FIBO Business Entities Avatar
  1. OMG Specification

FIBO Business Entities — Closed Issues

  • Acronym: EDMC-FIBO/BE
  • Issues Count: 42
  • Description: Issues resolved by a task force and approved by Board
Closed All
Issues resolved by a task force and approved by Board

Issues Summary

Key Issue Reported Fixed Disposition Status
FIBOBE_-22 Revise "about" files for BE to incorporate new ontologies EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-19 Business Entities is missing the concept of a private limited company EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-21 Make corrections to incorrect restrictions that depended on 'holds an interest in' property EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-16 Need the concept of a Sole Proprietorship as a Business Entity EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-41 Section 9.1, Overview is obsolete EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-38 Update the revised text in 6.3 to reference BE rather than FBC EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-32 Tables defining ontology content in section 9 are out of date EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-31 Section 8, Architecture, is out of date EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-30 Section 6.3, Interpreting the Business Model Content is out of date EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-29 Section 6.1 should be simplified along the lines of what was done for FBC EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-26 The overview and scope sections of the BE spec refers to an out of date version of Foundations EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-27 The conformance section of the BE specification is overly complex EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-4 Publisher should be a kind of Party, which is not reflected in the model EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-12 The class name and definition of GeneralStockCorporation is jurisdiction-specific and not sufficiently broad for banking requirements EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-11 Business Entities are Missing Business Objectives EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-9 The Legal Persons ontology is missing the concept of a Business Entity EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FIBOBE_-8 The current definition of LegalEntity should really be LEICapableEntity EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Deferred closed
FIBOBE_-6 The definition of NaturalPerson in the LegalPersons ontology is inadequate for banking needs EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Deferred closed
FIBOBE_-1 Need better modeling of legal forms EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0 Deferred closed
FIBOBE_-2 CharteredLegalPerson and StatutoryBody should not be children of JuridicalPerson EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Deferred closed
FIBOBE_-28 The normative references section of the BE specification points to older versions of OMG specifications EDMC-FIBO/BE 1.0b2 EDMC-FIBO/BE 1.0 Resolved closed
FBEF-38 The name and definition of IncorporatedCompany are inadequate EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-35 Revise the CorporateControl ontology to eliminate potential reasoning issues related to hasRole EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-34 Revise the CorporateOwnership ontology to eliminate potential reasoning issues due to hasRole EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-1 Need better modeling of legal forms EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Deferred closed
FBEF-4 Revise the FormalBusinessOrganizations ontology to reflect changes in FIBO FND EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-3 Mechanical / formatting changes to all BE ontologies per FND methodology EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-31 Revise the ControlParties ontology to eliminate potential reasoning issues due to hasRole EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-30 Revise the OwnershipParties ontology to eliminate potential reasoning issues due to hasRole EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-24 Revise the Trusts ontology to eliminate potential reasoning issues related to hasRole EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-22 Correct reasoning error in Functional Entities caused by improper equivalence relations EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-21 Potential reasoning error in Corporate Bodies caused by equivalence EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-23 Revise the Partnerships ontology to eliminate potential reasoning issues related to hasRole EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-20 Revise LegalPersons to eliminate hasRole reasoning error EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-2 About files for the BE ontology and modules are needed EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-12 Revise the Executives ontology to reflect the modifications made to FIBO FND EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-10 Revise the FunctionalEntities ontology to reflect changes in FIBO FND EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-11 Revise the Publishers ontology to reflect the modifications made to FIBO FND EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-9 Revise the Corporations ontology to reflect changes in FIBO FND EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-7 Correction for identifies move from Relations to Agents to LEIEntities EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-6 IsDomiciledIn property was moved from BE to FND EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed
FBEF-39 Reconcile definition for Legal Entity EDMC-FIBO/BE 1.0b1 EDMC-FIBO/BE 1.0b2 Resolved closed

Issues Descriptions

Revise "about" files for BE to incorporate new ontologies

  • Key: FIBOBE_-22
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Two new ontologies have been integrated into FIBO by the FIBO BE FTF. These new ontologies, along with additional ontologies added to FIBO FND via the RTF, as well as some of the ontologies providing country information from LCC, need to be added to the about files for BE 1.0.

    This issue impacts machine readable files, but the corresponding namespaces need to be added to the tables in the architecture section of the specification as well.

  • Reported: EDMC-FIBO/BE 1.0b2 — Mon, 8 Feb 2016 21:51 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Revise "about" files for BE to incorporate new ontologies

    This issue addresses revision of the "about" files for BE to incorporate new ontologies, both in FND and in BE. It affects the machine readable RDF/XML Serialized OWL files only at this juncture.

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

Business Entities is missing the concept of a private limited company

  • Key: FIBOBE_-19
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    A private limited company is an important legal form that must be included in FIBO Business Entities. This legal form will also describe limited liability companies which are highly pervasive across the United States and must be identified for multiple bank use cases from on-boarding commercial customers, understanding counter parties, and KYC in general.

  • Reported: EDMC-FIBO/BE 1.0b2 — Fri, 29 Jan 2016 01:48 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Business Entities is missing the concept of a private limited company

    A private limited company is an important legal form that must be included in FIBO Business Entities. This legal form will also describe limited liability companies which are highly pervasive across the United States and must be identified for multiple bank use cases from on-boarding commercial customers, understanding counter parties, and KYC in general.

