XBRL regulatory reporting to the Securities Commission of Spain

José M. AlonsoComisión Nacional del Mercado de Valores (CNMV)

Investors

DataVendors

OtherGovernmentEntities

CIIManagementFirms

OfficialRegisters&internalApplications

Website

Publications

CD-ROM

FTP

Issuers

Markets

Broker- Dealers& Brokers

SettlementEntities& CSD

CollectiveInvestmentSchemes

Financial Reporting Supply Chain

Supervised entities can submit documents to the CNMV:

On paper or CD-ROM

Documents submission to the CNMV

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 CNMV’s 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

Issuers supervision

ListedCompanies

OfficialRegisters& internalApplications

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

XML

Semi-annualReportCreationtemplate

The encrypted XML file was sent by e-mail to the CNMV

Signature validation and File decryption

Data extracted from the report and incorporated to CNMV’s data-bases

Listed companies

XML

XML

XML

The XML file was encrypted and electronically signed with CIFRADOC

INTERNET

IPP reporting to the CNMV (before 1/7/05)

QuarterlyReport creation template

•The IPP Taxonomy facilitates the listed companies’ regulatory reporting of Public Periodic Information to the CNMV, to fulfill the requirements of the CNMV’s 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

IPP Taxonomy

Issuer identification

Changes in the consolidated economic group

Basis for presentation and valuation policies

Balance SheetProfit and Loss statementComparative Consolidated Balance Sheet

Business Development

Breakdown of the net turnover by activity

Number of employees

Issues, Reimbursements and Cancellations of debentures

Dividends distributed

Structure of the IPP reports

Explanatory appendix relating to Significant events

Special Audit report

Significant events

Operations with linked parties

COMMONDATA ELEMENTS

INSURANCE CO

CREDITINSTITUTIONS

PORTFOLIOMANAGEMENT CO

GENERAL

IPP-SOC-INDIPP-SOC-IND

IPP-COMUNIPP-COMUN

import

IPP-SEG-INDIPP-SEG-IND

IPP-ENC-INDIPP-ENC-IND

import

import

import

Import

IPP-GEN-INDIPP-GEN-IND

IPP-GEN-CONIPP-GEN-CON

IPP-MAS-PATIPP-MAS-PAT

IPP-SEG-CONIPP-SEG-CON

IPP-SOC-CONIPP-SOC-CON

IPP-ENC-CONIPP-ENC-CON

IPP-GENIPP-GEN

Common concepts per type of entity

IPP-SEGIPP-SEG IPP-SOCIPP-SOC IPP-ENCIPP-ENC

importimport

Common concepts to all type of reports

Specific concepts

import

DGI IFRS-GP

ES-BE-SF

import

importimport

IPP Taxonomy

XBRL XBRL

IPP Taxonomy

Instance creation template (EXCEL) provided by the CNMV

XBRL file is validated against the IPP taxonomy

Information reported is incorporated to the CNMV’ databases

SoftXBRL

Current IPP reporting to the CNMV

Listed companies

The encrypted XBRL file is sent by e-mail to the CNMV

The XBRL file is encrypted and electronically signed with CIFRADOC

INTERNET

XBRL files are published at the CNMV's website

Signature validation and File decryption

IPP Template

SMTP Interface

Access channels

CIFRADOC / Decrypt and sign checking

XBRL processorInstance validation

Storage Publishing of a significant event and updating of several web pages

Internal application

XBRLreports

System architecture

Internal application

. . .

Data extracted from instance and loaded to databases

Publishing of reportsAlerts

SoftXBRL

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)

IPP Template

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.

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.

InvestorsOAM XBRL XBRLIssuers

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 termsof liquidity

LocalCA XBRL XBRLTrading

venues