Financial Services Entities Ontology
abstract: This ontology defines basic financial service providers, such as holding companies, financial institutions (both depository and non-depository institutions), and clearing houses at a relatively general level. Nuances specific to the institutions located in a specific country are defined in jurisdiction specific dependent ontologies.
license: Copyright (c) 2015-2025 EDM Council, Inc. Copyright (c) 2015-2024 Object Management Group, Inc. Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the 'Software'), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions: The above copyright notice and this permission notice shall be included in all copies or substantial portions of the Software. THE SOFTWARE IS PROVIDED 'AS IS', WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. See https://opensource.org/licenses/MIT.
type: Ontology
imports: FunctionalEntities
imports: GovernmentEntities
imports: CorporateBodies
imports: FormalBusinessOrganizations
imports: LegalPersons
imports: ControlParties
imports: OwnershipParties
imports: Partnerships
imports: PrivateLimitedCompanies
imports: FinancialProductsAndServices
imports: CurrencyAmount
imports: Contracts
imports: Documents
imports: Control
imports: Parties
imports: PaymentsAndSchedules
imports: Relations
imports: AnnotationVocabulary
imports: CodesAndCodeSets
imports: Collections
imports: ContextualIdentifiers
imports: DatesAndTimes
imports: Designators
imports: Identifiers
imports: Organizations
imports: PartiesAndSituations
imports: RegistrationAuthorities
imports: RegulatoryAgencies
imports: RolesAndCompositions
imports: CountryRepresentation
version IRI: FinancialServicesEntities
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of the ontology was modified to replace additional content that is now available in the OMG Commons Ontology Library (Commons) v1.2 (FND-389).
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of the ontology was modified to use the Commons Ontology Library (Commons) Annotation Vocabulary rather than the OMG's Specification Metadata vocabulary.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was modified per the issue resolutions identified in the FIBO FBC 1.0 FTF report.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was modified to use the Commons Ontology Library (Commons) rather than the OMG's Languages, Countries and Codes (LCC) and to eliminate redundancies in FIBO as appropriate.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to add missing functional entities and related properties, and eliminate circular or ambiguous definitions where possible.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to apply the new composite identifier definition to BIC codes.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to augment the representation of institutions based on their definitions in the law, to clarify and extend definitions related to non-bank financial institutions,and to add multilingual labels.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to clean up a few definitions to conform with ISO 704, to use the Commons Ontology Library (Commons) Annotation Vocabulary rather than the OMG's Specification Metadata vocabulary, and to add the concept of a data processing servicer.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to clean up dead links and address text formatting issues uncovered by hygiene testing.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to correct a labelling issue.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to eliminate duplication with concepts in LCC.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to eliminate references to external dictionary sites that no longer resolve and address additional circular definitions.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to enable merging business and functional business entity in BE.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to leverage the new party identifier and replace hasDefinition with isDefinedIn to clarify intent.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to move the definition of the Bank for International Settlements (BIS) to the EU Regulatory Agencies ontology and build out the individual details there, and to reflect the move of some organization-specific concepts from BE to FND.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities.rdf version of this ontology was revised to replace content that is now available in the OMG Commons Ontology Library (Commons) v1.1 (FND-380).
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities/ version of this ontology was modified per the FIBO 2.0 RFC, including, but not limited to, the addition of trade settlement concepts and generalizing the concept of a credit union.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities/ version of this ontology was modified to generalize certain unions where they were no longer required and incorporate a new financial service provider identifier that is assigned functionally rather than to a legal entity.
change note: The https://spec.edmcouncil.org/fibo/ontology/FBC/FunctionalEntities/FinancialServicesEntities/ version of this ontology was modified to refine the concept of a credit union and generalize the definition of an underwriter.
has maturity level: Release
copyright: Copyright (c) 2015-2025 EDM Council, Inc.
copyright: Copyright (c) 2015-2025 Object Management Group, Inc.

bank
type: Class
subclass of: depository institution
definition: depository institution, usually a corporation, that accepts deposits, makes loans, pays checks, and performs related services, for individual members of the public, businesses or other organizations
adapted from: Barron's Dictionary of Banking Terms, Sixth Edition, 2012

bank holding company
type: Class
subclass of: holding company
subclass of: FinancialServiceProvider
subclass of: Restriction
  on class: Corporation
  on property: isPlayedBy
  qualified cardinality: 1
definition: any company that owns and/or has direct or indirect control of one or more banks; BHCs may also own nonbanking subsidiaries such as broker-dealers and asset managers
adapted from: Office of Financial Research (OFR) Annual Report, 2012, Glossary
explanatory note: A bank holding company may also own another bank holding company, which in turn owns or controls a bank; the company at the top of the ownership chain is called the top holder.