    This issue introduces a new section 9.9, Module: Private Limited Companies. The modifications defined herein are entirely additive, i.e., this is all new content for the FIBO Business Entities specification.

    This resolution depends on the resolution of FIBOBE-_11 and FIBOBE-_9, both of which make changes to the Legal Persons ontology, on which this resolution depends.

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

Make corrections to incorrect restrictions that depended on 'holds an interest in' property

  • Key: FIBOBE_-21
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Multiple restrictions that used the property holdsAnInterestIn were identified to be incorrect, Many of the classes that these incorrect restrictions defined had nothing to do with ownership, but rather to control. The property holdsAnInterestIn is a subproperty of owns and therefore implies holds an ownership interest in. In other cases we can also remove the restriction containing holdsAnInterestIn when it is accompanied by a restriction that states there is some equity held, since equity already points back to the formal organization via the representsAnInterestIn relation. These changes will result in corrections and simplification.

    The modifications affect the ontologies in the Ownership and Control module of BE only, but may have downstream impact on FIBO FBC and forthcoming Securities specifications.

  • Reported: EDMC-FIBO/BE 1.0b2 — Tue, 2 Feb 2016 03:27 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Make corrections to incorrect restrictions that depended on 'holds an interest in' property

    Multiple restrictions that used the property holdsAnInterestIn were identified to be incorrect, Many of the classes that these incorrect restrictions defined had nothing to do with ownership, but rather to control. The property holdsAnInterestIn is a subproperty of owns and therefore implies holds an ownership interest in. In other cases we can also remove the restriction containing holdsAnInterestIn when it is accompanied by a restriction that states there is some equity held, since equity already points back to the formal organization via the representsAnInterestIn relation. These changes will result in corrections and simplification.

    The modifications affect the ontologies in the Ownership and Control module of BE only, but may have downstream impact on FIBO FBC and forthcoming Securities specifications.

    This issue affects sections 9.6.1 Ownership Parties, 9.6.2 Control Parties, 9.6.3 Corporate Ownership, and 9.6.4 Corporate Control. It also affects section 9.4.1 Partnerships. It fixes identified issues whereby the current set of properties and constraints on classes that involve those properties cause reasoning errors or do not properly distinguish ownership from control.

    This resolution depends on the resolution of issue FIBOBE-_12, which modified the Corporate Ownership, Corporate Control, and Partnerships ontologies.

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

Need the concept of a Sole Proprietorship as a Business Entity

  • Key: FIBOBE_-16
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Banks treat sole proprietorships as independent entities and often create unique business accounts for them distinct from the personal accounts of the owner. Model sole proprietorship as a formal organization and as a business entity. This is distinct from the sole proprietor which is defined as a PartyInRole.

  • Reported: EDMC-FIBO/BE 1.0b2 — Thu, 28 Jan 2016 19:25 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Need the concept of a Sole Proprietorship as a Business Entity

    Banks treat sole proprietorships as independent entities and often create unique business accounts for them distinct from the personal accounts of the owner. This issue requests a model of the sole proprietor concept, as a formal organization and as a business entity. This is distinct from the sole proprietor which should be defined as a PartyInRole.

    This issue introduces a new section 9.8, Module: Sole Proprietorships. The modifications defined herein are entirely additive, i.e., this is all new content for the FIBO Business Entities specification.
    This resolution depends on the resolution of FIBOBE-_11 and FIBOBE-_9, both of which make changes to the Legal Persons ontology, on which this resolution depends.

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

Section 9.1, Overview is obsolete

  • Key: FIBOBE_-41
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Section 9.1, Overview, describes how to read tabular information in the BE specification that has been superseded by the new notation section 6.3. It should be revised to remove detail that is superfluous and provide a quick overview (as intended) of the section.

  • Reported: EDMC-FIBO/BE 1.0b2 — Tue, 16 Feb 2016 19:00 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Section 9.1, Overview, is obsolete

    Section 9.1, Overview, describes how to read tabular information in the BE specification that has been superseded by the new notation section 6.3. It should be revised to remove detail that is superfluous and provide a quick overview (as intended) of the section.

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

Update the revised text in 6.3 to reference BE rather than FBC

  • Key: FIBOBE_-38
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    In the new section 6.3, above the table including the notation (which is specification independent), there are two paragraphs that reference FBC. These should be revised to reference material in the BE specification

  • Reported: EDMC-FIBO/BE 1.0b2 — Mon, 15 Feb 2016 23:12 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Update the revised text in 6.3 to reference BE rather than FBC

    In the new section 6.3, above the table including the new notation, two paragraphs reference FBC. This should be revised to reference BE rather than FBC.

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

Tables defining ontology content in section 9 are out of date

  • Key: FIBOBE_-32
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    A new table structure was defined by FBC, following the new notation added in section 6.3 of this specification. The tables in section 9 should be revised to reflect this new format, and the discussion in section 9.1 of how to interpret the tables should be removed. The new structure is far easier to consume, and FIBO users from a number of banks have asked for this structural update.

    This affects a number of the ontologies in section 9 – all those whose table structures have not been revised by other issue resolutions.

  • Reported: EDMC-FIBO/BE 1.0b2 — Mon, 15 Feb 2016 20:43 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Tables defining ontology content in section 9 are out of date

    A new table structure was defined by FBC, following the new notation added in section 6.3 of this specification. The tables in section 9 should be revised to reflect this new format, and the discussion in section 9.1 of how to interpret the tables should be removed. The new structure is far easier to consume, and FIBO users from a number of banks have asked for this structural update.

