Call for Participation in LEG-REG Compliance Technical Committee

Document Number

To be assigned

Current Version

Previous Version(s)

Concept Draft – October 28, 2004

Working Draft 1 – November 24, 2004

Working Draft 2 – December 3, 2004

Final Draft –

Workgroup Information

Workgroup Name: OASIS LegalXML LEG-REG Compliance Technical Committee

Workgroup Co-Chairs: TBD

Workgroup Mailing List:

Workgroup Mailing List Archive:

Document Author(s)

Donald L. Bergeron, (), Kelly Ray ()

Previous Author(s)

none

Document Editor(s)

Sam Hunting ()

Overview

This document proposes a framework for a new OASIS LegalXML LEG-REG Compliance Technical Committee in preparation for chartering the Technical Committee. This document grew out of discussions with the compliance community, legislative and regulatory content publishers, various providers of compliance and legislative XML coding technologies, and members of the legislative community.

It is believed that this TC will have immediate traction and action based on the requirements placed on business by legislation such as Basel II, Sarbanes-Oxley, USA Patriot Act and The Employee Retirement Income Security Act. Regulatory action and judicial clarifications are leading to new obligations for businesses on an ongoing basis. The ability for business to cost-effectively receive and adapt its risk strategy, policies, procedures, processes, and management practices based upon timely focused information in this area is a critical business need.

There is a complementary data interchange created by the COSC Group in support of Sarbanes-Oxley. It isfocused on enabling the exchange of data to support outsourced internal auditing and external auditing which would be transmitting info to the third party no higher than the risk or control level. This interchange involves different parties than the interchange in this proposal. It is focused around risk verses this proposal which is focused around compliance. This effort will monitor and coordinate with this complementary effort.

Goals of the Legislative-Regulatory (LEG-REG) ComplianceTechnical Committee

The principal purpose of the Legislative-Regulatory Compliance Technical Committee is to establish a structured information framework that supports the ongoing, timely, proactive delivery of high-quality Legislative-Regulatory Content. It shall further create structured information constructs to support filtering for relevancy and saliency to a particular Consumer’s need.

Parties who will gain value from the TC

Principle parties involved are:

  • Legislative-Regulatory Value Added Content Providers
  • Compliance Advisory Practitioners
  • Compliance Software Vendors
  • End Consumers of Legislative-Regulatory Value Added Content

Additional parties that may gain value:

  • Creators of Legislative Content
  • Creators of Regulatory Content
  • Lawmakers
  • Lobbyists
  • The general public

Derived Goals of the TC

Initial goals include:

  • Establishing a mechanism that can support a Consumer’s use of LEG-REG content in determining the obligations with which the Consumer must comply or chooses to comply upon any of the following trigger events:
  • new legislation is passed
  • existing legislation is amended or repealed
  • the Consumer subjects itself to a new Legislative-Regulatory authority
  • the Consumer changes its business
  • Establishing a mechanism that supports continuous traceability back to the originating source of the LEG-REG content to preserve the content quality, veracity and authority
  • Establishing a mechanism that supports a Consumer’s ability to prove its compliance with a particular obligation imposed byLEG-REG content at both the current point in time and any historical point in time of its choosing

Subsidiary goals include:

  • Establishing a vocabulary of value added annotations to LEG-REG content in support of the goals defined above and well known to all the parties
  • Establishing a mechanism that supports a Consumer’s ability to identify LEG-REG content that it seeks to enforce against another individual or entity for current or historical activities or inactivity
  • Establishing a mechanism that supports strategic decision-making by a Consumer determining whether to subject itself to the obligations that would result from a particular course of business conduct (i.e., moving into a new jurisdiction, producing a new product, using a new raw material in manufacture, etc.)

Longer-term goals include:

  • Establishing a mechanism for Consumers to assess potential impact of legislation prior to its adoption
  • Establishing a mechanism for Consumers to determine whether they should influence the adoption and/or content of legislation
  • Establishing a mechanism for Consumers to determine the key influencers through which to affect the adoption and/or content of proposed legislation

Example Structured Information Constructs that could be created by the TC

To achieve this principle purpose, the additional goals, and the resulting benefits three areas of structured information constructs will likely be required.

Principle structured information constructs are:

  • Legislative-Regulatory Value Added Controlled Vocabulary –LR-VA-CV – A well defined vocabulary of XML constructs focused on the semantic needs of the compliance community.
  • Legislative-Regulatory Compliance Awareness Profile - LR-C-AP–An XML structured object that will be designed to codify the specific needs of a specific client or set of clients.
  • Legislative-Regulatory Compliance Content Offering Profile - LR-C-COP – An XML structured object that will be designed to codify the offerings of content providers including their coverage and depth of markup in the value added vocabulary.
  • Legislative-Regulatory Compliance Subscription Agreement - LR-C-SAw– An XML structured object that will be designed to bind the awareness profile and offering profile into a binding agreement that can support the operation of document delivery.
  • Legislative-Regulatory Compliance Content AwarenessDocument Objects - LR-C-CADO – A set of XML structured objects that are business critical to the monitoring of this space including but not limited to exchange models of Bills, Enactments, Statutes, Proposed Regulations and Regulations. These will be augmented using the value added vocabulary.

Additional structured information constructs that may add value:

  • Legislative-Regulatory Compliance Content Awareness Request - LR-C-CAR– An XML structured object that will be designed to request delivery of objects within the Legislative-Regulatory Compliance Subscription Agreement.
  • Legislative-Regulatory Compliance Content Objects Delivery Envelope - LR-C-CODE – An XML structured object that will be designed to carry requested content objects in a safe and secure manner.

Potential relationships between Structure Information Constructs that could support the goals of the TC

Transactional Scenarios that support the goals of the TC

It is anticipated that transactions between the consumer and the provider of compliance content would fall into at least two fundamental scenarios. First, there is an initial scenario that establishes the subscription agreement and general relationship between the consumer and provider. Second, there is a transaction that is either a specific request for content or a delivery of content based upon what has been agreed in the subscription transaction. While the second scenario may fall immediately after the first scenario, it will not by necessity always happen that way.

1 of 8 Document Date – 6/19/2002 – Concept Draft Printed Date - 11/2/2018