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XBRL regulatory reporting to the Securities Commission of Spain José M. Alonso Comisión Nacional del Mercado de Valores

XBRL regulatory reporting to the Securities Commission of Spain José M. Alonso Comisión Nacional del Mercado de Valores (CNMV). Financial Reporting Supply Chain. Issuers. Investors. Markets. Website. CII Management Firms. Official Registers & internal Applications. Broker- Dealers

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XBRL regulatory reporting to the Securities Commission of Spain José M. Alonso Comisión Nacional del Mercado de Valores

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  1. XBRL regulatory reporting to the Securities Commission of Spain José M. Alonso Comisión Nacional del Mercado de Valores (CNMV)

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

  3. 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 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

  4. Issuers supervision • ISSUE DATA • Issuing prospectuses • Listing prospectuses • OPV & OPA prospectuses • Placement information • Securitization information 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

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

  6. IPP Taxonomy • 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

  7. Structure of the IPP reports COMMON DATA ELEMENTS Issuer identification Changes in the consolidated economic group Basis for presentation and valuation policies Balance Sheet Profit and Loss statement INSURANCE CO Comparative Consolidated Balance Sheet Breakdown of the net turnover by activity CREDIT INSTITUTIONS Number of employees Business Development Issues, Reimbursements and Cancellations of debentures PORTFOLIOMANAGEMENT CO Dividends distributed Significant events Explanatory appendix relating to Significant events GENERAL Operations with linked parties Special Audit report

  8. IPP Taxonomy DGI IFRS-GP import Import IPP-COMUN IPP-MAS-PAT ES-BE-SF Common concepts to all type of reports Common concepts per type of entity import import import import IPP-SEG IPP-SOC IPP-ENC IPP-GEN import import import import import IPP-ENC-IND IPP-GEN-IND IPP-SEG-IND IPP-SOC-IND IPP-GEN-CON IPP-ENC-CON IPP-SOC-CON Specific concepts IPP-SEG-CON

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

  10. System architecture Soft XBRL IPP Template Access channels SMTP Interface CIFRADOC / Decrypt and sign checking Instance validation XBRL processor XBRL reports Storage Publishing of a significant event and updating of several web pages Data extracted from instance and loaded to databases . . . Internal application Alerts Publishing of reports Internal application

  11. IPP Template • 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)

  12. 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.

  13. 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. Issuers OAM Investors XBRL XBRL

  14. 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 terms of liquidity Local CA Trading venues XBRL XBRL

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