1 Rome, 5-7 May 2014 Piotr Madziar – European Commission 20-21/02/2014 XBRL Days and Eurofiling Workshop

2 Context Main Challanges EP, Barroso II financial initiatives:  SSM, ESAs  BRIS  Accounting Directive  Transparency  CRDIV  Solvency Timing: EBA now BRIS 2015 TD 2016 Solvency.

3 Barroso II Commission – some achievements SSM ESAs TD OTC EMIR CRDIV Stress tests AQR European Stability Mechanism European Semester SME accounts Digital Agenda BRIS CEN/DPM. ICT standardisation agenda CBV/ROV/RegOrg

4 Brussel’s role Level 1 leader: Propose EU directives Negotiate with EP and Council Publish framework Legislation (Directives) Level 2 – typically assistance only: Monitor ITS development (incl. DPM, taxonomies, implementation etc.) Comfort EP and Council (if necessary) Publish ITS

5 Level 1 examples: ESMA will develop draft ESEF (like XBRL) and submit it to COM by end All issuers will file ESEF annual financial reports as of 1/1/2020, ESMA will develop and run EEAP where all regulatory info (now in OAMs), single cross-border search etc. will be available. BRIS: COM will develop and run BRIS, an exchange platform assuring cross-border multi-language access, unique identification, features, universal search etc.

EP Hot topics Solvency? Fiscal Union? Transparency of budgets incl. transactional level EU economic monitoring and risk management Standardisation Blend private industry standards with official ones EU endorsement of int’l standards Digital economy Complete digital agenda Translate achievements into growth advantages Data privacy and security

7 Non – TD criteria After those comments (which are nothing exceptional as they only put in ESEF context your IA Manual) there are several strategic issues that in my view should play a role once the Commission considers the adoption of the draft RTS: - We promote interoperability and re-use of data, - We support international standards, especially if their adoption in the EU enhances financial stability, free trade and investments - We promote open data in open standards, There are several strategic issues that should play a role once the Commission considers the adoption of the ITS: - We promote interoperability, burden reduction and re- use of data, - We support international standards, especially if their adoption in the EU enhances financial stability, free trade and investments - We promote open data in open standards Several strategic EU acts and docs, G8 an G20 declarations etc. outline those objectives.

8 Duplication of fiscal and supervisory data Tax administration costs Fiscal Data (VAT, CIT, PIT… Business Register / Corporate Transparency costs Corporate Data OAM Financial supervision (ESAs, their members, ECB… OAM Data Supervisory Data Statistical Data Cost of statistics… Business

9 Simplification & burden reduction - SBR concept Taxation Data costs (VAT, CIT, PIT… Business Register / Corporate Transparency OAM Financial supervision Statistics Repository of reusable data Business

10 XBRL -> national GAAPs issue EU core taxonomyIFRS for all EU issuers BasisEU Accounting directiveIFRS OptionsNational regulatory extensions? Company extensions? IFRS for SME? ProsBrand new Directive Two birds in one shot – electronic reporting requirement in Accounting Directive resolved True ESEF Completion of IAS reform of 2002 ConsIs it still ESEF? Is national framework cost-efficient? Who will do it? May require extensive review of national GAAPs In 2002 IFRS was selectively applied for a reason IFRS for SME received mixed views in the EU.

11 XBRL challenges After those comments (which are nothing exceptional as they only put in ESEF context your IA Manual) there are several strategic issues that in my view should play a role once the Commission considers the adoption of the draft RTS: - We promote interoperability and re-use of data, - We support international standards, especially if their adoption in the EU enhances financial stability, free trade and investments - We promote open data in open standards, Learn, test and use at the same time Legacy systems, business case National rules and practices Due process for EU adoption of international standards

12 All the comments are of personal nature and cannot be taken for an official position of the Commission. Thanks for your attention! Questions?