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.

Slides:



Advertisements
Similar presentations
II. MARKET REGULATION. A. Government Regulation 1.Securities and Exchange Commission (SEC) – oversees the national securities industry, enforcing laws.
Advertisements

Business Registries, Capital Markets & Banking Use of XBRL in Financial Markets Supervision in Spain José M. Alonso - COMISION NACIONAL DEL MERCADO DE.
Chapter Twelve Financial Reporting and the Securities and Exchange Commission Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction.
XBRL Jurisdiction in Spain XBRL regulatory reporting to the Securities Commission of Spain (CNMV) José-Manuel Alonso-Revilla Comisión Nacional.
Investing 101. Types of Savings tools Savings Account: An interest-bearing account (passbook or statement) at a financial institution. Certificates of.
Supplemental Analyst Package First Quarter 2008 Earnings Call April 30, 2008.
XBRL Around the World XBRL Around the World A look beyond U.S. shores to put the SEC’s interactive data initiative in a global context By Karen Kernan.
1 Paris – 22nd June, 2009 Sebastián Muriel President (XBRL Spain) General Manager (red.es) International Steering.
Oceanic Flight 815. Oceanic Flight 815 Regulatory banking reporting at Banco de España Some functions require the collection of data from credit.
By Michael Lawrance, CPA August 13,  The views in this presentation do not necessarily reflect that of KPMG LLP or any of its subsidiaries or affiliates.
Regional Seminar on Developing a Program for the Implementation of the 2008 SNA and Supporting Statistics Murat EKŞİ September 2013 Ankara - Turkey.
The Experience of ASSAL with Insurance Statistics Based on Survey about Sources of Insurance Statistical Information Montevideo- September 2013.
XBRL AND BANKING SUPERVISION José María Roldán Director General of Regulation, Banco de España Chair, XBRL España Chair, Committee of European Banking.
XBRL in the investment funds market: The role of private institutions Rubén Lara Grupo Analistas.
EBA CRDIV and COREP/FINREP Harmonization for Europe Andreas Weller, Head of IT EBA.
XBRL regulatory reporting to the Securities Commission of Spain José M. Alonso Comisión Nacional del Mercado de Valores (CNMV)
Accounting Information Systems (ACCT 312) XBRL: eXtensible Business Reporting Language PowerPoint Presentations.
XBRL Adoption in Singapore [Mr Ivan Koo]
JFSA XBRL Project Dec 3, 2007 Hirofumi Gomi. 2 2 The role of JFSA Planning and policymaking in relation to the financial system Inspection and supervision.
1 TOKYO STOCK EXCHANGE’s XBRL project AOSEF Market Data & Technology Collaboration Workshop 2007 Nov. Ver.1.0.
1 XBRL : RBI Initiative Dr. A S Ramasastri Chief General Manager Department of Information Technology Reserve Bank of India.
An Overview of Banks and Their Services
XBRL Formula in use: Improving the quality of data Mark Montoya (FDIC) Víctor Morilla (Central Bank of Spain)
13th XBRL International Conference May 16-19, 2006, Madrid Luxembourg Stock Exchange Building an efficient gateway for international securities.
Taiwan Stock Exchange’s XBRL Project Li-Ning Chen Taiwan Stock Exchange 2009/06/24.
Issuing Bonds – The Process and the Role of the Registered Municipal Advisor 2013 Michigan Community College Business Officers Association July 25, 2013.
Taxonomies for Transparency: Five principles for regulatory efficiency and effectiveness of XBRL deployment in Europe Laurent Collet
1 Japan FSA's XBRL Project - Launch of New Public Disclosure System with Mandatory XBRL - May 2008 Toshinori Kobayashi Financial Services Agency, The Japanese.
SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT INTRODUCTION.
Implementation Issues of Sarbanes-Oxley CASE Presentation September 23, 2004 By Denise Farnan.
Regulation U. S. “Public Companies” must register with the Securities & Exchange Commission (SEC).
For broker-dealer use only. Not for use with the public. PROCU 2012 ANNUAL MEETING REGULATORY UPDATE Michael D. Burns Chief Compliance Officer October.
1 Lecture 19: Evolution of banking industry in the U.S. Mishkin Ch 10 – part A page
Financial System By-Arbin Shrestha. What is Financial System? System that allows the transfer of money between savers and investors and borrowers. “A.
CHAPTER 1 AN OVERVIEW OF FINANCIAL MARKETS. FINANCIAL SYSTEM FINANCIAL MARKETS FINANCIAL INSTITUTIONS &INDIVIDUALS FINANCIAL INSTRUMENTS (SECURITIES)
XBRL Application in China: Listed Companies Information Disclosure Using XBRL MA Donghao Assistant Chief Executive Officer Shenzhen Stock Exchange.
1 Credits Prepared by: Rajendra P. Srivastava Ernst & Young Professor University of Kansas Sponsored by: Ernst & Young, LLP (August 2005) XBRL Module Part.
