FIBOBE11 — Definitions for government entities are urgently required to support FBC, IND, and new FIBO RFCs anticipated in areas including loans and securities

The FIBO BE 1.0 specification includes a handful of government entities that are inadequate to support requirements for representing a number of kinds of government and government-sponsored organizations. Examples include what are called government-sponsored enterprises in the US, such as Fannie Mae and Freddie Mac, which are corporations established via statutory law but are privately held corporations, government owned corporations created by Congress such as the FDIC and Federal Reserve banks, government agencies that publish statistics on which many indicators (and derivatives that reference them) depend, supranational government agencies and organizations such as the European Central Bank, various government commissions, such as the Securities and Exchange Commission, and so forth.

The creation of these definitions in a separate ontology (and module) and moving the 3 existing classes to that ontology will facilitate extensions and the addition of jurisdiction-specific entities, such as for the US, EU, UK and other national and multinational governmental entities as they are identified over time.

Definitions for government entities are urgently required to support FBC, IND, and new FIBO RFCs anticipated in areas including loans and securities

The FIBO BE 1.0 specification includes a handful of government entities that are inadequate to support requirements for representing a number of kinds of government and government-sponsored organizations. Examples include what are called government-sponsored enterprises in the US, such as Fannie Mae and Freddie Mac, which are corporations established via statutory law but are privately held corporations, government owned corporations created by Congress such as the FDIC and Federal Reserve banks, government agencies that publish statistics on which many indicators (and derivatives that reference them) depend, supranational government agencies and organizations such as the European Central Bank, various government commissions, such as the Securities and Exchange Commission, and so forth.

The creation of these definitions in a separate ontology (and module) and moving the 3 existing classes to that ontology will facilitate extensions and the addition of jurisdiction-specific entities, such as for the US, EU, UK and other national and multinational governmental entities as they are identified over time.

This issue introduces a new section 9.10, Module: Government Entities. The modifications defined herein are primarily additive, i.e., this adds significant new content to the FIBO Business Entities specification. It also adds a new class to the Functional Entities ontology (section 9.7.1) and deprecates three existing classes in the LEI Entities ontology (section 9.2.4, making them equivalent to three new classes for the same concepts in the new Government Entities ontology). Finally, it creates a new “about file” for the BE 1.1 Specification, including the new ontology in its composite set of imports for ease of use by implementers and other FIBO users.

These changes are needed to support the addition of the business entities described above, as well as to support requirements in FBC and IND for the representation of regulatory agencies, state-backed exchanges and self-regulating organizations, government statistical agencies that publish various economic indicators, and so forth.