Date

03 Aug 2020

Attendees

Agenda

1) Use Case reminder

2) Where we are on our road map.

3) Open Action Items

4) JIRA Issues Review - https://jira.edmcouncil.org/projects/SEC/issues/SEC-7?filter=allopenissues

5) Todays content discussion.

SMIF OWL-UML

SKOS

RDF/S

6) For next week.

Proceedings:

We revised 'PreferredShareCoupon' to be 'PreferredDividend', per discussion; changed the name of the property hasDividendRate to hasFixedDividendRate, which is specified in the prospectus for the preferred share, to distinguish it from the more common definition of a dividend rate.

About retraction: While callable shares may be redeemed by the issuer, retractable preferred shares are a specific type of preferred stock that lets the owner sell the share back to the issuer at a set price. Sometimes instead of cash, retractable preferred shares can be exchanged for common shares of the issuer. This may be referred to as a “soft” retraction compared with a “hard” retraction where cash is paid out to the shareholders.

About redeemable shares: Callable preferred stock, also known as redeemable preferred stock, is a type of preferred stock in which the issuer has the right to call in or redeem the stock at a pre-set price after a defined date. Callable preferred stock terms, such as the call price, the date after which it can be called, and the call premium (if any) are all defined in the prospectus. However, callable preferred share terms laid at the time of issuance cannot be changed later.

Need to move hasExtensionProvision from FBC/Debt to FBC/FinancialInstruments, and add a parallel property, hasRedemptionProvision, currently in DebtInstruments → FinancialInstruments so that we can create subclasses of PreferredShare, including RedeemablePreferredShare, ExtendablePreferredShare, and ExchangeablePreferredShare, for which we also need a property that relates to a new exchange-oriented contract provision.

Currently we have ConvertibleSecurity with two children in equities - ConvertibleCommonShare and ConvertiblePreferredShare. What we need is ConvertibleShare, which would be a subclass of ExchangeableShare - the broader case would be one that allows for conversion into a security issued by the same or a different issuer, and the narrower case should be for convertibility into another security from the same issuer. Then ConvertiblePreferredShare should be a subclass of ConvertibleShare and ExchangeablePreferredShare is a subclass of ExchangeableShare and they are both subclasses of PreferredShare.

Exchangeable preferred stock—This type of preferred stock carries an embedded option to be exchanged for some other security.

Convertible preferred stock—These are preferred issues which holders can exchange for a predetermined number of the company's common-stock shares. This exchange may occur at any time the investor chooses, regardless of the market price of the common stock. It is a one-way deal; one cannot convert the common stock back to preferred stock.

Elisa will set up webex with John and optionally Ian to approve the pull request once it is done.

Decisions:

Action items