banking product
type: Class
subclass of: FinancialProduct
subclass of: Restriction
  on property: isProvidedBy
  some values from: depository institution
definition: product provided to consumers and businesses by a depository institution
example: Examples include checking account, savings account, certificate of deposit, debit or pre-paid card, or credit card.

banking service
type: Class
subclass of: FinancialService
subclass of: Restriction
  on property: isProvidedBy
  some values from: depository institution
definition: financial service offered by a depository institution
example: Examples include cash management service, foreign exchange service, lending or credit service, investment service, insurance service, merchant service, payroll service, and the like.

brokerage firm
type: Class
subclass of: non-depository institution
subclass of: BrokerDealer
definition: firm in the business of buying and selling securities, operating as both a broker and a dealer, depending on the transaction
definition origin: Office of Financial Research (OFR) Annual Report, 2012, Glossary
adapted from: https://www.worldbank.org/en/publication/gfdr/gfdr-2016/background/nonbank-financial-institution
explanatory note: The term broker-dealer is used in U.S. securities regulation parlance to describe stock brokerages, because most of them act as both agents and principals. A brokerage acts as a broker (or agent) when it executes orders on behalf of clients, whereas it acts as a dealer (or principal) when it trades for its own account.
synonym: market maker

business identifier code
type: Class
subclass of: CodeElement
subclass of: StructuredIdentifier
subclass of: OrganizationIdentifier
subclass of: Restriction
  min qualified cardinality: 0
  on class: OrganizationSubUnitIdentifier
  on property: comprises
subclass of: Restriction
  on class: business party prefix
  on property: comprises
  qualified cardinality: 1
subclass of: Restriction
  on class: business party suffix
  on property: comprises
  qualified cardinality: 1
subclass of: Restriction
  on class: FormalOrganization
  on property: denotes
  qualified cardinality: 1
subclass of: Restriction
  on class: Alpha2Code
  on property: comprises
  qualified cardinality: 1
subclass of: Restriction
  on property: isMemberOf
  some values from: business identifier code scheme
definition: international identifier for financial and non-financial institutions used to facilitate automated processing of information for financial services
abbreviation: BIC
adapted from: ISO 9362:2014 Banking -- Banking telecommunication messages -- Business identifier code (BIC)
explanatory note: The BIC is used for addressing messages, routing business transactions and identifying business parties. Note that the use of OrganizationSubUnitIdentifier in FIBO corresponds to the Branch Code in the SWIFT scheme.
synonym: SWIFT ID
synonym: SWIFT code
synonym: SWIFT-BIC
synonym: bank identifier code
synonym: business entity identifier

business identifier code scheme
type: Class
subclass of: CodeSet
subclass of: OrganizationIdentificationScheme
subclass of: Restriction
  on property: hasMember
  some values from: business identifier code
definition: scheme that specifies the elements of a unique business identifier code (BIC) scheme to identify financial and non-financial institutions used to facilitate automated processing of information for financial services
adapted from: ISO 9362:2014 Banking -- Banking telecommunication messages -- Business identifier code (BIC)
adapted from: https://www.iso.org/standard/60390.html

business party prefix
type: Class
subclass of: CodeElement
subclass of: OrganizationIdentifier
subclass of: Restriction
  max qualified cardinality: 1
  on class: business identifier code
  on property: isIncludedIn
subclass of: Restriction
  on property: isDefinedIn
  some values from: business identifier code scheme
definition: four-character (4 alphanumeric) code associated with an organization for the purposes of banking telecommunications
adapted from: ISO 9362:2014 Banking -- Banking telecommunication messages -- Business identifier code (BIC)
explanatory note: For new BIC registration by an organization already identified with a BIC or an affiliated organization [after the transition period ending November 2018], SWIFT will still reserve the usage of an existing party prefix to these organizations. This legacy rule will be reserved to existing BIC owners. If they wish to preserve this value, no other organization will be allowed to use the same code
explanatory note: For new BIC registration from an organization not yet identified by a BIC, the party prefix will be allocated at the discretion of the RA. The code will not have a mnemonic or acronym value anymore.
synonym: bank code
synonym: institution code

