Versions Compared

Version Old Version 183 New Version Current
Changes made by

David Newman

Elisa Kendall

Saved on

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.

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

...

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

...

  • 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.

...

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

...

 

 

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

Description: Create Private Limited Companies directory and file

...

  • Add owl:imports PrivateLimitedCompanies

...

Resolution

...

Description: Remove affiliate

Rationale: In current release the restrictions defining affiliate are too limiting and require further analysis.  Also affiliate is often defined differently according to different regulations.  Our recommendation is to remove the class Affiliate from this release and further develop the concept in a future release that will support  regulatory plugins e.g. RegulationW, et.al.  However we can add the object property isAffiliateOf which can describe an assertion that an IndependentParty is an affiliate of another IndependentParty.  This is a much more generic view of the affiliate relationship.

Resolution: 

A.   In module CorporateControl

  • remove Class Affiliate
  • remove object property hasAffiliate so that it can instead be replaced by a more symmetrically named property as well as a broader domain than StockCorporation

 

B. In module ControlParties

  • add object property isAffiliateOf
  • add label: "is affiliate of"
  • add skos:definition: "relates an independent party to another independent party such that one party directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control by the other party"
  • add adaptedFrom: http://www.businessdictionary.com/definition/affiliate.html
  • add editorialNote: "This definition will expand and become more precise in FIBO regulatory plugins that can more specifically define the relation in terms of the specific language and intent of the regulation, e.g. RegulationW."
  • set property domain to be IndependentParty
  • set property range to be IndependentParty
  • set property characteristic to be symmetric

 

Resolution N - Remove certain restrictions in Stock Corporation (Discretionary)

 

Description: Remove certain restrictions in Stock Corporation

 

Rationale: There are several restrictions associated with a StockCorporation that are descriptive but may not be necessary.   We want to reevaluate these restrictions.   Our recommendation is to remove the below listed restrictions for this release.  A subsequent release will refocus on ownership and control relations and may recommend new restrictions at that time.

 

Resolution: 

 

A.   In module CorporateControl

  • for class StockCorporation:
  • remove restriction hasControllingInterestParty min 0 VotingShareholder
  • remove restriction hasMajorityControllingInterestParty min 0 OverFiftyPercentControllingInterestCompany
  • remove restriction hasSignificantControllingInterestParty min 0 SignificantShareholdingCompany
  • remove restriction isWhollyOwnedBy min 0 TotalControllingInterestCompany

 

Resolution O - Replace Natural Person with LegallyCapablePerson (Mandatory)  

                           Also, implement Row 2 from the Actions

                                                                                          Dean

Resolution P - Create LEIEligibleEntity and LEIRegisteredEntity (Mandatory)

                          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 

 Dean

Resolution Q - Realign hasObjective to hasGoal for BusinessEntities (Highly Discretionary)

 

Resolution R - Change FormallyConstituedOrganization to ContractuallyConstitutedOrganization (Discretionary)  Dean

Resolution S - Introduce Jurisdictional Plugins to Define Unique Jurisdictions for Specific Legal Forms in US and UK (Mandatory)  David

Resolution T - Introduce Business Entity to Group Legal Forms that are Companies

Resolution U - Expand Trusts and Provide Restrictions  David

Resolution V - Deprecate OrganizationIndustrySectorClassification

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

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

BE 1.2?

Resolution V - Refactor and Correct Elements in Ownership and Control Modules  Dean/David

...

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