comision nacional del mercado de valores extension in the use of xbrl to several areas of...
TRANSCRIPT
COMISION NACIONAL DEL MERCADO DE VALORES
Extension in the use of XBRL to several areas of supervision in the Securities Commission of Spain
Jose M. Alonso
CNMV interested in standards based reporting
•The CNMV receives data from different supervised entities but a good part of this information is forwarded to other national or supranational government agencies or made available to investors, analysts or financial information aggregators in order to increase the markets transparency.
•Multiple formats make data difficult to re-use by different entities.
•Data standards workable for both, reporting entities and regulators’ information recipients facilitates the use of the information.
•XBRL is a tool that helps regulators to standardise information definitions.
•The CNMV started to use XBRL in 2005.
Investors
DataVendors
OtherGovernmentEntities
CIIManagementFirms
OfficialRegisters&internalApplications
Website
Publications
CD-ROM & DVD
FTP
Issuers
Markets
Investmentfirms
SettlementEntities & CSD
CollectiveInvestmentSchemes
Financial Reporting Supply Chain at the CNMV
Issuers supervision
ListedCompanies
OfficialRegisters& internalApplicationsISSUER 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
The IPP Taxonomy facilitates the listed companies’ regulatory reporting of Public Periodic Information to the CNMV.
• Three models of reports (Credit Institutions, Insurance companies, General) can be prepared with the IPP taxonomy.
IPP Taxonomy
IPP-COM
IPP-ENCIPP-SEGIPP-GEN
ES-BE-FSIFRS-GP
es-be-fs-roleses-be-fs-types
ifrs-gp-types
dgi-lc-intDGI-EST-GEN dgi-lc-es
dgi-types
• 24,074 instances received at the CNMV and published on its website
Corresponding to: 269 issuers of instruments listed on Spanish markets 2,997 Collective investment vehicles
• Submitted by 441 entities
and... an average of more than 70,000 XBRL reports downloaded every month from the CNMV website
(*) As of 31/3/09
Current status of IPP filing(*)
Investment firms supervision
Firms providing
investment services
Application for authorization ®ister
By-laws Services and/or Activities Shareholders & qualifying
holdings Management information Branches data Financial statements
(Monthly, Quarterly & annual report)
Information on solvency
Transactions reporting
OfficialRegisters& internalApplications
ES-BE-COREP Taxonomy
• Since the requirements of the CNMV regarding the reporting of solvency ratio for investment firms are the same to those of the Bank of Spain for credit entities, the CNMV decided to accept filing on risk and solvency with the taxonomy already used by the Bank of Spain.
• ES_BE COREP is a Taxonomy developed by the Bank of Spain based on the COREP taxonomy (version 1.2.4 / 2007-04-20).
• The use of the same taxonomy will facilitate the reporting of firms that have to file with the two regulators.
• A total of 158 investment firms will be reporting to the CNMV with ES-BE-COREP starting on July 1st, 2009.
Collective investment vehicles supervision
CollectiveInvestmentSchemes
Application for authorization ®ister
By-laws Fund prospectuses Qualifying holdings Corporate events Monthly Financial
statements Quarterly reports to mutual
fund shareholders
OfficialRegisters& internalApplications
Taxonomy developed by the CNMV for preparing the quarterly, semi-annual and annual reports described in the annexes of the 4/2008 CNMV’s official letter published in October 2008.These reports are a copy of the ones the Fund Management Companies have to make available to unit holders.
The entities obliged are:- Unit Trusts- Exchange Traded Funds- SICAVs- Real Estate Funds and Investment Companies- Hedge Funds
IIC Taxonomy
IIC Taxonomy
iic-com
Común Global
iic-com-fon
Común Fondos
iic-com-soc
Común Sociedades
dgi-est-gen
iic-ges
Comparativo
iic-fimInversión
Mobililiaria
iic-fiiInversión
Inmobililiaria
iic-ficInversión Cotizado
iic-filFIL y FI de IICIL
iic-sic
SICAV
iic-siiInversión
Inmobiliaria
dgi-lc-es
dgi-lc-int
dgi-types
SIL y SICAV de IICIL
iic-sil
165 fund managers will be sending the quarterly reports of more than 6,000 Collective Investment Vehicles to the CNMV.
More than 24,000 XBRL files per year.
The XBRL report viewer is a web tool available for free at the CNMV’s website that allows financial analysts and investors to view and download the periodic financial information reported to the CNMV by listed companies.
XBRL report viewer and retrieval tool
Different methods of browsing and retrieving reports.
Numerical and graphical data presentation.
Several types of charts available.
Display of one or several reports simultaneously.
Comparison of reports from the same company or from different companies.
Downloading of one or more reports at once.
XBRL report viewer and retrieval tool (II)
Basic features
XBRL report viewer
Report comparison
Access to the XBRL section
www.cnmv.es
Thank you
Jose M. [email protected]