Minutes October 29, 2015

1) EIOPA has published its official taxonomy (release 2.0.1) on the scheduled date of 21.10.2015
– This version is the official production release, to be used at least for the first quarters.
– EIOPA may start working on an updated taxonomy which could be released during 2016

2) Market uncertainty around the Tool for Undertakings.
– as communicated earlier by EIOPA, the T4U will be phased out by EIOPA after the first reportings. It is expected that this tool will no longer support future versions of the Solvency II taxonomy.
– this is considered as a good thing by the working group and market stakeholders because:
european tax payers should not pay for software edited by a regulator
the market can play its role in providing quality solutions and
market participants do not have to compete against a competitor who is playing in a whole different league

– earlier mentionings of test instances. In the Madrid workshop, it was mentioned that test instances would be made available which either respect or violate certain Filing Rules. So far, these testfiles were not seen in the publications, the group wonders whether such instance documents are foreseen.

3) EBA taxonomy 2.4
– this taxonomy was released in the summer but still has not the legal publication base by the EU available, which means that this taxonomy will not go live for at least the next 6 months.
– meanwhile EBA is working on version 2.5 which will have some enhancements:
adopting the official table linkbase spec (info)
adopting the enumerations specification
– in the remote background, EBA is also gradually elaborating version 2.6 which will a.o. digest the impacts of IFRS9, which was also mentioned in a presentation from EBA in the Madrid workshop.

4) ESMA consultation on XBRL
– one of the questions is related to the IFRS taxonomy. What is the opinion of the working group?
– the group points out that the EBA FINREP IFRS framework has no link whatsoever to the IFRS taxonomy (anymore), with as main reason that the IFRS taxonomy was too generic for the specific needs for prudential supervision of the banks.
– if ESMA wishes to employ the IFRS taxonomy for listed companies, there will be somewhat reconciliation work XBRL-XBRL for listed banks (and insurers), which will also be the case in any other form of reporting. Prudential reporting is anyways separate from Investors communication

5) CEN: European Filing Rules II
The group considers it a good idea to invite stakeholders to a new workshop.
More info

6) Next Eurofiling workshop in Frankfurt
Proposition will be sent to Eurofiling Coordinator to re-issue another survey mid 2016 about 1 or 2 eurofiling conferences per year.


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