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Warsaw4 Dec2008


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European Commission\'s Piotr Madziar presentation at the XBRL Int\'l Conference in Warsaw, December 4, 2008

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Warsaw4 Dec2008

  1. 1. The European Commission and XBRL Piotr Madziar 4 December 2008 Warsaw - XBRL
  2. 2. Topics <ul><li>EU policies </li></ul><ul><li>Some facts and regulations </li></ul><ul><li>Dilemmas to solve </li></ul>
  3. 3. Europe – are we ready? European Institutions L3C Industry MS professions IT Financial Real economy IT Financial EU Internal Market Int’l Regulatory Standard setting IOSCO Basel IASB IFAC Third countries FSF WB IMF
  4. 4. EU Policies (1) <ul><li>Simplification of business environment and reduction of administrative burden </li></ul><ul><li>Citizen well-being and SME driven </li></ul><ul><li>EU initiative </li></ul><ul><li>Open formula (all ideas welcomed) </li></ul><ul><li>High priority for Barroso Commission (and next Commission?) </li></ul><ul><li>Within the Commission coordinated by Commissioner G ű nter Verheugen </li></ul>
  5. 5. EU Policies (2) <ul><li>Regulatory environment and Lamfalussy structure </li></ul><ul><li>Financial crisis driven </li></ul><ul><li>Position of national regulators? </li></ul><ul><li>Global aspect </li></ul><ul><li>Coordinated by Commissioner Joaqu í n Almunia </li></ul>
  6. 6. EU Policies (3) <ul><li>E-government initiatives </li></ul><ul><li>Technology and competitiveness driven </li></ul><ul><li>EU and global dimension </li></ul><ul><li>Coordinated by Commissioner Viviane Reding </li></ul>
  7. 7. EU Policies (4) <ul><li>Corporate transparency in financial markets </li></ul><ul><li>Driven by transatlantic relations </li></ul><ul><li>Coordinated by Commissioner Charlie McCreevy </li></ul><ul><li>Position of business organisations, regulators? </li></ul><ul><li>Global aspect </li></ul>
  8. 8. Some facts (1) <ul><li>Transparency Directive (2004/109/EC): </li></ul><ul><li>Recitals (23) and (25): </li></ul><ul><li>One filing and storage system in each MS </li></ul><ul><li>Access to information more organized </li></ul><ul><li>Dissemination throughout the Community </li></ul><ul><li>Centralised dissemination in MS allowing a European network to be built up </li></ul><ul><li>Article 22: </li></ul><ul><li>MS to draw up public access guidelines </li></ul><ul><li>Aiming at creation of electronic networks at national level between regulators, operators, regulated markets and company registers </li></ul><ul><li>Aiming at creation of a single electronic network (or platform of networks) across MS </li></ul>
  9. 9. Some facts (2) <ul><li>CESR advice on storage and filing of regulated information (30 June 2006): </li></ul><ul><li>Questions: </li></ul><ul><li>Whether use of input standards (XBRL or similar) is desirable </li></ul><ul><li>Type of technology used in the interface with end users </li></ul><ul><li>Answers: </li></ul><ul><li>MS to designate Officially Appointed Authorities (OAMs) </li></ul><ul><li>Quality standards to be compiled by OAMs </li></ul><ul><li>OAMs must be accessible through internet, receive electronic filings, store in electronic format </li></ul><ul><li>Electronic means must be: easily accessible, commonly used, widely available </li></ul><ul><li>Interoperability agreements between MS and between OAMs </li></ul>
  10. 10. Some facts (3) <ul><li>EC Recommendation (11 October 2007): </li></ul><ul><li>MS to mandate the competent authorities to prepare (within CESR) a governance agreement </li></ul><ul><li>It should address: </li></ul><ul><li>Creation of a network platform </li></ul><ul><li>Conditions to join </li></ul><ul><li>Sanctions </li></ul><ul><li>Network platform managing body </li></ul><ul><li>Funding </li></ul><ul><li>Functionalities of the electronic network: </li></ul><ul><li>Central list of issuers </li></ul><ul><li>Interface language directory </li></ul><ul><li>Security, certainty, time recording, accessibility, searchable </li></ul><ul><li>Guidelines by 30 September 2010, MS to inform EC by 31 December 2008 </li></ul>
