Diapositiva 1

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XBRL Jurisdiction in Spain XBRL regulatory
reporting to the Securities Commission of Spain
(CNMV) José-Manuel Alonso-Revilla Comisió
n Nacional del Mercado de Valores
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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

 
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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

 
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XBRL Jurisdiction in Spain

• Institutional Support Public members

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XBRL Jurisdiction in Spain

• Private support

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XBRL Jurisdiction in Spain

• University participation

• Audit firms participation

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XBRL Jurisdiction in Spain

• IT support

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XBRL Jurisdiction in Spain
ORGANIZATION STRUCTURE
General Meeting
President
Consultancy Mediation
Facilitator
Vicepresident
Management Secretary
General Secretary
AuditCommittee
Board(15)
Strategic Commission
 
Basel II
Technology
Working Groups
Accounting
Development Training
Marketing Communication
Taxonomies
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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.

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Financial Reporting Supply Chain at the CNMV
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 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 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
Listed Companies

• ISSUE DATA
• Issuing prospectuses
• Listing prospectuses
• OPV OPA prospectuses
• Placement information
• Securitization information

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 fulfil 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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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
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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.

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More information
White Paper by the Technology Working Group of
XBRL Spain http//www.xbrl.org/es/technical/XBRL
Spain-White_Paper-Sept2005.pdf
XBRL documents
www.cnmv.es
Thank you
Jose M. Alonso alonso_at_cnmv.es