPP-SEG-CONIPP-SEG-CON
IPP-SOC-CONIPP-SOC-CON
IPP-ENC-CONIPP-ENC-CON
IPP-GENIPP-GEN
Common concepts per type of entity
IPP-SEGIPP-SEG IPP-SOCIPP-SOC IPP-ENCIPP-ENC
importimport
Common concepts to all type of reports
Specific concepts
import
DGI IFRS-GP
ES-BE-SF
import
importimport
IPP Taxonomy
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
Current IPP reporting to the CNMV
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
IPP Template
SMTP Interface
Access channels
CIFRADOC / Decrypt and sign checking
XBRL processorInstance validation
Storage Publishing of a significant event and updating of several web pages
Internal application
XBRLreports
System architecture
Internal application
. . .
Data extracted from instance and loaded to databases
Publishing of reportsAlerts
SoftXBRL
Features
•One single template to prepare all models of report
•Storage of an unfinished report in a temporary file
•Printout of the report in the official form (CNMV Official letter 1/2005)
IPP Template
XBRL, a working reality at the CNMV:
- More than 9000 instances received at the CNMV and published on the 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.
- 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.
Possibility of using XBRL in the European regulatory reporting (1)
Two EU Directives, TD (Transparency Directive) and MiFID (Markets in Financial Instruments Directive), to be implemented in 2007 contain requirements of reporting:
•TD: Requires each EU country to have at least one Officially Appointed Mechanism to store regulated information (major holdings, significant events, financial statements…) on the issuers with securities admitted to trading on a regulated market.
This information must be accessible to all European investors.
InvestorsOAM XBRL XBRLIssuers
Possibility of using XBRL in the European regulatory reporting (2)
•MiFID: Article 25 requires investment firms, markets and trading venues in general, which execute transactions in financial instruments admitted to trading on regulated markets to report details of such transactions to the appropriate Competent Authority (regulator) for the firm.
The Competent Authorities shall establish the necessary arrangements in order to ensure that the Competent Authority of the most relevant market in terms of liquidity for those financial instruments also receives this information.
CA in termsof liquidity
LocalCA XBRL XBRLTrading
venues