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| This Wiki covers everything related to the OMG Financial Sector Domain Task Force. | This Wiki covers everything related to the OMG Financial Sector Domain Task Force. | ||
| - | ==== History ==== | + | ===== History ===== |
| A joint EDMC-OMG Working Group was created (date?)to accelerate the development of a 'sustainable, data standards and model driven' approach to regulatory compliance. Please note that support for financial reform standards is an important application of (but not limited to) the proposed joint standard. Stakeholders from Object Management Group and EDM Council (in collaboration with other standards organizations) contributed to the development of semantic standards for both financial instruments and legal entities. | A joint EDMC-OMG Working Group was created (date?)to accelerate the development of a 'sustainable, data standards and model driven' approach to regulatory compliance. Please note that support for financial reform standards is an important application of (but not limited to) the proposed joint standard. Stakeholders from Object Management Group and EDM Council (in collaboration with other standards organizations) contributed to the development of semantic standards for both financial instruments and legal entities. | ||
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| Please click through to the [[Blockchain-WG-Page]] for archive of DLT-WG meeting notes. | Please click through to the [[Blockchain-WG-Page]] for archive of DLT-WG meeting notes. | ||
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| + | ===== Key Terms: Definitions for the Financial Transparency Act (HR 1530, 2019) ===== | ||
| + | In 2019 OMG was asked, by drafters of the proposed Financial Transparency Act, to develop definitions for key terms that were included in the FTA. The intention was for these definitions to be the basis for common meaning across all the financial agencies, and indeed across all of government. Not all of the terms were exclusively financial, but all did pertain to proposed requirements included in the bill. The terms were developed at the Amsterdam Technical Conference in 2018, and were approved by the Architecture Board and Board of Directors in 2019. They were assigned OMG Document Number finance/2019-06/03 - - Definitions for Financial Transparency Act, which is accessible at [[https://www.omg.org/cgi-bin/doc?finance/2019-06-03 | Financial Terms Document]]. | ||
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| + | The terms document was provided to the Office of Management and Budget (OMB) on 5 July 2019 as a comment letter on the Federal Data strategy Phase 3. The FTA was not passed into law, but the terms have been incorporated into the Financial Data Transparency Act of 2022 (provide specifics?), and have been incorporated elsewhere in Federal law, for example (provide citations). | ||
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| + | The terms included are (see Definitions link for full document): | ||
| + | * Data Standard | ||
| + | * Open data | ||
| + | * Searchable Data | ||
| + | * Human Readable Format | ||
| + | * Machine Readable Data | ||
| + | * Voluntary Consensus Standards Body | ||
| + | * Standards Developed / Maintained by a VCSB | ||
| + | * Nationally recognized Statistical Rating Organization (NRSRO) | ||
| + | * Asset-Backed Security | ||
| + | * Taxonomy | ||
| + | * Ontology | ||
| + | |||
| + | =====Financial Instrument Global Identifier (FIGI) ===== | ||
| + | (Add Content) | ||
| + | |||
| + | ===== Standard Business Reporting Model (SBRM) ===== | ||
| + | (Add content, then link to SBRM Wiki Page) | ||
| ===== Link to Investopedia Page on the Definitions of Money Supply (M0, M1, M2, M3) ===== | ===== Link to Investopedia Page on the Definitions of Money Supply (M0, M1, M2, M3) ===== | ||
start.txt ยท Last modified: 2023/09/01 11:31 by blaszkowskyd
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