xBRL-CSV offers optimum solution for securitisation disclosures
XBRL International has written to the European Securities and Markets Authority (ESMA) suggesting xBRL-CSV as the ideal format for disclosures on private securitisation.
ESMA’s consultation, which closed on Monday, proposed a simplified disclosure template using CSV as the data format. Its tabular nature is well suited-for datasets with many rows of repeating records, reflecting the needs of private securitisation reporting.
XBRL International believes, however, that CSV on its own is insufficient for a data collection format. As our consultation response argues, CSV lacks a mechanism for defining the format and structure of tables, meaning that basic data quality issues, such as using the wrong decimal separator, or reporting values in the wrong order, cannot be automatically detected. This both compromises the quality of the data collected and creates additional complexity, as custom validation mechanisms must be developed and errors dealt with manually.
We urge ESMA to instead adopt xBRL-CSV, giving filers the simplicity and familiarity of a CSV reporting format, plus standardised data definitions that enable reports to be validated easily, thereby ensuring data quality and reducing overall costs.
Without these definitions, data collectors must create exhaustive filing manuals to specify every detail of the CSV format, a process that can be complex and labour-intensive. xBRL-CSV, combined with an XBRL taxonomy and a bridging JSON file, eliminates this burden by providing a standardised, machine-readable framework for consistent data exchange.
In an era where structured digital data is fundamental to smart analytics, AI and automation, structured formats are an essential component of efficient supervision, risk assessment, and market monitoring. Without them, regulators, investors, and other stakeholders will face avoidable inefficiencies, increased processing burdens, and inevitable (and occasionally catastrophic) data errors and inconsistencies, which will impair effective oversight. xBRL-CSV is an invaluable tool for regulators like ESMA to leverage the power of structure when collecting large amounts of granular, tabular data.
Read our detailed response here, and find out more about the consultation here.
