XBRL Regulatory Reporting in Spain: CNMV's Initiative

1. XBRL Jurisdiction in Spain • XBRL regulatory reporting to the Securities Commission of Spain (CNMV) • José-Manuel Alonso-Revilla • Comisión Nacional del Mercado de Valores

2. XBRL Jurisdiction in Spain • Was created in April, 2004 with the following main objectives: • To foster the introduction and development of the XBRL language with the aim of standardizing the financial and business reporting • To coordinate activities oriented to the promotion of XBRL in Spain • To advise members and other third parties in relation to issues connected to the process of XBRL implementation • To promote the spirit of collaboration among the members

3. XBRL Jurisdiction in Spain FOUNDER MEMBERS April 2004 11 CURRENT MEMBERS December 2006 48 XBRL is a country project with • Institutional support • Private support • University participation • Audit firms participation • IT support

4. Dirección General de Coordinación Financiera con las Entidades Locales XBRL Jurisdiction in Spain • Institutional Support: Public members

5. XBRL Jurisdiction in Spain • Private support

6. XBRL Jurisdiction in Spain • University participation • Audit firms participation

7. XBRL Jurisdiction in Spain • IT support

8. XBRL Jurisdiction in Spain ORGANIZATION STRUCTURE General Meeting President Consultancy & Mediation Facilitator Vicepresident Management & Secretary General Secretary AuditCommittee Board(15) Strategic Commission Basel II Technology Working Groups Accounting Development & Training Taxonomies Marketing & Communication

9. XBRL in regulatory reporting • Regulators are members of a business reporting supply chain but they are not at the end of the chain. • They receive data from regulated entities and use this information in internal applications, but then, they extract and report part of the information to other government agencies, investors, information aggregators, re-sellers ... • Multiple formats make data difficult to re-use by different entities. Therefore, the regulators are interested in promoting the use of data standards that are workable for both, reporting entities and regulators’ information recipients. • XBRL is a tool that helps regulators to standardize information definitions.

10. Financial Reporting Supply Chain at the CNMV Issuers Investors Markets Website CII Management Firms Official Registers & internal Applications Broker- Dealers & Brokers Publications Data Vendors CD-ROM Settlement Entities& CSD FTP Other Government Entities Collective Investment Schemes

11. Documents submission to the CNMV Supervised entities can submit documents to the CNMV: On paper or CD-ROM By electronic means using an e-administration service called Virtual Office The CNMV Virtual Office service 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

12. Issuers supervision Listed Companies • ISSUE DATA • Issuing prospectuses • Listing prospectuses • OPV & OPA prospectuses • Placement information • Securitization information 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

13. IPP reporting to the CNMV (before 1/7/05) Listed companies Quarterly Report creation template Data extracted from the report and incorporated to CNMV’s data-bases Semi-annual Report Creation template XML Signature validation and File decryption INTERNET XML XML XML The XML file was encrypted and electronically signed with CIFRADOC The encrypted XML file was sent by e-mail to the CNMV

14. IPP Taxonomy • The IPP Taxonomy facilitates the listed companies’ regulatory reporting of Public Periodic Information to the CNMV, to fulfil 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.

15. Current IPP reporting to the CNMV XBRL files are published at the CNMV's website Listed companies Instance creation template (EXCEL) provided by the CNMV Information reported is incorporated to the CNMV’ databases IPP Taxonomy XBRL file is validated against the IPP taxonomy Soft XBRL Signature validation and File decryption INTERNET XBRL XBRL The encrypted XBRL file is sent by e-mail to the CNMV The XBRL file is encrypted and electronically signed with CIFRADOC

16. XBRL, a working reality at the CNMV • Around 12,000 instances received per year at the CNMV and published on its 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. • Web-based tools to analyse the items of information contained in XBRL reports. • 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.

17. More information: White Paper by the Technology Working Group of XBRL Spain: http://www.xbrl.org/es/technical/XBRLSpain-White_Paper-Sept2005.pdf XBRL documents: www.cnmv.es Thank you Jose M. Alonso alonso@cnmv.es