1. OMG Mailing List
  2. FIBO Business Entities 1.1 Revision Task Force

Open Issues

  • Issues not resolved
  • Name: fibo-be-rtf
  • Issues Count: 16

Issues Summary

Key Issue Reported Fixed Disposition Status
FIBOFBC11-23 New kinds of accounts are needed for retail banking purposes EDMC-FIBO/FBC 1.0 open
FIBOFBC11-21 AccountingTransactionEvent is overly long and redundantly named EDMC-FIBO/FBC 1.0 open
FIBOFBC11-18 The definition of account is overly constrained EDMC-FIBO/FBC 1.0 open
FIBOFBC11-19 Augment all FBC ontologies with rdfs:isDefinedBy for every first class element in every ontology EDMC-FIBO/FBC 1.0 open
FIBOFBC11-1 Package inconsistencies: Opening the root ontology file, AboutFBC-1.0.rdf result in several import errors. EDMC-FIBO/FBC 1.0 open
FIBOFBC11-14 Need the generic concept of a legal agent from a financial services perspective EDMC-FIBO/FBC 1.0 open
FIBOFBC11-16 Integrate concepts related to instrument settlement into FBC EDMC-FIBO/FBC 1.0 open
FIBOFBC11-8 The parent property for hasPrincipalExecutiveOfficeAddress is too general EDMC-FIBO/FBC 1.0 open
FIBOFBC11-12 The concept of a lifecycle and lifecycle event is urgently needed for securities and derivatives EDMC-FIBO/FBC 1.0 open
FIBOFBC11-10 Revise the "about file" for the FBC Products and Services module to include "FBC" in its name and IRIs EDMC-FIBO/FBC 1.0 open
FIBOFBC11-4 The definition of DebtInstrument is too constraining EDMC-FIBO/FBC 1.0 open
FIBOFBC11-2 The definition of DerivativeInstrument is stated in terms of owners and should be in terms of holders of the instrument EDMC-FIBO/FBC 1.0 open
FIBOFBC11-6 Change the parent of StandardizedTermsSet due to a change to FND in the 1.2 RTF EDMC-FIBO/FBC 1.0 open
FIBOBE12-3 The current definition of LegalEntity should really be LEICapableEntity EDMC-FIBO/BE 1.0b2 open
FIBOBE12-2 The definition of NaturalPerson in the LegalPersons ontology is inadequate for banking needs EDMC-FIBO/BE 1.0b2 open
FIBOBE12-1 Need better modeling of legal forms EDMC-FIBO/BE 1.0b1 open

Issues Descriptions

New kinds of accounts are needed for retail banking purposes

  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    A number of new account types have been identified by the banking community as needed for retail banking. These account types also correspond to accounts in schema.org, which the banks want to map FIBO to.

    Specific requests for this have been made by Wells Fargo, as well as by several vendors interested in aligning FIBO with schema.org.

  • Reported: EDMC-FIBO/FBC 1.0 — Tue, 8 Aug 2017 22:38 GMT
  • Updated: Tue, 8 Aug 2017 22:38 GMT

AccountingTransactionEvent is overly long and redundantly named

  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The concept is really that of an AccountingTransaction, and per request from the OFR (US Treasury Department) should be renamed to AccountingTransaction.

  • Reported: EDMC-FIBO/FBC 1.0 — Tue, 8 Aug 2017 21:46 GMT
  • Updated: Tue, 8 Aug 2017 22:27 GMT

The definition of account is overly constrained

  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The current definition of account does not allow for custodial or nominee accounts. It also overly constrains the definition of the parties related to the account, and does not provide for the notion that an account may owned by the account holder.

    The definition should be sufficiently general to cover ledger accounts as well as accounts owned by customers, nominee accounts, custodial accounts for minor children, and so forth.

  • Reported: EDMC-FIBO/FBC 1.0 — Mon, 7 Aug 2017 21:27 GMT
  • Updated: Tue, 8 Aug 2017 21:28 GMT

Augment all FBC ontologies with rdfs:isDefinedBy for every first class element in every ontology

  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    This change was requested by repository vendors who are using FIBO for various purposes, wherein a "follow your nose" approach to understanding the relationship between an entity and the ontology in which is is defined requires URI parsing and is cumbersome.

    This change impacts the machine readable ontologies only; diagrams and the specification document are not impacted by this.

  • Reported: EDMC-FIBO/FBC 1.0 — Mon, 7 Aug 2017 22:06 GMT
  • Updated: Mon, 7 Aug 2017 22:06 GMT

Package inconsistencies: Opening the root ontology file, AboutFBC-1.0.rdf result in several import errors.


Need the generic concept of a legal agent from a financial services perspective

  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    This concept should be a child of PartyInRole, and a parent of two additional new classes, ThirdPartyAgent and LicensedAgent, per the CFTC requirement, with a definition similar to "An agent in the financial sense is any person who has been legally empowered to act on behalf of another person." See the 17 CFR Part 45 and
    "The term “registered entity” includes SEFs and DCMs. See CEA sections 1a(40)(A), (C) and (D), 7 U.S.C. 1a(40) (A), (C) and (D). The Commission stated in the RTR Adopting Release that SEFS and DCMs may enter into a contractual relationship with a third party service provider to transmit swap transaction and pricing data to an SDR; however, the SF or DCM will remain responsible for such reporting requirement pursuant to part 43. RTR Adopting Release at 1201." which we are calling ThirdPartyAgent in SEC (issuance).