    This affects a number of the ontologies in section 9 – all those whose table structures have not been revised by other issue resolutions.

    This issue affects the specification document only. Tables detailing the contents of most of the existing ontologies in BE are revised to improve readability only. The details describing the ontologies have not been changed by this resolution, only the table format, corresponding to the approach outlined in the new section 6.3, Notation.

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

Section 8, Architecture, is out of date

  • Key: FIBOBE_-31
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Section 8 should be updated to reflect the current architectural approach and revised along the lines of the FBC specification, including the addition of a section called "About" BE Vocabularies, as suggested by the architecture board.

    Namespace Definitions should be revised to include the additional ontologies added to BE, as well as any dependencies on new ontologies in FND from the FIBO FND 1.1 version of the specification.

  • Reported: EDMC-FIBO/BE 1.0b2 — Mon, 15 Feb 2016 20:36 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Section 8, Architecture, is out of date

    Section 8 should be updated to reflect the current architectural approach and revised along the lines of the FBC specification, including the addition of a section called "About" BE Vocabularies, as suggested by the architecture board.

    Namespace Definitions should be revised to include the additional ontologies added to BE, as well as any dependencies on new ontologies in FND from the FIBO FND 1.1 version of the specification.

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

Section 6.3, Interpreting the Business Model Content is out of date

  • Key: FIBOBE_-30
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Section 6.3 should be replaced, in its entirety, with section 6.3, Notation, from the FBC specification.

  • Reported: EDMC-FIBO/BE 1.0b2 — Mon, 15 Feb 2016 20:33 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Section 6.3, Interpreting the Business Model Content, is out of date

    Section 6.3 should be replaced, in its entirety, with section 6.3, Notation, from the FBC specification.

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

Section 6.1 should be simplified along the lines of what was done for FBC

  • Key: FIBOBE_-29
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Section 6.1, How to Read this Specification, is overly complex and should be simplified per what was done for the FBC specification.

  • Reported: EDMC-FIBO/BE 1.0b2 — Mon, 15 Feb 2016 20:28 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Section 6.1 should be simplified along the lines of what was done for FBC.

    Section 6.1, How to Read this Specification, is overly complex and should be simplified per what was done for the FBC specification.

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

The overview and scope sections of the BE spec refers to an out of date version of Foundations

  • Key: FIBOBE_-26
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The introductory section of the specification should be revised to reflect the strategy taken by FBC, namely, a shorter discussion that does not refer to a specific version of the spec, but that simply states it's relationship to FND and discusses the scope of BE itself.

  • Reported: EDMC-FIBO/BE 1.0b2 — Mon, 15 Feb 2016 20:21 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    The overview and scope sections of the BE spec refers to an out of date version of Foundations

    The introductory section of the specification should be revised to reflect the strategy taken by FBC, namely, a shorter discussion that does not refer to a specific version of the spec, but that simply states it's relationship to FND and discusses the scope of BE itself.

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

The conformance section of the BE specification is overly complex

  • Key: FIBOBE_-27
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The conformance section of the specification, section 2, should be rewritten in a similar fashion to the FBC specification, making it clearer and less complicated for implementors.

  • Reported: EDMC-FIBO/BE 1.0b2 — Mon, 15 Feb 2016 20:24 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    The conformance section of the BE specification is overly complex

    The conformance section of the specification, section 2, should be rewritten in a similar fashion to the FBC specification, making it clearer and less complicated for implementors.

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

Publisher should be a kind of Party, which is not reflected in the model

  • Key: FIBOBE_-4
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The current definition of publisher states that a publisher is "a party that makes some information available to the world at large", which may include a blogger, a publication such as the Financial Times, a government that publishes information about economic indicators, or a data vendor such as Bloomberg.

    The Business Dictionary's definition of publisher is "Individual or corporation responsible for the printing and distribution of digital or printed publications." See
    http://www.businessdictionary.com/definition/publisher.html, which could be adapted for FIBO as " a party responsible for the printing and distribution of digital or printed publications", but the operative word, whether or not we revise the definition is "party".
    The model does not reflect this, and isn't aligned with the stated definition.

  • Reported: EDMC-FIBO/BE 1.0b2 — Wed, 8 Jul 2015 23:57 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Publisher should be a kind of Party, which is not reflected in the model

    This issue affects section 9.2.7, Publishers. The EDMC review team agreed that the definition required adjustment and that the parent class for Publisher should be PartyInRole.

    The actual resolution, including step-wise ontology modifications and changes to the specification are included in the attached MS Word resolution. The revised ontology and mdzip ancillary VOM model are also attached.

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

The class name and definition of GeneralStockCorporation is jurisdiction-specific and not sufficiently broad for banking requirements

  • Key: FIBOBE_-12
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Various US states and other jurisdictions define corporations that are incorporated through the issuance of shares in a number of ways. The term GeneralStockCorporation appears to be specific to the State of California. Other states call this "Domestic Stock Corporation", "Domestic Business Corporation", "Domestic Corporation", and so forth. What is actually needed are two classes as subclasses of Corporation: (1) a concept that represents a corporation incorporated through the issuance of shares, which is disjoint with a body incorporated through agreement and a body incorporated with guarantee, and (2) a parallel concept that represents a for-profit corporation that is disjoint with a nonprofit corporation. Jurisdiction-specific corporations that are both for-profit and stock corporations can specialize these classes as appropriate.

