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

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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. Alonsoalonso@cnmv.es