business party suffix
type: Class
subclass of: CodeElement
subclass of: Restriction
  on property: isIncludedIn
  some values from: business identifier code
subclass of: Restriction
  on property: isDefinedIn
  some values from: business identifier code scheme
definition: two-character (2 alphanumeric) code associated with the organization for the purposes of banking telecommunications
adapted from: ISO 9362:2014 Banking -- Banking telecommunication messages -- Business identifier code (BIC)
explanatory note: In the prior version of the standard, position 7 of the BIC determined the location of the BIC in a particular country. In a country spanning over multiple time zones, each character may have been used to define a different time zone. If an organization moved location to a different time zone within the same country, the existing BIC would normally have been deleted and replaced by a new BIC with the appropriate location code.
explanatory note: With the revision of the standard [and transition period ending November 2018], the location code has been re-defined as a 'party suffix' without any specific meaning. A new reference data attribute has been introduced in the SWIFTRef directories to indicate where the institution is located and to which time zone it refers.

central bank
type: Class
subclass of: bank
subclass of: monetary authority
subclass of: Restriction
  all values from: Instrumentality
  on property: isPlayedBy
definition: financial institution that is the monetary authority and major regulatory bank for a country (or group of countries)
explanatory note: Its functions include issuing and managing the country's currency, controlling monetary policy and supervising money market operations, managing exchange and gold reserves, acting as lender of last resort to commercial banks, and providing banking services to the government. Central banks are state-controlled but are increasingly being given an independent status to insulate them from partisan politics.

central counterparty clearing house
type: Class
subclass of: clearing house
definition: clearing house that helps facilitate trading in derivatives and equities markets
abbreviation: CCP
explanatory note: These clearing houses are often operated by the major banks in the country. The house's prime responsibility is to provide efficiency and stability to the financial markets that they operate in. There are two main processes that are carried out by CCPs: clearing and settlement of market transactions. Clearing relates to identifying the obligations of both parties on either side of a transaction. Settlement occurs when the final transfer of securities and funds occur. CCPs benefit both parties in a transaction because they bear most of the credit risk. If two individuals deal with one another, the buyer bears the credit risk of the seller, and vice versa. When a CCP is used the credit risk that is held against both buyer and seller is coming from the CCP, which in all likelihood is much less than in the previous situation.

central securities depository
type: Class
subclass of: FinancialServiceProvider
definition: functional entity that provides a central point for depositing financial instruments ('securities'), for example, bonds and shares
abbreviation: CSD
adapted from: http://ecsda.eu/facts/faq
explanatory note: CSDs' clients are typically financial institutions themselves (such as custodian banks and brokers) rather than individual investors.

clearing bank
type: Class
subclass of: clearing house
subclass of: commercial bank
definition: commercial bank that facilitates payment and settlement of financial transactions, such as check clearing or facilitating trades between the sellers and buyers of securities or other financial instruments or contracts
definition origin: Office of Financial Research (OFR) Annual Report, 2012, Glossary

clearing corporation
type: Class
subclass of: clearing house
subclass of: Restriction
  on class: Corporation
  on property: isPlayedBy
  qualified cardinality: 1
definition: clearing house that is organized as a corporation
adapted from: Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014

clearing house
type: Class
subclass of: FinancialServiceProvider
subclass of: Restriction
  on property: provides
  some values from: clearing service
definition: financial service provider that is exchange affiliated and provides clearing services, including the validation, delivery, and settlement of financial transactions, for financial intermediaries
adapted from: Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014

clearing service
type: Class
subclass of: FinancialService
definition: service provided on behalf of an institutional market participant by a clearing services provider following a trade that finalizes the transfer of security ownership
adapted from: EDM Council / Quarule

commercial bank
type: Class
subclass of: bank
subclass of: Restriction
  on class: Corporation
  on property: isPlayedBy
  qualified cardinality: 1
definition: depository institution that engages in various financial services, such as accepting deposits and making loans
explanatory note: A commercial bank is a financial institution that is owned by stockholders, operates for a profit, and engages in various lending activities. Commercial banks provide services, such as accepting deposits, giving business loans and auto loans, mortgage lending, and basic investment products like savings accounts and certificates of deposit.
explanatory note: The traditional commercial bank is a brick and mortar institution with tellers, safe deposit boxes, vaults and ATMs. However, some commercial banks do not have any physical branches and require consumers to complete all transactions by phone or Internet. In exchange, they generally pay higher interest rates on investments and deposits, and charge lower fees.