  • Reported: EDMC-FIBO/BE 1.0b2 — Wed, 6 Jan 2016 18:45 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    The class name and definition of GeneralStockCorporation is jurisdiction-specific and not sufficiently broad for banking requirements

    Various US states and other jurisdictions define corporations that are incorporated through the issuance of shares in a number of ways. The term GeneralStockCorporation appears to be specific to the State of California. Other states call this "Domestic Stock Corporation", "Domestic Business Corporation", "Domestic Corporation", and so forth. What is actually needed are two classes as subclasses of Corporation: (1) a concept that represents a corporation incorporated through the issuance of shares, which is disjoint with a body incorporated through agreement and a body incorporated with guarantee, and (2) a parallel concept that represents a for-profit corporation that is disjoint with a not for profit corporation. Jurisdiction-specific corporations that are both for-profit and stock corporations can specialize these classes as appropriate.

    This issue affects sections 9.2.3 Corporate Bodies, 9.3.1 Corporations, 9.4.1, Partnerships, 9.6.3 Corporate Ownership, and 9.6.4 Corporate Control. It involves (1) changing the name of GeneralStockCorporation to StockCorporation, and adding a second class, ForProfitCorporation, (2) teasing out the two aspects of the definition of the current GeneralStockCorporation to separate the incorporation type from the profit motivation, and (3) revising the places in BE where the name change is required (and/or where use of ForProfitCorporation, or the union of the two classes makes sense).

    To date, the current GeneralStockCorporation class has only been used in BE, and thus the name change has no impact on the FIBO FBC and FIBO IND specifications, nor does it impact work in progress on other FIBO specifications.

    Note that resolution of this issue depends on the resolution to FIBOBE-_11.

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

Business Entities are Missing Business Objectives

  • Key: FIBOBE_-11
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa 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:

The Legal Persons ontology is missing the concept of a Business Entity

  • Key: FIBOBE_-9
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The notion of a business entity is missing from the legal persons ontology. Business entities would include business trusts, corporations, partnerships, companies with limited liability, and potentially sole proprietorships, which are all kinds of businesses.

    This is fundamental, and the definition is not the same as that of a legal person or juridical person, so needs distinct treatment.

  • Reported: EDMC-FIBO/BE 1.0b2 — Thu, 8 Oct 2015 00:14 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    The Legal Persons ontology is missing the concept of a Business Entity

    The notion of a business entity is missing from the legal persons ontology. Business entities would include business trusts, corporations, partnerships, companies with limited liability, and potentially sole proprietorships, which are all kinds of businesses.

    This is fundamental, and the definition is not the same as that of a legal person or juridical person, so needs distinct treatment.

    This issue is limited to section 9.2.1 Legal Persons. The change is entirely additive and does not impact other FIBO specifications.

    This resolution depends on the resolution of FIBOBE-_11, however, which also modifies the Legal Persons ontology.

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

The current definition of LegalEntity should really be LEICapableEntity

  • Key: FIBOBE_-8
  • Status: closed  
  • 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
  • Disposition: Deferred — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    The current definition of LegalEntity should really be LEICapableEntity

    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,

    The change to make this happen is fairly extensive, and impacts a number of ontologies. The FTF determined that there was not sufficient time to accomplish this in time for completion of the FTF report, and determined that it would be best to defer it to BE 1.2 or BE 2.0.

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

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

  • Key: FIBOBE_-6
  • Status: closed  
  • 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
  • Disposition: Deferred — EDMC-FIBO/BE 1.0
  • Disposition Summary:

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

    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.

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

Need better modeling of legal forms

  • Key: FIBOBE_-1
  • Status: closed  
  • Source: agnos.ai UK Ltd ( 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
  • Disposition: Deferred — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    Need better modeling of legal forms

    This issue describes the fact that currently there are a set of enumerated data types defining various legal forms that corporations can take.

    The FTF agrees that this needs to be addressed, but doing so requires the addition of jurisdiction-specific classes, as the various legal forms are jurisdiction-specific. A precedent was established for creating sub-modules by jurisdiction in the FBC RFC which was recently adopted. In order to address this particular issue, new jurisdiction-specific ontologies need to be created and added in new modules. These new ontologies also depend on content from LCC, and on additional subdivision codes not yet available in LCC. As a consequence, the FTF has determined that this issue should be deferred to RTF.

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

CharteredLegalPerson and StatutoryBody should not be children of JuridicalPerson

  • Key: FIBOBE_-2
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Both chartered legal persons and statutory bodies are kinds of legal entities that are created by governments and are not "firms". As a result, they should not be children of judicial person. They should have a new parent under legal entity, and chartered legal person should be renamed to chartered body.

    Additionally, the definition of sovereign is really weak, although the intent based on what is modeled is to describe sovereign state rather than the concept of “sovereign” independently from the concept of a sovereign state.

    We need sovereign state for FBC, and to relate sovereign state to the country (geopolitical entity) it corresponds to.

  • Reported: EDMC-FIBO/BE 1.0b2 — Thu, 4 Jun 2015 02:45 GMT
  • Disposition: Deferred — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    CharteredLegalPerson and StatutoryBody should not be children of JuridicalPerson

    The Business Entities FTF determined that the solution to this issue is much more complex than can be addressed as originally thought.

