FIBO CONTENT TEAM Financial Business Commerce Agenda 2
FIBO CONTENT TEAM Financial Business & Commerce
Agenda 2 Where we are – FBC Financial Business and Commerce (FBC) Specification materials submitted to the OMG -https: //wiki. edmcouncil. org/pages/viewpage. action? pa ge. Id=3571726 v Specification was adopted in La Jolla (December), beginning to work on finalization issues v Current activities reflected in open EDMC JIRA issues v New issues, as uncovered by the SEC FCT should be posted to JIRA (FBC or SEC) as appropriate v Open Action Item review Homework discussion and reminders Meeting Schedule
Recap of last few meetings 3 Participants included the following organizations: • • • • Adaptive Bloomberg Citi Credit Suisse (new, joining as time permits) Deutsche Bank Fidelity Global LEI Foundation / Tahoe Blue Ltd Goldman Sachs Mizuho Mphasis No. Magic Nordea State Street Statistics Canada Thematix Partners Wells Fargo
Outstanding FBC Actions / Issues 4 Actions from prior meetings have been noted on the wiki – see https: //wiki. edmcouncil. org/display/FBC/Meeting+notes FBC Finalization Issues – 35 open issues in JIRA (plus need to review AB comments) v FBC-18, FBC-62, FBC-68 and FBC-70: Reconciliation between the changes in BE (David Newman et al) and FBC, including LEI, functional entities – underway v v v v Many of the initial changes anticipated in BE 1. 0 did not occur FBC-50 and FBC-52: Addition of definition of self-regulating organization (SRO) and determination of additional jurisdiction-specific SROs (e. g. , FINRA, MSRB, NRA. . . ) FBC-53: Addition of Nominee to Clients and Accounts, and revision of definition of Account. Holder to include Nominee FBC-65: Addition of definitions for trade, position, holding, exposure (high level, since they span multiple domain areas) – initiated, with assistance from Bloomberg (will need help with these) EU Regulatory Agencies, Repositories/Registries, and EU-specific individuals (DB) – underway UK Regulatory Agencies, Repositories/Registries, and UK-specific individuals (DB) – underway International Jurisdiction individuals – GLEIS repository, e. g. (FBC-33, FBC-62) Numerous “tweaking” issues marked as minor, some related to definitions that will require review by this group Need a list of definitive, high level services we can use to differentiate these kinds of entities and who regulates them. So, e. g. , if someone is regulated by a given regulation, then it means they are a bank holding company (all)
Status of Reconciliation with Business Entities 5 Primary differences / modifications identified to date include: v v v Lack of support for government entities anticipated – Sovereign. State, Regional. Governmental. Entity – need to discuss this with the BE RTF to determine what action should be taken (could remove references in the jurisdiction-specific individuals) Should the governmental entities that would have been added in BE 1. 0 be incorporated via FBC? Need to address jurisdiction-specific entities in general – should these be added in FBC or in FND? Some jurisdiction-specific entities are needed by BE to define legal business forms (or should that also be done in FBC? ) Registration. Address in Business Registries should be a child of FND Postal. Address Other changes anticipated in the LEIEntities ontology did not occur, so reconciliation there is not needed
FBC Status 6 Recently revised/updated ontologies, now in pink, include: All of the revisions made to Foundations by the FND 1. 1 RTF v All of the revisions made to Business Entities by the BE 1. 0 FTF v FBC ontologies as adopted by the OMG at the December 2015 technical meeting (these have not changed) v Current task: prioritize open issues and create a work plan for the next revision (September meeting as a target)
FBC Homework 7 Review open issues in JIRA and determine priorities Provide starting point definitions for trade, holding, position, exposure for review by the FCT Determine the set of self-regulating organizations to add – list of exchanges? FINRA? MSRB? NRA? Others? Prioritize concepts for UK, EU jurisdiction to incorporate in the next revision of the specification
Schedule 8 Next Few Meetings: v v April 11 2016 – FBC Working Session April 18 2016 – no telecon due to EDMC/FIBO conference v April 25 2016 – SEC Working Session v May 2 2016 – FBC Working Session
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