commercial finance company
type: Class
subclass of: finance company
definition: finance company that makes loans to manufacturers and wholesalers, secured by accounts receivable, inventories, and equipment
adapted from: Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014
synonym: commercial credit company

commodity trading advisor
type: Class
subclass of: non-depository institution
definition: party that directly or indirectly advises others as to the value or advisability of buying or selling futures contracts or options
abbreviation: CTA
adapted from: Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014
explanatory note: Indirect advice includes exercising trading authority over a customer's account. In the U.S., registered CTAs are registered with the Commodities Futures Trading Commission (CFTC) and are generally required to be members of the National Futures Association (NFA).

consumer finance company
type: Class
subclass of: finance company
definition: finance company that lends to individuals under the small loans laws of the jurisdiction in which they operate
adapted from: Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014
synonym: direct loan company
synonym: small loan company

contractual savings institution
type: Class
subclass of: Investor
subclass of: non-depository institution
subclass of: Restriction
  min qualified cardinality: 0
  on class: Class
    union of: SpecialPurposeVehicle
    union of: PrivateCompanyWithLimitedLiability
    union of: Partnership
  on property: isPlayedBy
definition: financial institution that provides the opportunity for individuals to invest in collective investment vehicles in a fiduciary rather than a principle role
example: Example institutional investors include banks, insurance companies, mutual funds, pension funds, and other similar large funds.
adapted from: https://www.worldbank.org/en/publication/gfdr/gfdr-2016/background/nonbank-financial-institution
explanatory note: Collective investment vehicles invest the pooled resources of the individuals and firms into numerous equity, debt, and derivatives promises. The individual, however, holds equity in the CIV itself rather what the CIV invests in specifically. The two most popular examples of contractual savings institutions are mutual funds and private pension plans.
explanatory note: Typically more than 70 percent of the daily trading on the New York Stock Exchange is conducted on behalf of institutional investors.
synonym: institutional investment firm
synonym: institutional investor
synonym: investisseur institutionnel @fr-fr

credit union
type: Class
subclass of: CooperativeSociety
subclass of: depository institution
subclass of: Restriction
  on class: NotForProfitOrganization
  on property: isPlayedBy
  qualified cardinality: 1
definition: not-for-profit depository institution that makes personal loans and offers other consumer banking services, organized for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes

data processing service
type: Class
subclass of: FinancialService
subclass of: Restriction
  on property: isProvidedBy
  some values from: data processing servicer
definition: financial service offered by an entity primarily engaged in providing infrastructure for hosting or data processing services
adapted from: https://www.ffiec.gov/npw/Help/InstitutionTypes

data processing servicer
type: Class
subclass of: FinancialServiceProvider
definition: finance services provider primarily engaged in providing infrastructure for hosting or data processing services
adapted from: https://www.ffiec.gov/npw/Help/InstitutionTypes
explanatory note: These establishments may provide specialized hosting activities, such as web hosting, streaming services or application hosting, provide application service provisioning, or may provide general time-share mainframe facilities to clients. Data processing establishments provide complete processing and specialized reports from data supplied by clients or provide automated data processing and data entry services.

depository institution
type: Class
subclass of: financial institution
definition: any financial institution engaged in the business of receiving demand deposits from the public or other institutions
adapted from: 12 U.S. Code Section 1813 - Definitions, see, for example, http://www.law.cornell.edu/uscode/text/12/1813
adapted from: https://www.fdic.gov/regulations/laws/rules/1000-400.html#fdic1000sec.3a

development bank
type: Class
subclass of: financial institution
definition: national or regional financial institution designed to provide medium- and long-term capital for productive investment, often accompanied by technical assistance, in poor countries
synonym: development finance company (DFC)
synonym: development financial institution (DFI)

electronic funds transfer service
type: Class
subclass of: FinancialService
definition: service involving any transfer of funds other than a transaction involving a paper instrument, that is initiated through an electronic terminal, telephone, or computer and that orders or authorizes a financial institution to debit or credit an account
example: EFT services include transfers through automated teller machines, point-of-sale terminals, automated clearinghouse systems, telephone bill-payment plans in which periodic or recurring transfers are contemplated, and remote banking programs.
abbreviation: EFT
adapted from: Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014
synonym: wire transfer service

