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Rome, 20 April 2010 Lee Piller Director for Financial Information

CESR, OAMs and XBRL. Rome, 20 April 2010 Lee Piller Director for Financial Information. CESR and its role in Europe. Committee of European Securities Regulators Established June 2001 3 main objectives: - Improve co-ordination among securities regulators

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Rome, 20 April 2010 Lee Piller Director for Financial Information

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  1. CESR, OAMs and XBRL Rome, 20 April 2010 Lee Piller Director for Financial Information

  2. CESR and its role in Europe • Committee of European Securities Regulators • Established June 2001 • 3 main objectives: - Improve co-ordination among securities regulators - Act as an advisory group to assist the EU Commission - Work to ensure more consistent and timely day-to-day implementation of community legislation in the Member States • Most work proliferated through working groups and common consensus • Will be transformed into an EU Agency effective 1 January 2011 2

  3. A pan-European OAM network • Transparency Directive requirement: one officially appointed mechanism (OAM) per member state • Such networks should be linked • EC Recommendation in 2006: - Harmonised searching facilities - Common input formats - Common types of regulated information - Interconnection with national company registeries - Entrusted to a single supervisory body 3

  4. Where are we today? • Most member states have an OAM - 40% run by competent authority - 40% run by Stock Exchanges - c.20% run by third party • CESR has set up a network based on the MiFiD database • Covers 7,200 equity instruments • No debt instruments covered • Interim solution needs re-visiting in CESR’s September 2010 report to the Commission 4

  5. CESR’s current work • Current system based on Model C • CESR required to report to Commission in September 2010 on effectiveness of model • A chance to re-consider model that delivers the best solution. • Not meeting requirements • Two possibilities - Build on Model C- already in place - Create single database 5

  6. Path one - 3 step approach 6

  7. Path two – single European OAM • Single, centralised OAM • Not necessarily envisaged by TD • More flexibility • Would not require coordination amongst 29 member state OAMs in the future BUT • National investment already made? • Loss of value added services? 7

  8. Comparison of the two approaches • Both satisfy stipulations set out in the 2006 EC Recommendation • De-centralisation means more complexity • Costs? • Further discussion necessary 8

  9. XBRL • Currently no single access point but this could change • CESR has no power to impose but again this could change • CESR’s Call for Evidence (October 2009) • 39 responses • Largely supportive 9

  10. XBRL – Considerations for CESR • Want to achieve automated searching and flexibility in how the data can be manipulated • Solution needs to fulfil needs of both regulators and users • Regulators would require: - Flexibility - Support - Low cost - Straight forward to use • Need to look at - Where our members are - Fellow European regulators (CEBS, CEIOPS) - Further afield (US, Japan) - Other uses (e.g. Credit Rating Agencies) 10

  11. Conclusion • Some have advocated XBRL for a long time • CESR sees the merit in XBRL as a common format potentially within a pan-European database • Need to assess the impact on issuers and regulators • Co-operation with other organisations is key • Now is the time to act 11

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