FBEF — Reconcile definition for Legal Entity

There is a need for FIBO to make a statement about Legal Entity. However there is ambiguity about the meaning of Legal Entity between the general legal defintion and between ISO 17742, which is more constrained.

Reconcile definition for Legal Entity

This issue affects section 9.2.1, Legal Persons, section 9.2.3, CorporateBodies, and section 9.2.4, LEIEntities, in the FIBO BE 1.0 Alpha specification, with downstream impact on section 9.7.1, Functional Entities, section 9.4.1, Partnerships, and section 9.5.1, Trusts.

The changes to the LegalPersons ontology include the introduction of a LegalEntity class, which, because of where it belongs in the hierarchy, has been added there rather than to the LEIEntities ontology, and incorporating a couple of related properties, one of which is moved from the LEIEntities ontology. One additional modification to the definition of StatutoryBody in LegalPersons, so that it can be used appropriately as the parent for regulatory agencies and other similar organizations, is also included.

One minor change to align the isincorporatedIn property with the new properties in LegalPersons is made to the CorporateBodies ontology.

Changes corresponding to those made in LegalPersons are made in LEIEntities – deleting the property that was moved, removing a restriction on ContractuallyCapableEntity and modifying the relationships between the LegalEntityIdentifier to correspond with the LegalEntity class in LegalPerson rather than to FormallyConstitutedOrganization. Three new classes are also introduced in LEIEntities, to cover those that are mentioned in the ISO 17442 standard, along with an additional property relating an entity to its address of legal formation, as indicated in the standard.

Minor revisions to FunctionalEntities, Partnerships, and Trusts, to integrate those ontologies with the revisions to LegalPersons and LEIEntities are also included.

The actual text of the resolution is provided in the attached MS Word document.