face amount certificate company
type: Class
subclass of: investment company
disjoint with: management company
definition: investment company which is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or which has been engaged in such business and has any such certificate outstanding
definition origin: Section 4, definition of investment companies, Investment Company Act of 1940 as amended and approved as of 3 January 2012, see https://www.sec.gov/about/laws/ica40.pdf
explanatory note: An investor may enter into a contract with an issuer of a face amount certificate to contract to receive a stated or fixed amount of money (the face amount) at a stated date in the future. In exchange for this future sum, the investor must deposit an agreed lump sum or make scheduled installment payments over time. Face amount certificates are rarely issued these days, as most of the tax advantages that the investment once offered have been lost through changes in the tax laws.

finance company
type: Class
subclass of: non-depository institution
definition: financial intermediary in the business of making loans that obtains its financing from banks, institutions, and other money market sources rather than from deposits
adapted from: Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014

financial institution
type: Class
subclass of: FinancialServiceProvider
subclass of: Restriction
  on property: provides
  some values from: FinancialService
subclass of: Restriction
  on property: isRegulatedBy
  some values from: RegulatoryAgency
definition: financial service provider identified as either a government agency or privately owned entity that collects funds from the public and from other institutions, and invests those funds in financial assets, such as loans, securities, bank deposits, and income-generating property
adapted from: Barron's Dictionary of Banking Terms, Sixth Edition, 2012
explanatory note: Financial institutions are differentiated by the way they obtain and invest funds. Depository institutions accept public deposits, which are insured by the government against loss, and channel those deposits into lending activities. Non-depository institutions, such as brokerage firms, life insurance companies, pension funds, and investment companies, fund their investment activities directly from financial markets by selling securities to the public or by selling insurance policies, in the case of insurance companies.
synonym: financial intermediary

financial service provider identifier
type: Class
subclass of: PartyRoleIdentifier
subclass of: Restriction
  min qualified cardinality: 0
  on class: Jurisdiction
  on property: isGovernedBy
subclass of: Restriction
  on class: financial service provider identifier scheme
  on property: isMemberOf
  qualified cardinality: 1
subclass of: Restriction
  on class: FinancialServiceProvider
  on property: identifies
  qualified cardinality: 1
definition: identifier that is officially allocated to a financial service provider based on a function that they provide, typically in a jurisdiction over which a regulatory agency has some jurisdiction

financial service provider identifier scheme
type: Class
subclass of: IdentificationScheme
subclass of: Restriction
  on property: hasMember
  some values from: financial service provider identifier
definition: scheme that defines the financial service provider identifier per the issuing registration authority or regulatory agency

futures commission merchant
type: Class
subclass of: non-depository institution
definition: party that does both of the following: (1) solicits or accepts orders to buy or sell futures contracts, options on futures, retail off-exchange forex contracts, or swaps and (2) accepts money or other assets from customers to support such orders
abbreviation: FCM
adapted from: National Futures Association

holding company
type: Class
subclass of: FunctionalBusinessEntity
subclass of: Restriction
  min qualified cardinality: 0
  on class: ControlledParty
  on property: has portfolio company
definition: business entity established to own stock in another company, typically to own enough voting shares to have some level of control over that company's policies and management
explanatory note: Holding companies protect their owners from losses to some degree, protecting assets, for example, in case of bankruptcy. They can also be set up to own property such as real estate, patents, trademarks, stocks and other assets to limit financial and legal liability

insurance company
type: Class
subclass of: risk pooling institution
definition: non-depository institution whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies, and that provides compensation based on the happening of at least one contingency
adapted from: http://www.ffiec.gov/nicpubweb/Content/HELP/Institution%20Type%20Description.htm
adapted from: https://www.sec.gov/about/laws/ica40.pdf
explanatory note: In the US, insurance companies are subject to supervision by the insurance commissioner or a similar official or agency of a State; or any receiver or similar official or any liquidating agent for such a company, in his capacity as such. Common forms of insurance include life, property and casualty, and health insurance. In addition to insuring against hazards, many insurance companies also sell investments or investment-like products. The most prevalent investment products offered by insurers are annuities and life insurance policies that also feature investment elements. A number of insurance companies operate brokerage arms that trade securities on behalf of clients.

