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Rome, 5-7 May 2014

XBRL Days and Eurofiling Workshop. Piotr Madziar – European Commission. Rome, 5-7 May 2014. 20-21/02/2014. Context. Main Challanges. EP, Barroso II financial initiatives: SSM, ESAs BRIS Accounting Directive Transparency CRDIV Solvency. Timing: EBA now BRIS 2015 TD 2016 Solvency.

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Rome, 5-7 May 2014

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

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

  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 2016. 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.

  6. 2014 -2020 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. 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, Non – TD criteria • 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 Business

  9. Simplification & burden reduction - SBR concept Repository of reusable data Business

  10. XBRL -> national GAAPs issue

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

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