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-====== OMG Finance Domain Task Force ======
+====== OMG Finance Sector Domain Task Force (FSDTF) ======
+==== (Formerly: Financial Domain Task Force) ====
-===== Semantic Models for Financial Reform =====
+===== Semantic Models and Other Specifications for the Financial Sector =====
-In response to the 2007-09 financial crisis, the U.S. congress passed the [[http://www.gpo.gov/fdsys/pkg/BILLS-111hr4173enr/pdf/BILLS-111hr4173enr.pdf|Dodd Frank Act]]. Financial institutions will need to implement data standards such as instrument and business entity identifiers, associated reference data and hierarchies to support the reporting requirements in a manner that facilitates analytics and supports systemic oversight.
+In response to the 2007-09 financial crisis, the U.S. Congress passed the [[http://www.gpo.gov/fdsys/pkg/BILLS-111hr4173enr/pdf/BILLS-111hr4173enr.pdf|Dodd-Frank Act]]. In 2022, Congress also passed the Financial Data Transparency Act.  Both bills required, along with a number of financial agency regulations and administrative actions, expanded and embedded the use of financial standards by both financial institutions and agencies.  The Financial institutions need to implement data standards such as instrument and business entity identifiers, associated reference data and hierarchies to support the reporting requirements in a manner that facilitates analytics and supports systemic oversight. While US actions are cited here, similar actions have been taken by most economies around the world, by nations and as coordinated by the Financial Stability Board, the European Commission, and other multilateral agencies.
-==== History: Joint OMG / EDM Council Working Group ====
+The FSDTF is charged to:
-The purpose of the joint EDMC-OMG Working group was 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) are contributing to the development of these standards. Initial scope is to develop and adopt the semantic standard for both financial instruments and legal entities.
+  * Help members understand data is a business asset
+  * Promote data + data semantics = financial services DNA
+  * Develop best practices, innovative strategies and standards which convert financial data to smart data
+  * Partner with other OMG groups and SDOs to accomplish the above
-This Wiki covers everything related to the OMG Finance Domain Task Force, and also reflects the activities of the joint work described above, which continues via the Finance Domain Task Force as a whole.
+This Wiki covers everything related to the OMG Financial Sector Domain Task Force.
+===== 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.
+The Finance Domain Task Force was constituted, and worked through the 2010s on a number of standards initiatives, including the Financial Industry Business Ontology (FIBO) with the EDM Council, the Financial Instrument Global Identifier (FIGI), and (in partnership with the Business Methods and Integration DTF) the Standard Business Development Model.
+at the March 2023 Technical Committee meetings in Reston, the name was changed to "Financial Sector Domain Task Force (FSDTF)" to address certain overlaps with other DTFs and close unaddressed holes in responsibilities.
 ===== Regular Calls =====
-As of Q3 2021 these calls will take place every week on Tuesdays at 2:30pm ET
+==== Q1 2022 ====
+For 2022 Q1 we meet once, on 22 Feb 2022.
+==== Q4 2021 ====
+In Q4 2021 we met just once in the quarter.
 ==== Q3 2021 ====
+In Q3 2021 these calls will take place every week on Tuesdays at 4pm ET
 NOTE: Rather than alternate between RFI and broader definitional / research issues, we decided to progress both of these threads in parallel during the Q3 calls. See below for the RFI that is part of this quarter's development.
-  * {{ ::20210824_fdtf_call_notes.docx |24 Augusst 2021}} - Money concepts and diagrams
+  * {{ ::20210914_fdtf_call_notes.docx |14 September 2021}} - Quarterly Meeting agenda review; definitions
+  * {{ ::20210907_fdtf_call_notes.docx |7 September 2021}} - Quarterly Meeting Plans
+  * {{ ::20210831_fdtf_call_notes.docx |31 August 2021}} - Money, currency and economic concepts
+  * {{ ::20210824_fdtf_call_notes.docx |24 August 2021}} - Money concepts and diagrams
     * {{ ::20210824_fdtf_money_concepts_diagramming.pptx |Slides}}
   * {{ ::20210817_fdtf_call_notes.docx |17 August 2021}} - Quarterly Meeting plans; concept articulation goals
@@ Line 85: / Line 108: @@
 ==== History ====
-Following an exploratory meeting in March 2016 in Reston, VA it was agreed that the Finance domain Task Force would start to explore possible opportunities for standardization within the Blockchain ecosystem. Such standards might be at the level off the FDTF itself, or by or in liaison with other groups, or may be initiatives that could involve the OMG community working with other groups as appropriate. The initial meeting was followed up by a series of calls culminating in a half day event at the June 2016 OMG meetings in Orlando, FL. Here we explored two possible areas of potential standards opportunities: identification standards and standards for use with "smart contracts" which would ideally leverage ontologies such as FIBO. Regular calls continue (1pm Eastern Time on Tuesdays), and are now focused on smart contracts standards opportunities. It was decided that there were no current opportunities to explore in the use of standards in the identification space and that any such requirements would drop out of work in other areas.
+Following an exploratory meeting in March 2016 in Reston, VA it was agreed that the Finance Domain Task Force would start to explore possible opportunities for standardization within the Blockchain ecosystem. Such standards might be at the level off the FDTF itself, or by or in liaison with other groups, or may be initiatives that could involve the OMG community working with other groups as appropriate. The initial meeting was followed up by a series of calls culminating in a half day event at the June 2016 OMG meetings in Orlando, FL. Here we explored two possible areas of potential standards opportunities: identification standards and standards for use with "smart contracts" which would ideally leverage ontologies such as FIBO. Regular calls continue (1pm Eastern Time on Tuesdays), and are now focused on smart contracts standards opportunities. It was decided that there were no current opportunities to explore in the use of standards in the identification space and that any such requirements would drop out of work in other areas.
 Please click through to the [[Blockchain-WG-Page]] for archive of DLT-WG meeting notes.
+===== 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]].
+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).
+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) =====

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