    The solution includes developing an additional ontology for governmental entities, which will be integrated with BE in a subsequent revision of the specification. The entities mentioned here, CharteredLegalPerson and StatutoryBody would be revised and migrated to this new ontology, likely in BE 1.1.

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

The normative references section of the BE specification points to older versions of OMG specifications

  • Key: FIBOBE_-28
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The references section of the specification should be revised to reflect current or non-versioned specifications rather than old versions that do not include required content.

  • Reported: EDMC-FIBO/BE 1.0b2 — Mon, 15 Feb 2016 20:26 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0
  • Disposition Summary:

    The normative references section of the BE specification points to older versions of OMG specifications

    The references section of the specification should be revised to reflect current or non-versioned specifications rather than old versions that do not include required content.

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

The name and definition of IncorporatedCompany are inadequate

  • Key: FBEF-38
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Review of any state web site for defining a business call this "Corporation". Not all corporations are companies, however. The actual restrictions on this class are exactly those appropriate for Corporation, but the text definition should be something like:

    "A corporation is a separate legal entity owned by shareholders who enjoy protection from personal liability. Corporations are taxed annually on their earnings; corporate shareholders pay individual income tax on these earnings when they are distributed as dividends.

    A corporation is managed by or under the direction of a board of directors, which generally determines corporate policy. Officers manage the day-to-day affairs of the corporation. Shareholders do not participate in day-to-day management activities. Management structure can be altered by committees of board members and shareholder agreements. Shareholders generally are not personally liable for obligations of the corporation."

    Definition origin: http://www.business.ca.gov/StartaBusiness/DefiningaBusiness/Corporation.aspx

    The Corporation class should have the following subclasses:

    General Stock Corporation
    Non-Profit Corporation
    Benefit Corporation (which we have already in Functional Entities)
    Common Interest Development Corporation

    Non-Profit / benefit corporations have a corporate structure that can be defined using restrictions, and are not functional entities. They should be defined as kinds of corporations.

  • Reported: EDMC-FIBO/BE 1.0b1 — Wed, 25 Feb 2015 21:25 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    The name and definition of IncorporatedCompany are inadequate

    This issue affects section 9.2.3, Corporate Bodies, section 9.3.1, Corporations Ontology, in the FIBO BE 1.0 Alpha specification, with downstream impact on section 9.7.1, Functional Entities, section 9.6.3, Corporate Ownership, section 9.6.4, Corporate Control, and section 9.4.1, Partnerships.

    Further review of the current set of concepts and related definitions has led to the consensus that the BodyCorporate concept in the Corporate Bodies ontology and the concept of a Corporation, at the highest level of abstraction, are synonymous. Thus, the consensus is to rename BodyCorporate to Corporation, and integrate a source-able definition for it from a respected legal source, as long as that definition is essentially the same as what we currently have and is not jurisdiction-specific. Links to jurisdiction-specific definitions may be provided, however.

    Additionally, a better name for the current IncorporatedCompany concept is GeneralStockCorporation, which corresponds to the broader meaning of the semantics in the current ontology for incorporated company. Again a better terminological definition should be sourced from an appropriate reference, as long as it is in keeping with the current text definition.

        • The resolution of this issue assumes that the resolution to issues FBEF-3, resolving mechanical syntax issues, issues FBEF-4, FBEF-6, FBEF-7, and FBEF-9 through FBEF-12, which resolve issues related to modifications in FIBO FND by the 1.0 finalization process, as well as issues FBEF-20 through FBEF-24, FBEF-30, FBEF-31, FBEF-34, and FBEF-35, which resolve lint errors, reasoning issues due to the hasRole property, and miscellaneous annotation issues have already been applied.
  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Revise the CorporateControl ontology to eliminate potential reasoning issues related to hasRole

  • Key: FBEF-35
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

    A handful of minor discrepancies in annotations that were missed via corrections for mechanical / syntax changes to the CorporateControl ontology should also be addressed. These include a number of missing labels, particularly on properties, as well as missing datatypes for some annotations.

    There is also a bug in the VOM model with respect to duplicate proxy classes for IncorporatedCompany, one in the main model folder and one in the Proxies folder. These should be reconciled to eliminate the MagicDraw null pointer exception that arises when one attempts to find related information when clicking on one or the other proxy class.

    Note that there are also missing definitions for properties and classes in this ontology that should be addressed under a separate issue.

  • Reported: EDMC-FIBO/BE 1.0b1 — Wed, 25 Feb 2015 04:13 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise the CorporateControl ontology to eliminate potential reasoning issues related to hasRole

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

    A handful of minor discrepancies in annotations that were missed via corrections for mechanical / syntax changes to the CorporateControl ontology should also be addressed. These include a number of missing labels, particularly on properties, as well as missing datatypes for some annotations.

    There is also a bug in the VOM model with respect to duplicate proxy classes for IncorporatedCompany, one in the main model folder and one in the Proxies folder. These should be reconciled to eliminate the MagicDraw null pointer exception that arises when one attempts to find related information when clicking on one or the other proxy class.