    Two concepts are required to cover the general notion of a registered agent because of the separation between organizations and individuals in FIBO. Thus, a ThirdPartyAgent is a service provider (organization) and licensee that has the authority to act on behalf of another individual or organization, such as a law firm, accountancy, or investment bank. LicensedAgent is a responsible party (individual) and licensee that has the autority to act on behalf of another individual organization, such as an insurance agent, financial advisor, certain attorneys, and brokers.

    http://www.cftc.gov/idc/groups/public/@newsroom/documents/file/specificationsswapdata122215.pdf

  • Reported: EDMC-FIBO/FBC 1.0 — Wed, 3 May 2017 00:32 GMT
  • Updated: Sun, 7 May 2017 00:19 GMT
  • Attachments:

Integrate concepts related to instrument settlement into FBC


The parent property for hasPrincipalExecutiveOfficeAddress is too general


The concept of a lifecycle and lifecycle event is urgently needed for securities and derivatives

  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The concept of a lifecycle, such as a product lifecycle, economic lifecycle, etc. is urgently needed for securities and derivatives, together with concepts for lifecycle stages and events. These concepts are shared across a number of finance areas, for example for loan origination, the lifecycle of a capital markets deal, and in particular for swaps and derivatives.

    New SEC rulings will reporting of certain information as at a number of stages in the lifecycle of an order, including at origination, routing, modification, cancellation, and execution, so having the concept of a lifecycle (and in this case an order lifecycle), the relevant stages, and events that occur during those stages, including but not limited to events that trigger reporting requirements, is essential.

  • Reported: EDMC-FIBO/FBC 1.0 — Tue, 2 May 2017 20:45 GMT
  • Updated: Sun, 7 May 2017 00:19 GMT
  • Attachments:

Revise the "about file" for the FBC Products and Services module to include "FBC" in its name and IRIs

  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The about file for the FBC products and services module has the same name as the one in FND, and should be differentiated so that users and tools are not confused as to which is which.

  • Reported: EDMC-FIBO/FBC 1.0 — Tue, 2 May 2017 19:30 GMT
  • Updated: Sun, 7 May 2017 00:19 GMT
  • Attachments:

The definition of DebtInstrument is too constraining

  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The current definition of debt instrument, which is "a financial instrument evidencing monies owed by the issuer to the holder on terms as specified" is too limiting – it does not allow for cases where real property or another instrument might be owed, as opposed to cash.

  • Reported: EDMC-FIBO/FBC 1.0 — Tue, 2 May 2017 16:26 GMT
  • Updated: Sun, 7 May 2017 00:19 GMT
  • Attachments:

The definition of DerivativeInstrument is stated in terms of owners and should be in terms of holders of the instrument

  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The definition of derivative instrument in the financial instruments ontology defines an instrument in terms of its owner. A more precise definition would refer to the holder of the instrument rather than the owner.

  • Reported: EDMC-FIBO/FBC 1.0 — Tue, 2 May 2017 15:33 GMT
  • Updated: Sun, 7 May 2017 00:19 GMT
  • Attachments:

Change the parent of StandardizedTermsSet due to a change to FND in the 1.2 RTF

  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The FIBO FND 1.2 RTF deprecated the class named ContractTermsSet in the Contracts ontology in favor of ContractualCommitment. There is one class called StandardizedTermsSet in the FinancialInstruments ontology that should be modified accordingly, rather than continue referring to a deprecated class.

  • Reported: EDMC-FIBO/FBC 1.0 — Tue, 2 May 2017 17:05 GMT
  • Updated: Sun, 7 May 2017 00:19 GMT
  • Attachments:

The current definition of LegalEntity should really be LEICapableEntity

  • Key: FIBOBE12-3
  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    In the LegalPersons ontology, the LegalEntity concept is defined as something that fulfills the requirement for an LEI-capable entity. The concept should be retained, but moved to the LEIEntities ontology and renamed LEICapableEntity,

  • Reported: EDMC-FIBO/BE 1.0b2 — Thu, 8 Oct 2015 00:03 GMT
  • Updated: Tue, 11 Oct 2016 15:01 GMT

The definition of NaturalPerson in the LegalPersons ontology is inadequate for banking needs

  • Key: FIBOBE12-2
  • Status: open  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Based on review by several bankers and attorneys, the notion of a natural person as currently captured in BE is too broad for legal purposes, and what is actually needed is a narrower definition of legally capable person. A legally capable person is either a legally capable adult or emancipated minor as defined in some jurisdiction.

    The definition of legally capable adult already exists in FND, but here we need to augment that definition to make the connection to a jurisdiction and to make it a child of LegalPerson in the context of BE.

  • Reported: EDMC-FIBO/BE 1.0b2 — Wed, 7 Oct 2015 21:46 GMT
  • Updated: Tue, 11 Oct 2016 15:01 GMT

Need better modeling of legal forms

  • Key: FIBOBE12-1
  • Status: open  
  • Source: Adaptive ( Pete Rivett)
  • Summary:

    At the moment all we have is &fibo-be-corp-corp;hasLegalFormAbbreviation of type text.
    The legal form should be a class in its own right with abbreviation as one of many properties (or a label), including the jurisidiction/country where it's used and some annotations describing the legal aspects. It should also be related to some of the standard classes such as IncorporatedCompany.

  • Reported: EDMC-FIBO/BE 1.0b1 — Fri, 7 Nov 2014 08:14 GMT
  • Updated: Tue, 11 Oct 2016 15:01 GMT