EDMC-FIBO/BE 1.0 FTF Avatar
  1. OMG Issue

FIBOBE_ — Business Entities are Missing Business Objectives

  • Key: FIBOBE_-11
  • Status: closed  
  • Source: Thematix Partners LLC ( Mrs. Elisa F. Kendall)
  • Summary:

    Identifying the business objectives of an organization is fundamental for a bank to understand and better serve the business entity once it is on-boarded as a customer. Business objectives also differentiate entities into various legal forms and organizational categories that identify for example non profit and religious corporations, as well as non governmental organizations. It also serves to define whether an organization is eligible for certain tax benefits. The semantics of business objectives were missing from the prior release of BE.

  • Reported: EDMC-FIBO/BE 1.0b2 — Sun, 3 Jan 2016 00:54 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Business Entities are Missing Business Objectives

    Identifying the business objectives of an organization is fundamental for a bank to understand and better serve the business entity once it is on-boarded as a customer. Business objectives also differentiate entities into various legal forms and organizational categories that identify for example nonprofit and religious corporations, as well as non-governmental organizations. It also serves to define whether an organization is eligible for certain tax benefits. The semantics of business objectives were missing from the prior release of BE.

    This issue affects sections 9.2.1 Legal Persons, 9.2.2 Formal Business Organizations, 9.2.3 Corporate Bodies, 9.3.1 Corporations, and 9.4.1, Partnerships.

    The modifications defined herein are entirely additive, i.e., this is all new content for Business Entities. There are, however, two new restrictions, in Corporations and Partnerships, that restrict two classes slightly more than in the prior FTF 1 version. These restrictions should have minimal to no impact on existing implementations, however.

    This resolution has no dependencies on any others in the FTF 1 report. The changes made herein are, however, required by at least one downstream resolution.

  • Updated: Tue, 12 Jul 2016 14:45 GMT
  • Attachments: