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XBRL Europe day - EIOPA Update

XBRL Europe day - EIOPA Update. May 6, 2014 Roma. Solvency II in 2009. Solvency II seen end of 2009 4 levels Framework directive [ 2009/138/CE - 25 November 2009 ] Implementation measures (Commission – Delegated acts) Guidelines (CEIOPS) Monitoring proper working (Commission)

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XBRL Europe day - EIOPA Update

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  1. XBRL Europe day - EIOPA Update May 6, 2014 Roma

  2. Point sur les mesures de niveau 2 et 3 Solvency II in 2009 • Solvency II seen end of 2009 • 4 levels • Framework directive [2009/138/CE - 25 November 2009] • Implementation measures (Commission – Delegated acts) • Guidelines (CEIOPS) • Monitoring proper working (Commission) • Entry in force on October 2012

  3. Solvency II seen now • Entry in force on the 1st of January 2016 • Day 1 reporting (April/May 2016) • First quarterly regular reporting (May/July 2016) • First annual regular reporting (May/June 2017) • A preparatory phase • Smaller (subset) reports compared to the full SII • One annual report on end 2014 basis (+20/26 weeks) • And one quarterly report on end Q3 2015 basis (+8/14 weeks) • Two supporting taxonomies • Preparatory phase (almost stable) • Final Solvency II (will stabilize over the next few months)

  4. Titre de la présentation Solvency II – the evolution • http://ec.europa.eu/internal_market/insurance/solvency/future/index_en.htm • Compared to 2009: a new level: « 2.5 »

  5. Titre de la présentation The level “2.5” • Lisbon Treaty • Entry in force just after Solvency II directive • Creation of EIOPA • Task in line with Lisbon Treaty • Omnibus II directive to adapt Solvency II

  6. Titre de la présentation Expected content by levels • Level 2: Delegated acts (Commission) • Around40 topics (end 2014 / beginning 2015). • Level 2.5: Technical standards (EIOPA proposal, COM adoption) • Regulatory • Implementing • Level 3: recommandations and guidelines (EIOPA) • Adressed to NSAs or undertakings • Non legally binding • « Comply or explain » Reporting XBRL

  7. The time dimension

  8. Preparatory phase Omnibus 2 discussion suspended in the summer 2012 EIOPA opinion (December 2012) Consultation on guideline (March 2013), Published in November, In force since 1/1/2014 Electronic format for reporting

  9. V1 in November 2013 V1.2 in January V1.4 soon Stable V1.5 around end May. Assertion gradually implemented V1.4 without an HD layer (issues on open tables) Localisation capabilities in V1.5 Manuals in V1.5 Sample instances Preparatory phase taxonomy

  10. Betas release of Solvency II Taxonomy To be aligned with the ITS Recodification (row/column codes), use of codes for list of options, … Some iterations, with growing content, until the final one

  11. T4U: Main goals • Distribution license for all Europe. Preferable EUPL license • Internationalization: Languages, data formats, currencies, etc. • Using the input forms in a similar layout as the public reference templates. • Allowing reusing or extension of the tool for national extensions • Easy to use for administrative staff with limited IT knowledge • Easy to deploy • XBRL syntax and formula validation at client side • Use of XBRL label, rendering, reference, formulas, etc. • 2nd level support • Easy to update when the taxonomy changes • Open source, • reusable • Good performance with large amounts of data • Multiplatform

  12. T4U: Ins and OUTs    Easy-to-use with multiple Data Input Interfaces Generation of XBRL Reports according to Solvency II DPM XBRL Taxonomy (Level 1 & 2) Reports and submissions management    XBRL Validation (open source component) for Reported Data XBRL load, validation and creation with database approach Support for other XBRL Architectures than EIOPA / Eurofiling    DPM Database for Metadata and Data Generation of XBRL Taxonomy according to Eurofiling Architecture Adavanced data analysis    Basic BI analysis capabilities Second-level support First-level support / support services for extensions

  13. T4U: Characteristics • Open source (EUPL) • (Re)use of cross platform components • Design around an SQLite database extending EBA DPM database • Modular approach: a toolkit instead of a monolithic approach • Validation through a real XBRL engine possible • Arelle interface implemented • Database population by Arelle • Yesterday’s demo: • A windows tool implementation • An excel add-in implementation • A proof of concept of an iPad implementation

  14. T4U: Schedule • Current planning • June (windows forms) • August (Excel add-in) • September (NCAs oriented capabilities)

  15. Topics currently examined Extensions (national, statistical needs, …) Validation service Clear shift of focus toward implementation !

  16. Thank you Pierre-Jean Vouette Pierre-Jean.Vouette@eiopa.europa.eu

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