The FIBO FND 1.2 RTF deprecated the class named ContractTermsSet in the Contracts ontology in favor of ContractualCommitment. There is one class called StandardizedTermsSet in the FinancialInstruments ontology that should be modified accordingly, rather than continue referring to a deprecated class.

The current definition of debt instrument, which is "a financial instrument evidencing monies owed by the issuer to the holder on terms as specified" is too limiting – it does not allow for cases where real property or another instrument might be owed, as opposed to cash.

The definition of derivative instrument in the financial instruments ontology defines an instrument in terms of its owner. A more precise definition would refer to the holder of the instrument rather than the owner.

The about file for the FBC products and services module has the same name as the one in FND, and should be differentiated so that users and tools are not confused as to which is which.

Currently, the parent property for hasPrincipalExecutiveOfficeAddress is "has", but instead should be "hasAddress".

The concept of a lifecycle, such as a product lifecycle, economic lifecycle, etc. is urgently needed for securities and derivatives, together with concepts for lifecycle stages and events. These concepts are shared across a number of finance areas, for example for loan origination, the lifecycle of a capital markets deal, and in particular for swaps and derivatives.

New SEC rulings will reporting of certain information as at a number of stages in the lifecycle of an order, including at origination, routing, modification, cancellation, and execution, so having the concept of a lifecycle (and in this case an order lifecycle), the relevant stages, and events that occur during those stages, including but not limited to events that trigger reporting requirements, is essential.

Several ontologies scattered throughout several FIBO domain areas including Securities and Derivatives, which are in planned additions to the existing FIBO specifications, that have properties called hasSettlementDate, and there are additional details under Derivatives related to settlement that are needed across instrument types. This information should all be in FBC.

This concept should be a child of PartyInRole, and a parent of two additional new classes, ThirdPartyAgent and LicensedAgent, per the CFTC requirement, with a definition similar to "An agent in the financial sense is any person who has been legally empowered to act on behalf of another person." See the 17 CFR Part 45 and
"The term “registered entity” includes SEFs and DCMs. See CEA sections 1a(40)(A), (C) and (D), 7 U.S.C. 1a(40) (A), (C) and (D). The Commission stated in the RTR Adopting Release that SEFS and DCMs may enter into a contractual relationship with a third party service provider to transmit swap transaction and pricing data to an SDR; however, the SF or DCM will remain responsible for such reporting requirement pursuant to part 43. RTR Adopting Release at 1201." which we are calling ThirdPartyAgent in SEC (issuance).

Two concepts are required to cover the general notion of a registered agent because of the separation between organizations and individuals in FIBO. Thus, a ThirdPartyAgent is a service provider (organization) and licensee that has the authority to act on behalf of another individual or organization, such as a law firm, accountancy, or investment bank. LicensedAgent is a responsible party (individual) and licensee that has the autority to act on behalf of another individual organization, such as an insurance agent, financial advisor, certain attorneys, and brokers.

http://www.cftc.gov/idc/groups/public/@newsroom/documents/file/specificationsswapdata122215.pdf

A number of new account types have been identified by the banking community as needed for retail banking. These account types also correspond to accounts in schema.org, which the banks want to map FIBO to.

Specific requests for this have been made by Wells Fargo, as well as by several vendors interested in aligning FIBO with schema.org.

The concept is really that of an AccountingTransaction, and per request from the OFR (US Treasury Department) should be renamed to AccountingTransaction.

The current definition of account does not allow for custodial or nominee accounts. It also overly constrains the definition of the parties related to the account, and does not provide for the notion that an account may owned by the account holder.

The definition should be sufficiently general to cover ledger accounts as well as accounts owned by customers, nominee accounts, custodial accounts for minor children, and so forth.

This change was requested by repository vendors who are using FIBO for various purposes, wherein a "follow your nose" approach to understanding the relationship between an entity and the ontology in which is is defined requires URI parsing and is cumbersome.

This change impacts the machine readable ontologies only; diagrams and the specification document are not impacted by this.

To reproduce the issue in the OMG reference ontology editor, Protégé 5.2:
File->Open From URI...
http://www.omg.org/spec/EDMC-FIBO/FBC/AboutFBC-1.0.rdf

Throws several error messages like below:
Imported ontology document http://www.omg.org/spec/EDMC-FIBO/BE/GovernmentEntities/GovernmentEntities/ does not exist on the Web (File Not Found).
Indeed, there is no GovernmentEntities.rdf in the OMG directory: http://www.omg.org/spec/EDMC-FIBO/BE/1.0/Beta2/index.htm
The same error can be reproduced by opening one of the importing ontologies. For example
File->Open From URI: File->Open From URI...http://www.omg.org/spec/EDMC-FIBO/FBC/FunctionalEntities/FinancialServicesEntities.rdf
This leaves FinancialServcesEntities classes that refer to GovernmentEntities inconsistent. E.g. fibo-fbc-fct-fse:CentralBank has a restriction owl:allValuesFrom fibo-be-ge-ge:Instrumentality, which is undefined.

This does block not only implementation work, but also users of OMG-FIBO and ontologies that import the standard.
Resolution:
1) Please advise of any workaround
2) Add missing ontology files to http://www.omg.org/spec/EDMC-FIBO
3) As a QA check, open all published URIs with the reference ontology editor. Make sure there are no import errors.

Can you advise of a resolution date?

Many thanks
Jurgen Ziemer