Financial System The financial system in a country refers to the institutional framework existing to enable financial transactions to be carried out in.
McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved Chapter Fourteen Investment Banking, Insurance, and Other Sources of Fee Income.
Undertakings for collective investment in transferable securities (UCITS) Worldbank Global Development Learning Network The Advanced Program in Accounting.
1 THE EU SECURITIES ACQUIS José Manuel PORTERO CNMV Sofia, 16 September 2005.
Reference Data in Progress Johnnason Yang Product Manager of Reference Data SSE InfoNet.
Indian Depository Receipts (IDR). What is Depository Receipts? A Depository Receipts (DR) is a type of negotiable (transferable) financial security that.
XBRL Application in Listing Company Reporting In China Shanghai Stock Exchange Huang Hongbin
DOES INTEGRATED SUPERVISION WORK IN EMERGING MARKETS-THE CASE OF BOLIVIA-- PRESENTATION BY Pablo Gottret, Ph.D World Bank Senior Economist and Former Superintendent.
Implementation of Markets in Financial Instruments Directive (MiFID) Toni Lukšić Croatian Financial Services Supervisory Agency Split, 14 June 2007.
Financial Literacy FINAL VOCABULARY By: Zack Clary.
Finance SCOOP Indiana University September 16, 2003.
ABDUL RASHID MBAECM, MBA, MIS, CHRM, BA, DIP PRESIDENT PHONE ANTIQUA ROAD, MISSISSAUGA L5B 2T8 ONTARIO, CANADA.
Financial Institutions and Financial Markets
Overview of the SEC Summer What is the SEC? Securities and Exchange Commission The mission of the U.S. Securities and Exchange Commission is to.
Main objectives XBRL España Federico Flórez Information Systems Director Bank of Spain Managing Director XBRL España 10th XBRL International Conference.
STATISTICS AND CENTRAL BALANCE SHEET DATA OFFICE DEPARTMENT INTEGRATION OF XBRL FOR THE COLLECTION OF STATISTICS: REDUCING THE REPORTING BURDEN ON MFI.
1 World Bank Workshop - 14 March 2006 The disclosure of financial information according to the Transparency Directive by Mina Filippa Legal Advisor/ Rapporteur.
REGULATORY FRAMEWORK. Mission and objectives of SEBI Securities & Exchange Board of India (SEBI) formed under the SEBI Act, 1992 with the prime objective.
“Pillar III transparency: Corporate Social Responsibility with XBRL” at the Banking Supervision Track, June 25 Enrique Bonsón, Francisco Flores and José.
COLLECTIVE INVESTMENT SCHEMES AT THE CYPRUS STOCK EXCHANGE September
Presented By: Andrea Lewis- Jones. OUTLINE Background Key Aspects of the CIS Regulatory Framework Filing Requirements Publication Requirements New Publication.
Legal Aspects of Finance Slide Set 4 The Single European Financial Market Free Movements and Basics of Regulation The Supervisory Bodies Matti Rudanko.
M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 6 – Company Law Bilateral screening:
Integrated Reporting Taxonomy: Extending IFRS & COREP Integrated Reporting Taxonomy: Extending IFRS & COREP XBRL Europe Day & Eurofiling Workshop Frankfurt,
Chapter Fourteen Investment Banking, Insurance, and Other Sources of Fee Income.
Investment Management
Jumpstart Our Business Startups Act
IS 356 IT for Financial Services
Banking.
Money & Banking SESSION 1 BANKING By Dr. Soha El Magawry.
Pamplona Credit Opportunities Fund
Legal Aspects of Finance
Chapter 17 The Financial System.
Presentation 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 Data Vendors Other Government Entities CII Management Firms Official Registers & internal Application s Website Publications CD-ROM & DVD FTP Issuers Markets Investment firms Settlement Entities & CSD Collective Investment Schemes Financial Reporting Supply Chain at the CNMV

Issuers supervision 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 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

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 & register  By-laws  Services and/or Activities  Shareholders & qualifying holdings  Management information  Branches data  Financial statements (Monthly, Quarterly & annual report)  Information on solvency  Transactions reporting Official Registers & internal Applications

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 / ). 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 Collective Investment Schemes  Application for authorization & register  By-laws  Fund prospectuses  Qualifying holdings  Corporate events  Monthly Financial statements  Quarterly reports to mutual fund shareholders Official Registers & internal Applications

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 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

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

Thank you Jose M. Alonso