Currently, the FIGI ontologies use the specification metadata, which, although it is still used to manage the online catalog, is no longer used for ontology documentation. Instead, all new submissions are using the Commons Annotation Vocabulary, which is a formal OMG standard rather than an internal file.

The ontologies and metadata files for FIGI should be updated accordingly.

6.2.3 This is not sufficient to individuate the financial instrument,
however, as organizations issue financial instruments with exactly the same name but that trade on different exchanges.
This is a distinction that is absent in other identifiers, but serves as an individuating characteristic for FIGI.If FIGI is used a the master key in a reference database inconsistencies arise "

I do ot believe the FIGI implementation adheres to this - namely

1) All preferred's on North American Exchanges have the same FIGI yet these a discrete tradeabe instruments on different exchanges , exactly like cash equities
EP053763@SYBT Pfd
EP053763@SBOX Pfd,

2) Multiple FIGI's can exist for the same Index Instrument
Original Alternative
M00IEF$O M1EFMVOL
MMDLESU MXEUGMC
M3DE MSDUGR

3) BBG create duplicate futures for option series , these all have different FIGI yet they link to the same instrument
EDZ1 Comdty GEZ1 Comdty