  11. 11. Some facts (4) <ul><li>Council Conclusions of 22 and 23 November 2007: </li></ul><ul><li>Europe must remain in the forefront </li></ul><ul><li>IT offers new set of tech instruments and business reporting languages </li></ul><ul><li>European Community and MS to improve competitiveness </li></ul><ul><li>Need to streamline reporting concerning the same type of data </li></ul><ul><li>Optimise the use of electronic means </li></ul><ul><li>Take into account the possibilities offered by the available technical standards </li></ul>
  12. 12. Some facts (5) <ul><li>Statement of EU Commission (Charlie McCreevy) and US SEC (Christopher Cox) of 1 February 2008: </li></ul><ul><li>Wide-ranging discussion on XBRL developments </li></ul><ul><li>Cooperative approach to reducing regulatory friction </li></ul><ul><li>Enhancing investor protection </li></ul><ul><li>XBRL will let investors take full advantage of IFRS (in the speech) </li></ul>
  13. 13. Some facts (6) <ul><li>European Parliament Resolutions on simplified business environment (January 2008, May 2008) </li></ul><ul><li>It should be easier to prepare, file and publish statutory information </li></ul><ul><li>Electronically </li></ul><ul><li>Strongly promotes the use of new technology such as XBRL </li></ul><ul><li>Such information easily accessible for investors, creditors and employees </li></ul><ul><li>Throughout the EU </li></ul><ul><li>Invites the Commission to present a roadmap for introducing XBRL in the EU </li></ul>
  14. 14. Some facts (7) <ul><li>European Parliament Resolutions on Lamfalussy follow-up: future structure of supervision (September 2008) </li></ul><ul><li>Calls upon the L3 Committees to design common reporting standards </li></ul><ul><li>Multi-purpose format such as XBRL </li></ul><ul><li>Throughout the EU </li></ul><ul><li>Calls upon the Commission to submit adequate legislative proposals </li></ul>
  15. 15. Some facts (8) <ul><li>The European Commission’s two strategic initiatives in 2009: </li></ul><ul><li>Financial Markets for the Future </li></ul><ul><li>Supervision of EU financial markets. </li></ul><ul><li>They will consist of a coherent package of practical measures to reshape the regulatory framework for the EU financial system. We will also focus on adequacy of regulation, strengthening international cooperation between financial supervisors, improving early warning mechanisms, and transparency of all financial actors and all significant capital market investors (…) also on greater comparability and transparency of the companies' financial reporting . We will continue to promote the worldwide use of IFRS, and to improve audit quality at both european and international level. </li></ul><ul><li>(DG, Mr Holmquist – 2009 EC Internal Market Management Plan) </li></ul>
  16. 16. Questions – Who? <ul><li>EU Commissioner responsible for financial markets? EU Commissioner for Enterprise? </li></ul><ul><li>Liaison with SME/Simplification policy – business registers, tax authorities, statistical offices, social security administration, regulators, banks,…? </li></ul><ul><li>Liaison with Corporate Transparency and Financial Markets Policy – standard setters, financial regulators, stock exchanges, rating agencies,…? </li></ul>
  17. 17. Questions – How? <ul><li>EU FAQ, roadmap,… ? </li></ul><ul><li>European forum, Advisory Group, study,…? </li></ul><ul><li>Major EU regulators </li></ul><ul><li>Governments role: Finance Ministers, Economy Ministers etc. </li></ul><ul><li>Professions role Accountants, Financial Analysts </li></ul><ul><li>Software vendors role </li></ul>
  18. 18. Contacts <ul><li>DG Internal Market & Services website: </li></ul><ul><li> </li></ul><ul><li>Piotr Madziar </li></ul><ul><li>+32-(0)2-2950869 </li></ul><ul><li>[email_address] </li></ul>