    Note that there are also missing definitions for properties and classes in this ontology that should be addressed under a separate issue.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Revise the CorporateOwnership ontology to eliminate potential reasoning issues due to hasRole

  • Key: FBEF-34
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

  • Reported: EDMC-FIBO/BE 1.0b1 — Mon, 23 Feb 2015 20:53 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise the CorporateOwnership ontology to eliminate potential reasoning issues due to hasRole

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

    A handful of minor discrepancies in annotations that were missed via corrections for mechanical / syntax changes to the CorporateOwnership ontology should also be addressed.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Need better modeling of legal forms

  • Key: FBEF-1
  • Status: closed  
  • Source: agnos.ai UK Ltd ( 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
  • Disposition: Deferred — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Need better modeling of legal forms

    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.

    Resolutoin of this issue requires further research, and thus it is deferred to FTF 2.

  • Updated: Wed, 8 Jul 2015 11:42 GMT

Revise the FormalBusinessOrganizations ontology to reflect changes in FIBO FND

  • Key: FBEF-4
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Several modifications to FND impact the FormalBusinessOrganizations ontology. These include:
    (1) moving isIdentifiedBy from Relations to Agents, and
    (2) introduction of the IdentifiersAndIndices ontology under Arrangements, which has an impact on OrganizationIdentificationCode and OrganizationIdentificationScheme (OrganizationIdentificationCode should be renamed OrganizationIdentifier and made a child of Identifier, and OrganizationIdentificationScheme should be made a child of IdentificationScheme, and the hasUniqueIdentifier property would be eliminated as it is already present in the new parent class)

    The migration of isIdentifiedBy causes a syntax error to occur in the ontology when loaded in any ontology tool.

  • Reported: EDMC-FIBO/BE 1.0b1 — Thu, 15 Jan 2015 18:50 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise the FormalBusinessOrganizations ontology to reflect changes in FIBO FND

    Several modifications to FND impact the FormalBusinessOrganizations ontology. These include:
    (1) moving isIdentifiedBy from Relations to Agents, and
    (2) introduction of the IdentifiersAndIndices ontology under Arrangements, which has an impact on OrganizationIdentificationCode and OrganizationIdentificationScheme (OrganizationIdentificationCode should be renamed OrganizationIdentifier and made a child of Identifier, and OrganizationIdentificationScheme should be made a child of IdentificationScheme, and the hasUniqueIdentifier property would be eliminated as it is already present in the new parent class)

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Mechanical / formatting changes to all BE ontologies per FND methodology

  • Key: FBEF-3
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    During the FND FTF process, the strategy for metadata headers, which ontologies to import, ontology naming, and related conventions were revised. The BE ontologies require revision to support the current strategy. This includes:
    (1) eliminate the default namespace,
    (2) revise the metadata to use the revised metadata strategy put into place for FND, including the approach to model licensing, and reference the about files,
    (3) shorten the ontology name,
    (4) revise imports such that only those ontologies that are actually referenced in the body of the ontology are actually imported, and
    (5) make sure every annotation includes its datatype.

  • Reported: EDMC-FIBO/BE 1.0b1 — Tue, 13 Jan 2015 19:59 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Mechanical / formatting changes to all BE ontologies per FND methodology

    All of the files incorporated in this upload (which is all of the main BE ontologies aside from the about files) have been updated to reflect the changes specified in the issue resolution.

    Changes to the specification to reflect the revised metadata will be auto generated at the end of the FTF work.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Revise the ControlParties ontology to eliminate potential reasoning issues due to hasRole

  • Key: FBEF-31
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

    Additionally, in FND, the Control class changed names to ControllingCapacity, and the corresponding references need to be updated in this ontology to reflect the change.

  • Reported: EDMC-FIBO/BE 1.0b1 — Tue, 17 Feb 2015 22:59 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise the ControlParties ontology to eliminate potential reasoning issues due to hasRole

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

    A lint issue related to the use of an equivalence relationship together with a subclass relation on the left-hand side of a related equation on the ControlledParty class has also been corrected, replacing the equivalent class relation with a subclass relation.

    Additionally, in FND, the Control class changed names to ControllingCapacity, and the corresponding references need to be updated in this ontology to reflect the change. Similarly, the domain of the holds property in FND/Relations was modified to be an AutonomousAgent, so properties of relative parties in ControlParties that were subproperties of holds should be modified to remove this subproperty relationship.

    Also, a Percentage class was added to FND/BusinessFacingTypes as a part of the FND revision, which is a better fit than the percentageValue datatype as the basis for representing the DegreeOfControl an EntityControllingParty has over another organization. The data property has been eliminated in favor of an object property between DegreeOfControl and Percentage, called hasPercentageControl, and a restriction on that property.

    Finally, a handful of minor discrepancies in annotations that were missed via corrections for mechanical / syntax changes to the ControlParties ontology should also be addressed.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Revise the OwnershipParties ontology to eliminate potential reasoning issues due to hasRole

  • Key: FBEF-30
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

  • Reported: EDMC-FIBO/BE 1.0b1 — Mon, 16 Feb 2015 21:31 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise the OwnershipParties ontology to eliminate potential reasoning issues due to hasRole

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

    The OwnershipParties ontology also included a dependency on the isOwnedBy property in FND/Ownership, whose domain changed as a result of the FND FTF 2 work. The corresponding revision has been made in this ontology.

