Some of the related text was revised via the 1.1 revision to the specification, and through issues raised in 1.2. The definitions and annotations in the FIGI ontology should be updated so that they are ISO 704 compliant and to reflect the updated details in the FIGI 1.1+ issues.

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.

Revise to indicate broader inclusion beyond FIBO to include ontologies, standards and taxonomies in general;

The Financial Instrument Global Identifier is, in many ways, a complement to FIBO, although not exclusively, and can be complimentary to other ontologies and standards as previously stated. The objective of FIBO includes providing a model of financial instruments as part of the model of the financial industry. The Financial Instrument Global Identifier is not, properly speaking, a part of that. The FIGI model does not specify a conceptual model of the financial instruments themselves, after all. Rather, it provides a concrete model for references, both descriptive and technical, for those instruments based on context of use within specific domains. FIGI is also designed to be mapped to the relevant aspects of FIBO complementary ontologies, standards and taxonomies as the modules describingthat describe financial instruments at the conceptual level become available.
Since tThe scope of the Financial Instrument Global Identifier is exclusively focused on Financial Instruments, the only part of FIBO that needs careful attention in the context of this standard is the treatment of Financial Instruments. Based on the latest ontology architecture information available for FIBO, definitions for financial instruments will span multiple specifications, each containing a number of modules and individual ontologies, none of which are available as OMG standards as of this writing. As semantic meaning for terms within other standards and ontologies may be dependent upon context, care should be taken to ensure that the context, as defined by the domain of the use case, is properly aligned with the context of the FIGI model.

Add cryptocurrency and digital asset information for clarity;
Currency (fiat, Central Bank Digital Currency or otherwise),Foreign Exchange cryptocurrency, and Foreign Exchange instruments and transactions are neither debt nor equity based and belong in their own category.
Digital Assets, aside from currency and cryptocurrency digital representations, may come in two broad categories .
In the first case, new technologies may be utilized as a mechanism to issue and distribute a cash or derivative instrument, but the resulting financial instrument essentially retains all the same properties as if it were issued through more traditional methods. These may be classified in the same way as any other financial instrument.
In the second case, an existing financial instrument may exist and a digital representation (such as a token) is created as an independent financial instrument unto itself, such that it is derived from the original financial instrument. In this later case, this may be considered a different financial instrument.

Add clarity with 'based on context; At the heart of this model are two things: a financial instrument and a global identifier. The Global Identifier itself is part of a group of three different types of financial instrument identifiers, based on context. As such, the Global Identifier stands in relationships to both Financial Instruments and to the other identifiers.

These include relevant patterns for designations and identifiers, among others.

Note that the resolution to this issue depends on the resolution to FIGI12-2.

Include clarity for currency and cryptocurrency in ShareClassGlobalIdentifier definition;

Additionally, for currency and cryptocurrency, Share Class may refer to a currency within its own context – that is without relative value or relationship to another currency or financial instrument.

Align definition with previous edit

This represents the identifier for the composite for financial instruments within a jurisdiction or the aggregate level for financial instruments such as currency and cryptocurrency pairs.

The current list is unstructured and unanchored to any recognized classification scheme - there's no way to even review it.
Further it misses crypto assets now in scope for FIGI.
No information is given about each of the types besides their name, not even an external reference - hardly semantic!
Ideally there should be a link to FIBO or similar, without requiring FIBO compliance.

The list of sources is way out of date. A mechanism is needed for keeping them updated with the monthly-changing MIC codes.
FIBO already does this - they should share a mechanism if not a file.

• Composite Global Identifier: The Composite Global Identifier is itself a Global Identifier which is differentiated from a “normal” Global Identifier in that it serves as a parent in a hierarchy of individual Global Identifiers. For example, AAPL common stock, US Composite. The purpose of this “version” of the identifier is to group individual identifiers, as per above, into groupings such as at the country level. This is not, however, merely a grouping of financial instruments. Rather, a Composite Global Identifier can identify a unique financial instrument within the context of a country or the aggregate of a financial instrument not bound by jurisdiction and can be traded on multiple venues.

clarification 5th paragraph add 'or currency instruments';
Financial instruments can be categorized by form depending on whether they are cash instruments, or derivative instruments or currency instruments: