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Cross-referenced to actions listed on Actions for BE 1.0 FTF Completion for Reston OMG

Resolution A (BE-111; FIBOBE-_11)

Dependency: None  (can be done on the original pink)

...

  • with a skos:definition of "a not for profit organization that is a citizen-based group that functions independently of government"
  • with a fibo-fnd-utl-av:explanatoryNote of "NGOs are neither a part of a government nor a conventional for-profit business.  Usually set up by ordinary citizens, NGOs may be funded by governments, foundations, businesses, or private persons."
  • with a fibo-fnd-utl-av:explanatoryNote of "NGOs, sometimes called civil societies, are organized on community, national and international levels to serve specific social or political purposes, and are cooperative, rather than commercial, in nature."
  • with a fibo-fnd-utl-av:explanatoryNote of "Some NGOs avoid formal funding altogether and are run primarily by volunteers. NGOs are highly diverse groups of organizations engaged in a wide range of activities, and take different forms in different parts of the world. Some may have charitable status, while others may be registered for tax exemption based on recognition of social purposes. Others may be fronts for political, religious, or other interests."
  • with a restriction that constrains the organization's objective to be an rdfs:subClassOf fibo-be-le-lp:hasObjective some fibo-be-le-lp:PublicPurpose

...

  • with a skos:definition of "a not for profit organization whose objective is specific to some fundamental set of beliefs and practices generally agreed upon by a number of people, and that is incorporated under the law"
  • with a fibo-fnd-utl-av:explanatoryNote of "Often religious corporations are recognized under the law on a sub-national level, for instance by a state or provincial government. The government agency responsible for regulating such corporations is usually the official holder of records, for instance a state department of corporations."
  • with a restriction that constrains the organization's objective to be an rdfs:subClassOf fibo-be-le-lp:hasObjective some fibo-be-le-lp:ReligiousObjective

...

*** Draft resolution document, with revisions as stated above, has been posted to JIRA issue BE-111, along with the relevant OWL and model files

 

Resolution B  (Removed) / Resolved

Dependency: None

Title: Juridical Person

Rationale:   see (2) (4) (6)

In LegalPerson.rdf,

change JuridicalPerson from a subclass of LegalEntity to a subclass of LegalPerson

Remove JuridicalPerson subclassof FormalOrganization (4)

Add subclassof restriction on property &fibo-be-le-lp;isLegallyDefinedIn some \[hasReach some GeopoliticalEntity\]   (2)

Add disjointwith &fibo-fnd-aap-ppl;LegallyCapablePerson (6)

 

Resolution C (BE-112; FIBOBE-_12)

Dependency: Resolution A

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

...

  • with a skos:definition of "a corporation whose objective is to make money, in other words, to ensure realization of a financial benefit such that the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain that activity"
  • with a restriction that constrains the organization's objective to be an rdfs:subClassOf fibo-be-le-lp:hasObjective some fibo-be-le-lp:ProfitObjective
  • with a constraint that ForProfitCorporation is disjoint with NotForProfitCorporation

...

fibo-fnd-pty-rl:isPlayedBy some ((fibo-be-oac-cpty:holdsSomeMeansOf only fibo-be-oac-cpty:EquityBasedDeJureControl)
or (fibo-be-oac-opty:holdsAnInterestIn only fibo-be-le-cb:StockCorporation))

Resolution D (BE-96; FIBOBE-_9)

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

...

  • add class BusinessLicense as a subClassOf License
  • add label "business license"
  • add skos:definition: "a license that allows the holder to conduct business or carry out a specific profession within some jurisdiction for some period of time" 
  • add adaptedFrom: Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012
  • add restriction: fibo-fnd-rel-rel:appliesTo exactly 1 BusinessEntity
  • add restriction: isRecognizedIn some Jurisdiction
  • add restriction: fibo-fnd-dt-bd:holdsDuring exactly 1 DatePeriod

Resolution E - Provide Expressions to Describe Liabilities of Business Entities (

...

Priority)

 

Depends on (D) because it refers to BusinessEntity

...

  • change name of class from PubliclyHeldCompany to PubliclyHeldCorporation
  • replace subClassOf with ProfitCorporationWithLimitedShareholderLiability
  • change label to "publicly held corporation"
  • add synonym "publicly held company"
  • add owl:disjointWith   PrivatelyHeldCorporation


H. In the module PrivateLimitedCompanies


 

  • for class PrivateCompanyWithLimitedLiability:
  • import OwnershipParties.rdf
  • add restriction: allowsLimitedLiabilityOn only (playsRole some EntityOwner)
  • add restriction: allowsUnlimitedLiabilityOnEntity only PrivateCompanyWithLimitedLiability


RESOLUTION F - Make corrections to incorrect restrictions that depended on 'holds an interest in' property  (BE-113; FIBOBE-_21) (priority)  

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.

...

  • change name of property holdsAnInterestIn to holdsAnOwnershipInterestIn
  • change label to: "holds an ownership interest in"
  • change definition to: "links a party to some organization it holds an ownership interest in"
  • remove the domain since this property inherits IndependentParty from owns as the default domain 
  • Revise the definition of the holdsEquity property to remove the domain since this property inherits IndependentParty from owns as the default domain

 

  • For EntityOwner change restriction from:

isPlayedBy some 

((holdsAnOwnershipInterestIn only FormallyConstitutedOrganization) or (holdsEquity only Equity))

To:

...

  • Revise the name of the holdsEquity property to be holdsEquityIn

 

  • For ConstitutionalOwner change restriction from: 

isPlayedBy some ((holdsAnOwnershipInterestIn only FormallyConstitutedOrganization) or (holdsEquity only StockholdersEquity))

To:

isPlayedBy some (holdsEquity holdsEquityIn only StockholdersEquity)

 

  • For Investor change restriction from:

isPlayedBy some

((holdsAnOwnershipInterestIn only FormallyConstitutedOrganization) or (holdsEquity only InvestmentEquity))

To:

isPlayedBy some (holdsEquity only InvestmentEquity)

 

B  In module ControlParties

 

...

  • Combine the two skos:definitions such that the resulting definition states: "a party that holds an equity stake in some entity, in the form of stockholders' equity"
  • revise the rdfs:label from "constitutional owning party" to "constitutional owner"

 

  • For EntityOwner change restriction from:

isPlayedBy some 

((holdsSomeMeansOf holdsAnOwnershipInterestIn only ControllingCapacityFormallyConstitutedOrganization) or (holdsAnOwnershipInterestIn holdsEquity only ContractuallyConstitutedOrganizationEquity))

To:

isPlayedBy some (holdsSomeMeansOf holdsEquityIn only ControllingCapacityEquity)

  • For DeFactoControllingInterestParty revise the rdfs:label from "entity owning party" to "entity owner"

 

  • For InvestmentEquity change restriction from: isEquityHeldBy min 1 Investor to isEquityHeldBy some Investor

 

  • For Investor change restriction from:

isPlayedBy some

((holdsSomeMeansOf holdsAnOwnershipInterestIn only DeFactoControlFormallyConstitutedOrganization) or (holdsAnOwnershipInterestIn holdsEquity only FormallyConstitutedOrganizationInvestmentEquity))

To:

isPlayedBy some (holdsSomeMeansOf holdsEquityIn only DeFactoControlInvestmentEquity)

 

  • For ControllingLeverageParty InvestorContract change restriction from:

 

...

  • definesTermsFor min 1 InvestorContract to definesTermsFor some InvestorContract

 

  • Make miscellaneous punctuation changes to annotations to bring the VOM model and OWL in sync. This includes removing a duplicated skos:definition from ControllingEquity.

 

B  In module ControlParties

 

  • For ControllingInterestParty change restriction from:

isPlayedBy some ((holdsSomeMeansOf only ControllingCapacity) or (holdsAnOwnershipInterestIn only ContractuallyConstitutedOrganization))

To:

isPlayedBy some (holdsSomeMeansOf only ControllingCapacity)


  • For DeFactoControllingInterestParty change restriction from:

 

isPlayedBy some
((holdsSomeMeansOf only DeFactoControl) or (holdsAnOwnershipInterestIn only FormallyConstitutedOrganization))

To:

isPlayedBy some (holdsSomeMeansOf only DeFactoControl)


  • For ControllingLeverageParty change restriction from:

 

isPlayedBy some
((holdsSomeMeansOf only InvestmentBasedDeFactoControl) or (holdsAnOwnershipInterestIn only FormallyConstitutedOrganization))

...

isPlayedBy some
((holdsAnOwnershipInterestIn only StockCorporation) or (holdsEquity only StockholdersEquity))

To:

isPlayedBy some (holdsEquity holdsEquityIn only StockholdersEquity)

 

D  In module CorporateControl

  • For VotingShareholder change Add an owl:imports and related namespace declarations for the Legal Persons ontology

  • For VotingShareholder change restriction from:

isPlayedBy some
((holdsSomeMeansOf only EquityBasedDeJureControl) or (holdsAnOwnershipInterestIn only StockCorporation))

...

change domain from VotingShareholder, which is a relative thing, to LegalPerson


E.  in module Partnerships

  • For object property holdsPartnershipEquity

change name to holdsPartnerhsipEquityIn

change label to "holds partnership equity in"

remove the domain Partner which is a relative thing  and instead allow it to inherit IndependentParty as the domain of owns


Resolution G  (Defer) / Done via Government Entities

Move SupraNationalEntity from LEIEntities to LegalPersons


LEIEntities (33)

LegalPersons (4)

 

Resolution H  (Defer)

Remove jurisdiction-specific distinctions from Corporate Forms

CorporateBodies.rdf (54) (58) (59)

Partnership.rdf (86) (87)

Resolution I  (Maybe) / Decided not to do

Rename FormallyConsitutedOrganization to ContractuallyConstitutedOrganization

 

Resolution J - Introduce Sole Proprietorships  (Yes – BE-64; BE-29; FIBOBE-_16)

Description: Create Sole Proprietorships directory and file

...

  • Add owl:imports SoleProprietoryships

Resolution K - Introduce Government Entities (Yes/Discretionary)

Description: Create Government Entities directory and file

...

  • add RegionalEntity as a subClassOf Polity
  • add label: "regional entity"
  • add skos:definition: "the legal person that corresponds to an administrative division, administrative unit, administrative entity or country subdivision (or, sometimes, geopolitical division or subnational entity), that has the capacity to incur debt, issue contracts, and enter into relations with other similar entities"
  • add adaptedFrom: http://en.wikipedia.org/wiki/Administrative_division
  • add explanatoryNote: "A country may be divided into provinces, which, in turn, are divided into counties, which, in turn, may be divided in whole or in part into municipalities; and so on"
  • add seeAlso: "ISO 3166-2 Codes for the representation of names of countries and their subdivisions - Part 1, Country subdivision codes"
  • add restriction: hasSharedSovereigntyOver some FederalState
  • add restriction: isRepresentedBy exactly 1 RegionalGovernment
  • add disjoint relation with SovereignState

 

  • add Sovereign add SovereignState as a subClassOf Polity
  • add label: "sovereign state"
  • add skos:definition: "a legal person that is represented by one centralized government that has sovereignty over a geographic area"
  • add adaptedFrom: http://en.wikipedia.org/wiki/Sovereign_state
  • add explanatoryNote: "A legal entity that is represented by one centralized government, has a permanent population, defined territory, and the capacity to enter into relations with other sovereign states.  It is identified as a legal entity as well as the setter of laws because it is able to incur debt in its own right and enter into contracts."
  • add restriction: hasFullSovereigntyOver some Country
  • add restriction: isRepresentedBy some NationalGovernment
  • add disjoint relation with RegionalState

...

