Regulatory Reporting for AIFMD, CRD IV, Solvency II, MiFID II, FATCA and AnaCredit

Press Release

DataTracks demonstrates its Rainbow™ ESEF solution at the 25th XBRL Europe Digital Week


[PRESSWIRE] AMSTERDAM - July 07, 2020 – DataTracks, a global leader in providing cloud-based compliance and reporting software, has showcased its flagship Rainbow™ ESEF solution, and the Online Reviewers Guide (ORG), a collaborative platform for the preparation and review of ESEF iXBRL documents, at the 25th XBRL Europe Digital Week Online Conference held from 15th to 18th June 2020. (Webinar: THE XBRL EUROPE DIGITAL WEEK, ONLINE CONFERENCE).


ESMA has mandated all issuers of publicly traded securities to prepare annual financial statements in European Single Electronic Format (ESEF) for the financial years beginning on or after Jan 1, 2020. The ESEF mandate and the compliance readiness of filers and software vendors were therefore main discussion points at the XBRL online conference.


DataTracks used the conference to highlight the key features of its Rainbow™ ESEF solution, such as the ability to read PDF reports and retain the same layout in the output without compromising on design elements, the two-stage in-built validation mechanism, easy XBRL tagging and rolling forward of tags from one version of an annual report to the next. DataTracks also demonstrated its collaborative platform ORG, which enables reviewers to render iXBRL documents online, review XBRL tags, share comments, approve and sign off on tags, as well as compare the latest version with a previous one to review changes.


DataTracks Rainbow™ for ESEF comes in two variants. First, a bolt-on solution that reads PDF and generates iXBRL output retaining the layout. Second, an integrated solution that connects with multiple data sources to automatically populate the report data and allowing multiple users to collaborate and update the content and XBRL tags. Once the newly designed PDF annual report is uploaded into Rainbow™, tags can be carried forward from the earlier version of the annual report to generate the iXBRL output quickly and seamlessly.


Pramodh Vittal, Vice-President – Product Management, said: “Issuers’ concerns about tag consistency, especially if they are dual-listed or preparing the documents in multiple languages, have been addressed with our roll forward feature, which seamlessly carries the tags from one version to another irrespective of regulation or document language. Our customers can tag and finalize iXBRL in their draft version while the design studios work on the PDF. Once the final PDF is ready, they can upload it into Rainbow™ and quickly transfer tags from the draft version using the roll forward feature.”


He added: “Our two-stage validation mechanism – during tagging and during the output generation – reduces iterations and assures error-free output for submission to the regulator.”


Sriram Srinivasan, Vice-President – Sales in EU region, said: “With the filing under ESEF mandate starting in early 2021, different business enterprises will find our solution an optimal fit as it guarantees quick and reliable implementation without impacting their existing processes. Without any significant retooling, our customers in the European Union can continue to produce financial statements for filing with ESMA and for investors. With many pilots already delivered successfully through Rainbow™, we are glad that our solution assures our customers about compliance well ahead of the mandate.”


About DataTracks:

DataTracks is a global leader in disclosure management software. DataTracks serves more than 17,500 business enterprises in 24 countries. DataTracks software and services have been used to prepare more than 180,000 compliance reports so far for filing with regulators such as SEC in the United States, ESMA, EBA and EIOPA in the European Union, HMRC in the United Kingdom, ACRA in Singapore, SSM in Malaysia, CIPC in South Africa and MCA in India.

For more information:

Follow DataTracks on LinkedIn:

Follow DataTracks on Twitter:

Read the Blog:


For business enquiries:

+31 20 225 3702

+44 20 3608 1300

Media contact:

Specialists in XBRL and regulatory reports

DataTracks prepares more than 14,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, Eurofiling compliance reports in Europe, ACRA in Singapore and MCA in India. Honed by our experience of preparing more than 195,000 compliance reports, our solutions and services are designed to assure quality, reliability and ease of use.


compliance reports






years experience


How XBRL submission to ESMA is different from the one to HMRC?

03/24/2021 ||By: Nivetha

If you are a listed company in the UK, you are most likely, aware of the EU Transparency Directive that requires companies with equity or debt listed on an EU-regulated market, to publish their consolidated annual financial reports (AFRs) each year.  In 2019, you were probably preparing to get your reports ready to be filed […]


ESMA Publishes XBRL Taxonomy and Conformance Suite to Implement ESEF

02/24/2021 ||By: Nivetha

The ESEF Regulation – What it is and what it aims to do The European Single Electronic Format, also known as the ESEF regulation, was introduced to facilitate access, analysis, and comparison of annual financial reports. By allowing greater transparency and bringing the financial reporting process up a notch, the ESEF regulation is aimed at […]


Updates in Reporting Framework 3.0 and Technical Standards on Pillar 3 Disclosure

02/09/2021 ||By: Nivetha

The EBA continually strives to update the reporting framework for improved consistency and quality of financial reports being submitted. In its efforts to do so, EBA has published a new reporting framework, updating the mapping of quantitative disclosure data and supervisory reporting. This framework is an update of reporting framework 2.10, which aims to foster […]