insurance service
type: Class
subclass of: FinancialService
definition: financial service in which the insurer promises to provide compensation for specific potential future losses in exchange for a periodic payment
adapted from: Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014
explanatory note: Insurance providers invest the compensation they receive in order to make a profit. In general, insurance transfers risk from individuals or organizations to a larger pool of individuals or organizations that are better able to mitigate that risk.

investment bank
type: Class
subclass of: financial institution
subclass of: Class
  union of: bank
  union of: brokerage firm
definition: financial service provider that acts as an underwriter or agent that serves as intermediary between the issuer of securities and the investing public
explanatory note: Major investment banks include Barclays, BofA Merrill Lynch, Warburgs, Goldman Sachs, Deutsche Bank, JP Morgan, Morgan Stanley, Salomon Brothers, UBS, Credit Suisse, Citibank and Lazard. Some investment banks specialize in particular industry sectors. Many investment banks also have retail operations that serve small, individual customers.

investment company
type: Class
subclass of: non-depository institution
definition: any issuer which: (a) is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities; (b) is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or has been engaged in such business and has any such certificate outstanding; or (c) is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40 per centum of the value of such issuer's total assets (exclusive of Government securities and cash items) on an unconsolidated basis
definition origin: Section 3a of the Investment Company Act of 1940 as amended in January, 2012, https://www.sec.gov/about/laws/ica40.pdf
explanatory note: An investment company is organized as either a corporation or as a trust. Individual investors' money is then pooled together in a single account and used to purchase securities that will have the greatest chance of helping the investment company reach its objectives. All investors jointly own the portfolio that is created through these pooled funds, and each investor has an undivided interest in the securities.
explanatory note: In the US, all investment company offerings are subject to the Securities Act of 1933, which requires the investment company to register with the Securities Exchange Commission (SEC) and to give all purchasers a prospectus. Investment companies are also subject to the Investment Company Act of 1940, which sets forth guidelines on how investment companies must operate.

investment service
type: Class
subclass of: FinancialService
definition: financial service designed to assist investors in using capital to create more money, either through income-producing vehicles or through more risk-oriented ventures to result in capital gains, including but not limited to providing investment advice, asset and portfolio management, and brokerage services
adapted from: Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014

management company
type: Class
subclass of: investment company
disjoint with: unit investment trust
definition: investment company that sells and manages a portfolio of securities other than a face-amount certificate company or unit investment fund
definition origin: Section 4, definition of investment companies, Investment Company Act of 1940 as amended and approved as of 3 January 2012, see https://www.sec.gov/about/laws/ica40.pdf
explanatory note: Management companies allow investors to pool their capital with that of other investors in order to purchase professionally-managed groups of diversified securities.

merchant service
type: Class
subclass of: FinancialService
definition: financial service provided by a financial institution to a merchant or other business, including but not limited to managing financial transactions via a secure channel
example: Example merchant services include credit and debit card processing, check guarantee and conversion services, point of sale (PoS) systems, gift card and loyalty programs, online transaction processing, etc.
adapted from: Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014

monetary authority
type: Class
subclass of: RegulatoryAgency
subclass of: Restriction
  on property: regulates supply of
  some values from: Currency
definition: regulatory agency that controls the monetary policy, regulation and supply of money in some country or group of countries
example: a central bank, the executive branch of a government, a central bank for several nations, a currency board
adapted from: http://www.investordictionary.com/definition/monetary-authority

money services business
type: Class
subclass of: non-depository institution
definition: any person doing business, whether or not on a regular basis or as an organized business concern, in one of the following capacities: (1) currency dealer or exchanger, (2) check casher, (3) issuer of traveler's checks, money orders, or stored value, (4) seller or redeemer of traveler's checks, money orders, or stored value, (5) money transmitter, or (6) postal service
abbreviation: MSB
explanatory note: This definition excludes banks and persons registered with or examined by the Securities and Exchange Commission or the Commodities Futures Trading Commission.

