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Many of us complain about access to financial information disclosed by

entities listed on the capital markets. Their quality and form of publication

leaves much to be desired. It does not matter whether we refer to data from

Polish or other EU countries. This problem exists everywhere. Fortunately euro,

Committee of European Securities Regulators (CESR) is

begun work on changing this state.

According to CESR solution to this problem would be to establish a common base of

information disclosed by entities operating in the capital markets

European level. Characteristic for her to be the fact that each of us,

using the Internet connection will be able to obtain information on

interesting subject of the capital market which operates in the EU.

In last Monday (02/08/2010) CESR made the first step towards

construction of such a solution. On its official website committee

published the initiation of a consultation aimed at understanding

public opinion on the proposed solution (Consultation paper -

Development of Pan-European Access to Financial Information Disclosed by Listed

Companies).

As is clear from the document, public consultation it has sent to help

CESR’s official position towards the European Commission regarding the construction

European network of transmission of the information required by regulators

capital.

CESR movements seeking to build an integrated system (network) OAM (Officially

Mechnism appointed), inter alia, the result of global trends with a

to as much as possible to facilitate access to information to potential customers.

Similar projects have been or are being implemented in other countries such as

USA, Japan. Wherever modern technology was used to XBRL

collection, processing and publishing the financial information easily and

fast.

CESR also wishes to create a single system to store information

published by issuers in Europe. The idea is to provide customers

search engine, which by definition of the relevant criteria, using

a single button will enable us to reach interesting news or

data. All thanks to the use of commonly accepted standards and

data formats, including XBRL.

The emergence of new proposals for solutions is a result of failure

existing information mechanisms in the EU. CESR has implemented a system

MiFID (http://mifiddatabase.cesr.eu). It merely allowed to reach

national database are stored information published by the

the issuer’s securities. Depended on the quality of information from standards

adopted in these databases.

Also, experience in recent years forced a change. Lack of access to

relevant data and their poor quality are regarded as among the causes of the crisis

Financial.

It remains to consider what is really responsible for the inefficiency

current solution. Well, it results primarily from the lack of standardization

and harmonization. Information is stored in various formats, such as

PDF, HTML, text formats. Their use makes it difficult to subsequent analysis. Only

few cases we are dealing with interactive formats, such as

XBRL.

For this reason, CESR strongly questions the use of pan-

XBRL. Serves as a model system of reporting and FINREP COREP indicated by the CEBS

reporting needs of banks. Its implementation significantly improved process

reporting.

For now, it was decided the statement of costs and benefits of

transition to XBRL reporting mandatory for the capital market.

The analysis will take into account the three-year preparatory period and a two-year period

voluntary reporting. It is to be helpful in making the final decision.

Integration and elektronizacja to be ensured by a new system OAM, will greatly improve

situation. For investors, it will mean an easier comparative analysis,

especially at the international level. There will no longer have to carry out these

same operations in each of the national database but it will perform once the level of

European database. For regulators, this means improving the mechanisms

control. Through a comparative analysis of a simpler, they will be able to obtain

situation of the issuers to the domestic situation of the issuers

other countries.

It is true that CESR has not yet decided how it will look like the new system,

but two proposals have been referred to his presentation:

The first involves a significant extension of the existing system through his

standardization in terms of data format, improving opportunities

retrieval of information (even at the international level), and

incorporate any type of securities issuers.

The second approach involves building a single European system of OAM. Each

issuers will have an obligation to provide him with adequate information.

CESR is inclined to the first approach because it allows control

the process of sending information by national supervisors.

Benefits of the integrated system may be even greater when execute the

Additional CESR idea. Well, according to their position, after the creation of a single

capital market system, it is possible to its connection with national

“Business registers.” Such large integration would result in a significant reduction

costs associated with the reporting enterprise.

Committee of European Securities Regulators (CESR) has been

established in 2001 by the European Commission. It consists of

representatives of the supervisory authorities of each country’s capital markets

belonging to the European Union. The main tasks of the Committee includes action

strengthen and improve the quality of cooperation between European committees

securities and seek to introduce uniform legislation on

securities market in the EU Member States.

XBRL is free of charge, available for all standard-based technology

XML, whose main goal is interactive description of the financial information for

public and private companies and other organizations. XBRL gives

benefits for all participants in the chain of reporting by

use of standardized methods, by which users can

prepare, publish and analyze financial statements in convenient

own way.

Association “XBRL Poland” is a non-profit organization entities

Legal interested in the development of the XBRL standard in Poland. The Association is

member of global consortium XBRL International, which has the status of

temporary jurisdiction.

Adam Walaszek

Association of XBRL Poland

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