EU Initiatives and Challenges Commissions Perspective Piotr Madziar

EU Initiatives and Challenges. Commission's Perspective Piotr Madziar – EU Internal Market XBRL Week May, 2012, Madrid 22/05/12

Context EU Timeline XBRL Governance Structure and powers Challenges Solutions?

EU Timeline – Recap on history (selected events) Parliament Council 2004 -6 BRITE, XBRL in Europe 2007 2008 Commission Conclusions: "available technological instruments and business reporting computer languages" - Simplified business environment (Lehne) - Future structure of supervision (Daianu/Van den Burg) Communication on the simplification of company law, accounting and auditing. - EU Commissioner Mc. Creevy's joint press release with US SEC Commissioner Cox - Stoiber's HLEG opinion 2009 Stoiber's HLEG opinion 2010 - Stakeholders' Meeting, - Legislation on Supervision 2011 - Stoiber opinion "piecemeal initiatives", Commission to "streamline all taxonomies", - Actica study 2012 Transparency and Acc.

XBRL Governance Code Lists Taxonomies Core Vocabularies Metadata Semantics Legislation Legal Staff EU Legal Framework … Political Sponsorship Strategic XBRL Alignment Coordination Structure & Resources Expertise $$ Grants & Budgets

Structure and powers INFSO – ICT governance, e. Gov services, interconnectivity, SBR DIGIT – semantic interoperability MARKT – legislation (banking, supervision, BR, Mkts transparency, Accounting), IFRS EUROSTAT – SSR ENTR, ECB…

Challenges • ESAs – resources, crisis resolution, cross – sectorial alignment • COM – last resort authority, technical legislation, strategic alignment

Solutions • Cross-sectorial coordination capacity within COM? • Core taxonomies – development and management? • External advisory capacity? • XBRL clause in all relevant pieces of legislation? • XBRL legislation?

Thank you! Piotr Madziar European Commission – Internal Market piotr. madziar@ec. europa. eu