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

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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
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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 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 CNMVs
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

• 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

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IPP reporting to the CNMV (before 1/7/05)
Listed companies
Quarterly Report creation template
Data extracted from the report and incorporated
to CNMVs 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
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IPP Taxonomy

• The IPP Taxonomy facilitates the listed
  companies regulatory reporting of Public
  Periodic Information to the CNMV, to fulfill the
  requirements of the CNMVs 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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• 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
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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-SOC-IND
IPP-SEG-IND
IPP-GEN-IND
IPP-GEN-CON
IPP-ENC-CON
IPP-SOC-CON
IPP-SEG-CON
Specific concepts
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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
XBRL
INTERNET
XBRL
The encrypted XBRL file is sent by e-mail to the
CNMV
The XBRL file is encrypted and electronically
signed with CIFRADOC
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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
Publishing of reports
Alerts
Internal application
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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)

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• 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.

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• 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.

Investors
OAM
Issuers
XBRL
XBRL
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• 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