mortgage company
type: Class
subclass of: FinancialServiceProvider
definition: financial service provider that originates and/or funds mortgages for residential or commercial property

non-depository institution
type: Class
subclass of: financial institution
disjoint with: depository institution
definition: financial institution that does not have a full banking license and typically is not supervised by a national or international banking regulatory agency
history note: The term 'non-bank' may have been derived from 'non-deposit taking banking institution'. To be clearer, non-depository institutions are explicitly disjoint with depository institutions (financial institutions that take deposits of some sort, potentially including securities) in FIBO. Banks are defined as financial institutions that take demand deposits from the public and that also provide commercial lending services. Many 'non-bank' institutions take deposits or provide commercial lending services, but they may not do both.
adapted from: Barron's Dictionary of Banking Terms, Sixth Edition, 2012
adapted from: https://www.worldbank.org/en/publication/gfdr/gfdr-2016/background/nonbank-financial-institution
explanatory note: A non-depository financial institution acts as a middleman between two parties in a financial transaction, and does not provide traditional depository services, such as brokerage firms, insurance companies, and investment companies. These kinds of institutions facilitate alternative financial services, such as investment (both collective and individual), risk pooling, financial consulting, brokering, money transmission, and check cashing. NBFIs are a source of consumer credit (along with licensed banks). Examples of nonbank financial institutions include insurance firms, venture capitalists, currency exchanges, some microloan organizations, and pawn shops. These non-bank financial institutions provide services that are not necessarily suited to banks, serve as competition to banks, and specialize in sectors or groups.
synonym: non-bank financial company (NBFC)
synonym: non-bank financial institution (NBFI)
synonym: non-banking financial institution (NBFI)

payment service
type: Class
subclass of: merchant service
subclass of: Restriction
  on property: involves
  some values from: PaymentObligation
definition: financial service that involves acceptance of electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking

payroll service
type: Class
subclass of: FinancialService
definition: financial service, typically provided to small businesses that are not large enough to have an internal finance organization, that involves managing payment of wages to employees
explanatory note: Payroll services typically include printing of employee pay checks, direct deposit of wages to employee bank accounts, calculation and withholding of employee taxes, calculation and payment of corporate payroll taxes and fees with appropriate government authorities (such as Social Security in the US), filing government quarterly and annual reports, and so forth. They may also include management of retirement and savings plans, health benefits, timekeeping, automated integration with the business' accounting system, etc.

principal underwriter
type: Class
subclass of: underwriter
definition: underwriter who, as principal, purchases from an investment company, or pursuant to some contract has the right to purchase from such company, any security for distribution, or who as agent for such company sells or has the right to sell any security to a dealer or to the public, excluding any dealer who purchases from such company through sn underwriter acting as an agent for such company
adapted from: Section 3a of the Investment Company Act of 1940 as amended in January, 2012, https://www.sec.gov/about/laws/ica40.pdf
explanatory note: Principal underwriter of or for a closed-end company or any issuer which is not an investment company, or of any security issued by such a company or issuer, means any underwriter who, in connection with a primary distribution of securities, (a) is in privity of contract with the issuer or an affiliated person of the issuer; (b) acting alone or in concert with one or more other persons, initiates or directs the formation of an underwriting syndicate; or (c) is allowed a rate of gross commission, spread, or other profit greater than the rate allowed another underwriter participating in the distribution.

registered investment advisor
type: Class
subclass of: FinancialServiceProvider
subclass of: RegisteredAgent
subclass of: Restriction
  on property: advises
  some values from: ControlledParty
subclass of: Restriction
  on property: isRegisteredBy
  some values from: Class
    union of: RegistrationAuthority
    union of: RegulatoryAgency
definition: registered agent and financial service provider that advises high net worth individuals on investments and manages their portfolios
abbreviation: RIA

risk pooling institution
type: Class
subclass of: non-depository institution
definition: financial institution that provides some financial service while spreading the financial risk inherent in that service to lower the probability of a catastrophic financial event by aggregating customers across diverse dimensions as a risk management practice
example: Insurance companies are the most common form of risk pooling institution.
adapted from: https://www.worldbank.org/en/publication/gfdr/gfdr-2016/background/nonbank-financial-institution

sales finance company
type: Class
subclass of: finance company
definition: finance company that purchases retail and wholesale paper from automobile and other consumer and commercial goods dealers
adapted from: Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014
synonym: acceptance company

savings association
type: Class
subclass of: depository institution
definition: depository institution that is (a) any federal savings bank or association chartered under section 1464 of the Federal Deposit Insurance Act; (b) any state chartered building and loan association, savings and loan association, or homestead association; or (c) any cooperative bank (other than a cooperative bank which is a state bank as defined in subsection (a)(2)) of the Federal Deposit Insurance Act, which is organized and operating according to the laws of the State (as defined in subsection (a)(3)) in which it is chartered or organized; and (c) any corporation (other than a bank) that the board of directors and the comptroller of the currency jointly determine to be operating in substantially the same manner as such a depository institution
adapted from: https://www.fdic.gov/regulations/laws/rules/1000-400.html#fdic1000sec.3a