 

D. In module LEIEntities

remove Sovereign (this will be replaced by Polity in GovernmentEntities)

remove MuncipalEntity  (this will be replaced by MunicipalEntity in GovernmentEntities)

 

E  AboutBE-1.0 Add import

 

 

Resolution L - Introduce Private Limited Companies  (Yes; FIBOBE-_19)

Description: Create Private Limited Companies directory and file

Rationale: 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 onboarding commercial customers, understanding counter parties, and KYC in general.

Resolution:

A. Create a new Module PrivateLimitedCompanies

B. In the module PrivateLimitedCompanies: Add an ontology called PrivateLimitedCompanies.rdf

C. In the ontology PrivateLimitedCompanies.rdf:

 

D. In module LEIEntities

remove Sovereign (this will be replaced by Polity in GovernmentEntities)

remove MuncipalEntity  (this will be replaced by MunicipalEntity in GovernmentEntities)

remove SuparanationalEntity (this will be replaced by SupranationalEntity in GovernmentEntities)

 

E  AboutBE-1.0 Add import

 

 

Resolution L - Introduce Private Limited Companies  (Yes; FIBOBE-_19)

Description: Create Private Limited Companies directory and file

Rationale: 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 onboarding commercial customers, understanding counter parties, and KYC in general.

Resolution:

A. Create a new Module PrivateLimitedCompanies

B. In the module PrivateLimitedCompanies: Add an ontology called PrivateLimitedCompanies.rdf

C. In the ontology PrivateLimitedCompanies.rdf:

  • add fileAbstract: "This ontology defines the fundamental concepts for representing private limited companies -- i.e., a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are)."

...

  • add rdfs:label "FIBO BE private limited companies module"
  • add skos:definition "individual representing metadata about the FIBO BE private limited companies module"^^xsd:string
  • add sm:moduleName "Private limited companies"^^xsd:string
  • add sm:moduleAbbreviation "fibo-be-plc"^^xsd:string
  • add sm:moduleVersion "1.0"^^xsd:string
  • add sm:moduleAbstract "This module includes ontologies describing business entities representing private limited companies -- i.e., a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship."^^xsd:string
  • add fibo-fnd-rel-rel:isPartOf fibo-be:BESpecification
  • add fibo-fnd-utl-av:usageNote "Users should be aware that the BE Functional Entities ontologies depend on a number of the ontologies specified in the EDMC-FIBO Foundations (FND) specification. Individual ontologies in this module import only those FIBO FND ontologies they use directly, however."^^xsd:string
  • add rdfs:seeAlso <http://www.edmcouncil.org/>
  • add rdfs:seeAlso <http://www.omg.org/spec/EDMC-FIBO/AboutTheEDMC-FIBOFamily/>
  • add rdfs:seeAlso <http://www.omg.org/spec/EDMC-FIBO/BE/AboutBE/>

I. In ontology AboutBE-1.0

  • Add owl:imports PrivateLimitedCompanies

 

Resolution M - Legal Entity Identifier

 

...

I. In ontology AboutBE-1.0

  • Add owl:imports PrivateLimitedCompanies

Resolution P - Create LEIEligibleEntity and LEIRegisteredEntity (Mandatory) (done)

                          LEIEligibleEntity becomes a subClass of AutonomousAgent and  isIdentifiedBy exactly 1 LegalEntityIdentifier

                                  Fill in all metadata from line 30 on LEIEligibleEntity 

                                   Move LEICapableEntity to the LEIEntities module (and namespace)

                                  Remove ContractrallyCapableEntity entirely

                                  Remove  (Deprecate) LegalEntity 

 

Resolution R - Change FormallyConstituedOrganization to ContractuallyConstitutedOrganization (Discretionary)  - FCT determined that this was not worth doing (closed)


Resolution X - Deprecate OrganizationIndustrySectorClassification (done)


Resolution Y - Introduce additional capacities to Legal Person for greater clarity and completeness of concept