    A handful of minor discrepancies in annotations that were missed via corrections for mechanical / syntax changes to the OwnershipParties ontology have also been addressed.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Revise the Trusts ontology to eliminate potential reasoning issues related to hasRole

  • Key: FBEF-24
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.C

  • Reported: EDMC-FIBO/BE 1.0b1 — Fri, 13 Feb 2015 00:21 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise the Trusts ontology to eliminate potential reasoning issues related to hasRole

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

    A handful of minor discrepancies in annotations that were missed via corrections for mechanical / syntax changes to the Trusts ontology should also be addressed.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Correct reasoning error in Functional Entities caused by improper equivalence relations

  • Key: FBEF-22
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Pellet hangs when reasoning over the FunctionalEntities ontology, which appears to be caused by equivalences in the definitions of Business and Merchant. Relaxing these to be subclass relationships (i.e., changing them from necessary and sufficient conditions to just necessary conditions) eliminates the issue.

  • Reported: EDMC-FIBO/BE 1.0b1 — Tue, 10 Feb 2015 00:20 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Correct reasoning error in Functional Entities caused by improper equivalence relations

    Pellet hangs when reasoning over the FunctionalEntities ontology, which appears to be caused by equivalences in the definitions of Business and Merchant. Relaxing these to be subclass relationships (i.e., changing them from necessary and sufficient conditions to just necessary conditions) eliminates the issue. The issue corresponds to a "lint" error produced by Pellet in testing. Relaxing these to subclass relationships (i.e., changing them from a necessary and sufficient condition to just a necessary condition) eliminates the issue.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Potential reasoning error in Corporate Bodies caused by equivalence

  • Key: FBEF-21
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Pellet hangs when reasoning over the Corporate Bodies ontology, which appears to be caused by the equivalence in the definition of BodyCorporate to being constituted by an instrument of incorporation. The issue corresponds to a "lint" error produced by Pellet in testing. Relaxing this to a subclass relationship (i.e., changing it from a necessary and sufficient condition to just a necessary condition) eliminates the issue.

  • Reported: EDMC-FIBO/BE 1.0b1 — Mon, 9 Feb 2015 23:26 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Potential reasoning error in Corporate Bodies caused by equivalence

    Pellet hangs when reasoning over the Corporate Bodies ontology, which appears to be caused by the equivalence in the definition of BodyCorporate to being constituted by an instrument of incorporation. The issue corresponds to a "lint" error produced by Pellet in testing. Relaxing this to a subclass relationship (i.e., changing it from a necessary and sufficient condition to just a necessary condition) eliminates the issue.

    This issue affects section 9.2.3, CorporateBodies Ontology, in the FIBO BE 1.0 Alpha specification.

        • The resolution of this issue assumes that the resolution to issue FBEF-3, resolving mechanical syntax issues, and the resolution to FBEF-6, which addressed the migration from isDomiciledIn from BE to FND, have already been applied, FBEF-3, first, followed by FBEF-6.

    In addition to correcting ”lint” issue, this resolution addresses the renaming of JudicialPerson in LegalPersons, as a part of issue resolution to FBEF-20, to JuridicalPerson.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Revise the Partnerships ontology to eliminate potential reasoning issues related to hasRole

  • Key: FBEF-23
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

    A handful of minor discrepancies in annotations that were missed via corrections for mechanical / syntax changes to the Partnerships ontology should also be addressed.

  • Reported: EDMC-FIBO/BE 1.0b1 — Wed, 11 Feb 2015 01:14 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise the Partnerships ontology to eliminate potential reasoning issues related to hasRole

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

    A handful of minor discrepancies in annotations that were missed via corrections for mechanical / syntax changes to the Partnerships ontology should also be addressed.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Revise LegalPersons to eliminate hasRole reasoning error

  • Key: FBEF-20
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

  • Reported: EDMC-FIBO/BE 1.0b1 — Mon, 9 Feb 2015 21:56 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise LegalPersons to eliminate hasRole reasoning error

    Testing with various reasoners and test data shows that reasoning over the hasRole relationship in some circumstances returns incorrect results. Replacing the hasRole property with isPlayedBy corrects this issue.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

About files for the BE ontology and modules are needed

  • Key: FBEF-2
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    "About" files for the FIBO BE specification, at the specification level and at the module level, are needed in order to reduce the amount of repetitive material in the headers of the individual ontologies. This follows the approach taken for the FIBO Foundations (FND) 1.0 specification.

  • Reported: EDMC-FIBO/BE 1.0b1 — Fri, 19 Dec 2014 21:54 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    About files for the BE ontology and modules are needed

    The "about" files provide content describing the BE specification and modules, complementing the content in the specification itself and in some cases duplicating it in the form of RDF/XML metadata, primarily for use in (1) describing the machine-readable files for any users of those files, (2) for potential use in tagging the specification document on the OMG site, and (3) to provide a high-level ontology in the case of AboutBE-1.0.rdf that imports all of the others, to support ease of use.

    This revision is to machine readable files only, and does not impact the specification document.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Revise the Executives ontology to reflect the modifications made to FIBO FND

  • Key: FBEF-12
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The Executives ontology contains a number of properties and/or restrictions that were impacted by modifications to the FIBO FND ontologies. These include, but may not be limited to:
    (1) changing the domain of the appoints relation to be an AutonomousAgent, which is incompatible with its use in a restriction on the DeFactoControllingInterestParty class in an extended definition in Executives, as well as in a restriction on BoardOfDirectors, which is an EntityControllingParty
    (2) changing the domain of the elects relation to be a LegalPerson, which is incompatible with its use in a restriction on the VotingShareholder class,
    (3) several uses of hasRole, which should be modified to be isPlayedBy in all cases,
    (4) migration of the constrains property from Relations to LegalCore, which causes a syntax error in a restriction on an extended definition of InstrumentOfIncorporation

  • Reported: EDMC-FIBO/BE 1.0b1 — Fri, 30 Jan 2015 01:18 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise the Executives ontology to reflect the modifications made to FIBO FND

    The Executives ontology contains a number of properties and/or restrictions that were impacted by modifications to the FIBO FND ontologies. These include, but may not be limited to:
    (1) changing the domain of the appoints relation to be an AutonomousAgent, which is incompatible with its use in a restriction on the DeFactoControllingInterestParty class in an extended definition in Executives, as well as in a restriction on BoardOfDirectors, which is an EntityControllingParty
    (2) changing the domain of the elects relation to be a LegalPerson, which is incompatible with its use in a restriction on the VotingShareholder class,
    (3) several uses of hasRole, which should be modified to be isPlayedBy in all cases,
    (4) migration of the constrains property from Relations to LegalCore, which causes a syntax error in a restriction on an extended definition of InstrumentOfIncorporation

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Revise the FunctionalEntities ontology to reflect changes in FIBO FND

  • Key: FBEF-10
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Several restrictions in FunctionalEntities are on the property takesForm, which was eliminated (with this definition) in foundations. In these cases, the restriction should instead be on the hasIdentity property in Relations.

  • Reported: EDMC-FIBO/BE 1.0b1 — Thu, 29 Jan 2015 16:21 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise the FunctionalEntities ontology to reflect changes in FIBO FND

    Several restrictions in FunctionalEntities are on the property takesForm, which was eliminated (with this definition) in foundations. In these cases, the restriction should instead be on the hasIdentity property in Relations.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Revise the Publishers ontology to reflect the modifications made to FIBO FND

  • Key: FBEF-11
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The Publishers ontology was introduced to BE as a part of the Indices and Indicators (IND) specification. Alignment with FND involves making the Publication class a child of Document.

  • Reported: EDMC-FIBO/BE 1.0b1 — Thu, 29 Jan 2015 20:43 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise the Publishers ontology to reflect the modifications made to FIBO FND

    The Publishers ontology was introduced to BE as a part of the Indices and Indicators (IND) specification. Alignment with FND involves making the Publication class a child of Document.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Revise the Corporations ontology to reflect changes in FIBO FND

  • Key: FBEF-9
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Several changes made to FIBO FND impact the Corporations ontology, including: (1) migration of identifies and isIdentifiedBy from Relations to Agents, (2) the introduction of FinancialDates, and (3) the introduction of IdentifiersAndIndices. The first of these causes bugs when the Corporations ontology is loaded in Protege.

  • Reported: EDMC-FIBO/BE 1.0b1 — Wed, 28 Jan 2015 00:06 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Revise the Corporations ontology to reflect changes in FIBO FND

    Several changes made to FIBO FND impact the Corporations ontology, including: (1) migration of identifies and isIdentifiedBy from Relations to Agents, (2) the introduction of FinancialDates, and (3) the introduction of IdentifiersAndIndices. The first of these causes bugs when the Corporations ontology is loaded in Protege.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Correction for identifies move from Relations to Agents to LEIEntities

  • Key: FBEF-7
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The identifies property, which is used in a restriction on LegalEntityIdentifier, was moved from Relations to Agents in FND, which causes a syntactic error in LEIEntities. Also, in FormalBusinessOrganizations, OrganizationIdentificationCode was renamed to OrganizationIdentifier, and the corresponding change is required in LEIEntities.

  • Reported: EDMC-FIBO/BE 1.0b1 — Tue, 27 Jan 2015 18:54 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    Correction for identifies move from Relations to Agents to LEIEntities

    The identifies property, which is used in a restriction on LegalEntityIdentifier, was moved from Relations to Agents in FND, which causes a syntactic error in LEIEntities. Also, in FormalBusinessOrganizations, OrganizationIdentificationCode was renamed to OrganizationIdentifier, and the corresponding change is required in LEIEntities.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

IsDomiciledIn property was moved from BE to FND

  • Key: FBEF-6
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    In the process of finalizing FND, the property isDomiciledIn was moved from CorporateBodies (BE) to FormalOrganization (FND). This property needs to be removed now from CorporateBodies, to eliminate the duplication.

  • Reported: EDMC-FIBO/BE 1.0b1 — Mon, 26 Jan 2015 18:40 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    IsDomiciledIn property was moved from BE to FND

    In the process of finalizing FND, the property isDomiciledIn was moved from CorporateBodies (BE) to FormalOrganization (FND). This property needs to be removed now from CorporateBodies, to eliminate the duplication.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments:

Reconcile definition for Legal Entity

  • Key: FBEF-39
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    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.

  • Reported: EDMC-FIBO/BE 1.0b1 — Fri, 27 Feb 2015 19:36 GMT
  • Disposition: Resolved — EDMC-FIBO/BE 1.0b2
  • Disposition Summary:

    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.

  • Updated: Wed, 8 Jul 2015 11:42 GMT
  • Attachments: