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CEBS networks

CEBS networks. XBRL Workshop / 4 October 2006. Outline. Background Institutional structure inside CEBS Operational networks Updating COREP & FINREP taxonomies & packages Amendments policy to the reporting frameworks. Background.

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CEBS networks

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  1. CEBS networks XBRL Workshop / 4 October 2006

  2. Outline • Background • Institutional structure inside CEBS • Operational networks • Updating COREP & FINREP taxonomies & packages • Amendments policy to the reporting frameworks CEBS networks | 4 October 2006

  3. Background • Point 4, Cover Note to the Framework for Common Reporting of the New Solvency Ratio • “While national supervisory authorities are free to decide on the technical transmission specifications to implement the reporting framework, CEBS considers that XBRL can be a helpful tool in constructing a harmonised European reporting mechanism. CEBS will therefore develop an XBRL platform and make it available free of charge to national authorities and supervised institutions. XBRL taxonomies will be developed for both the COREP and FINREP (Financial Reporting) frameworks.” CEBS networks | 4 October 2006

  4. Institutional structure inside CEBS • EGFI = EGAA + COREP • CEBS approved the setting up of operational networks. • Intended to be a forum where supervisors share experiences and practices. • EGFI decided to create three networks: • COREP network: coordinated by Fernando Navarrete (Bank of Spain) • FINREP network: coordinated by Marc Pickeur (CBFA) • XBRL related-matters network: coordinated by Ignacio Boixo (Bank of Spain) CEBS networks | 4 October 2006

  5. Operational networks • What they do: • Technical maintenance of the reporting frameworks • Answer technical questions from internal & external parties • Role of the Secretariat: limited to the occasions when there is a deliverable to submit to EGFI. • Flexibility in the internal functioning. • What they do not do: • Policy oriented-issues: Reporting Subgroup will face them. CEBS networks | 4 October 2006

  6. Updating COREP & FINREP (I) January 2006 March 2006 June 2006 November 2006 • Approval of frameworks on December and • January • Start process to deliver a draft version for • COREP • FINREP XBRL team starts the development CEBS networks | 4 October 2006

  7. Updating COREP & FINREP (II) January 2006 March 2006 June 2006 November 2006 • COREP draft taxonomy released • Explained in Madrid XBRL • Conference in 5th Workshop • Opened consultation period CEBS networks | 4 October 2006

  8. Updating COREP & FINREP (III) January 2006 March 2006 June 2006 November 2006 FINREP draft taxo released Set-up of networks New COREP taxo is needed • Corrections of • typos and references • Improvement in • IT issues CEBS networks | 4 October 2006

  9. Updating COREP & FINREP (IV) January 2006 March 2006 June 2006 November 2006 • Release of new versions of COREP & • FINREP • Final versions of the taxonomies • Approval of amendments policy to • reporting frameworks CEBS networks | 4 October 2006

  10. Amendments policy to the reporting frameworks • To be approved in next EGFI meeting. • The aim of the note will be to clarify the process for the changes in reporting frameworks. • Obvious impact on the CEBS taxonomies. • Balance between flexibility and stability. CEBS networks | 4 October 2006

  11. Contact details:Name: Jacobo Varela email: jacobo.varela@c-ebs.org tel: +44 (0) 207 382 17 82

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