self-regulating organization
type: Class
subclass of: RegulatoryAgency
subclass of: Restriction
  on property: isPlayedBy
  some values from: NonGovernmentalOrganization
definition: non-governmental organization that has the power to create and exercise some degree of regulatory authority over an industry or profession in some country or group of countries
abbreviation: SRO

trust company
type: Class
subclass of: financial institution
subclass of: Restriction
  on class: Corporation
  on property: isPlayedBy
  qualified cardinality: 1
definition: financial institution that acts as a fiduciary, trustee or agent of trusts and agencies
explanatory note: A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trustee of various kinds of trusts. The trust company oversees the management of assets covered by the trust agreement. Such companies often are used when a grantor feels the trust company can do an equal or better job managing the assets than an individual person, or if the grantor does not know of anyone else who can act as trustee. Trust companies sometimes act as fiscal agents for corporations by attending to the registration and transfer of their stocks and bonds, serving as a trustee for their bond and mortgage creditors, and transacting general banking and loan business.

underwriter
type: Class
subclass of: FinancialServiceProvider
subclass of: Restriction
  on property: isPlayedBy
  some values from: Restriction
    on property: isAPartyTo
    some values from: underwriting arrangement
definition: financial service provider that evaluates and assumes another party's risk for a fee, such as a commission, premium, spread or interest

underwriting arrangement
type: Class
subclass of: MutualContractualAgreement
subclass of: Restriction
  on property: hasPartyRole
  some values from: underwriter
definition: contractual agreement between parties that commits the underwriter to assuming risk

unit investment trust
type: Class
subclass of: investment company
definition: investment company which (a) is organized under a trust indenture, contract of custodianship or agency, or similar instrument, (b) does not have a board of directors, and (c) issues only redeemable securities, each of which represents an undivided interest in a unit of specified securities; but does not include a voting trust
definition origin: Section 4, definition of investment companies, Investment Company Act of 1940 as amended and approved as of 3 January 2012, see https://www.sec.gov/about/laws/ica40.pdf
synonym: unit investment company

wealth management service
type: Class
subclass of: FinancialService
definition: financial service that combines financial and investment advice, accounting and tax services, retirement planning and legal or estate planning for one set fee

has date established
type: ObjectProperty
range: ExplicitDate
sub property of: hasExplicitDate
sub property of: hasStartDate
definition: the date that the financial service provider was formally established
adapted from: https://www.ffiec.gov/nicpubweb/Content/DataDownload/NPW%20Data%20Dictionary.pdf
explanatory note: This may be the date on its papers of incorporation or formation document, or the date on which it was granted a license.
synonym: date of commencement of existence

has date establishment terminated
type: ObjectProperty
range: ExplicitDate
sub property of: hasExpirationDate
sub property of: hasTerminationDate
sub property of: hasExplicitDate
definition: last full day that the entity existed
adapted from: https://www.ffiec.gov/nicpubweb/Content/DataDownload/NPW%20Data%20Dictionary.pdf

has date insured
type: ObjectProperty
range: ExplicitDate
sub property of: hasExplicitDate
sub property of: hasStartDate
definition: date on which insurance became effective
adapted from: https://www.ffiec.gov/nicpubweb/Content/DataDownload/NPW%20Data%20Dictionary.pdf

has portfolio company
type: ObjectProperty
domain: ControllingParty
range: ControlledParty
sub property of: isPartyControlling
inverse of: is portfolio company of
definition: indicates a party in which a venture capital firm, a buyout firm, or a holding company has invested

is portfolio company of
type: ObjectProperty
domain: ControlledParty
range: ControllingParty
sub property of: hasControllingParty
definition: indicates a venture capital firm, a buyout firm, or a holding company that is a financial sponsor (i.e. investor in) of the party

regulates supply of
type: ObjectProperty
domain: RegulatoryAgency
sub property of: governs
definition: relates a regulatory agency to something it controls or supervises the availability of in some market by means of rules and regulations
example: The Federal Reserve System, whose banks together comprise the central bank of the United States, supervises banking system and regulates the money supply in the US.