# Frozen semantic audit — EM-FIN-06

## Verdict

**Intended decision upheld; artifact set not freezable as submitted.**

Nothing in the three studies or the five JSON artifacts disproves the reconciled boundary. Financial Instrument and Investment survive the independence test on evidence all three providers reach independently (instrument exists with zero holders and survives transfer/closure; participation survives instrument replacement, zero holding, undrawn commitment and exited-but-retained state). WM-ECO-038 as position-master-only, WM-ECO-002 as a subject-kind-mandatory Valuation profile, InvestmentTransaction as event + WM-ECO-016 posting, Share Class as subordinate classification, and zero identifier allocation all stand.

What fails is the **reconciled artifacts**, not the decision. The JSON carries mastership leaks the prose rejects, reproduces inside `InstrumentVersion` the exact contingency defect this contour was raised to fix in WM-ECO-038, states a mandatory field against an unallocated master, asserts a relation graph no registry approved, and ships fixtures that cannot be scored deterministically. Defects below are editorial and mechanical: every one closes by applying the stated text. No further provider study is needed or requested.

## Material defects

**1. The Share Class subordination decision is recorded nowhere normative.**
Grok rules Share Class "a classification of equity terms, not the instrument and not the holding." `local-evidence.md`, `claude-study.raw.md` and `candidate-allocation-offline-financial-instrument/allocation-candidate.json` all still hold it as an unresolved *rival* overlap ("Overlap with WM-ECO-037 Debt Instrument and the Share Class candidate requires adjudication"). `instrumentKind` is unconstrained and Share Class appears in no `owns`, `excludes` or `objects` entry.
*Remediation.* In the FI allocation candidate: append to `boundary.owns` — `"equity share-class terms as a subordinate classification within InstrumentVersion"`; append to `boundary.excludes` — `"independent Share Class identity or mastership"`; append invariant — `"Share Class is a subordinate classification of an instrument version's equity terms and never masters instrument, position, holding or investment identity."`; replace the overlap hold with `"Overlap with reserved WM-ECO-037 Debt Instrument requires registry adjudication. The EM-ORG-03 Share Class candidate is adjudicated subordinate in this contour and raises no rival-root question."`

**2. FI claims generic term mastership while the WM-ECO-037 relation is undecided, and omits WM-ECO-037 from its references.**
Grok's blocker is explicit: "Specialization of WM-ECO-037 under the instrument root is undecided in the adjacent draft and must be fixed before any shared term model." The candidate asserts `owns: ["issuer capacity and immutable terms", …]` with no debt carve-out and lists no WM-ECO-037 reference edge, so the unresolved overlap has no representation in the artifact graph.
*Remediation.* Append to `boundary.references` — `{"target":"WM-ECO-037","purpose":"Reserved debt-instrument specialization or constraint of the instrument root; specialization direction undecided","relationState":"unapproved-pending-adjudication"}`. Append hold — `"Financial Instrument asserts no shared term model with WM-ECO-037 until the specialization direction is adjudicated; debt term mastership is unresolved and this candidate's term ownership is provisional for debt instrument kinds."`

**3. The mandatory subject-kind discriminator has two divergent enumerations and appears in no normative artifact.**
`local-evidence.md` and `claude-study.raw.md` give `{investee, instrument, holding, accounting carrying amount}`; grok gives `{instrument, holding, investee, participation}`. `profile-candidate.json` requires only that WM-ECO-002 "must state subject-kind" — no value set at all. A mandatory discriminator without a closed enum is unconformable.
*Remediation.* In `profile-candidate.json`, replace the WM-ECO-002 constraint with — `"WM-ECO-002 owns valuation assertions and MUST state subjectKind from the closed set [\"investee\",\"instrument\",\"holding\",\"investment-participation\",\"investment-carrying-amount\"], plus basis, premise, method, assumptions, inputs, model version, currency, effective time, observation time, knowledge time, evidence digest and uncertainty. Values outside the set are rejected; the five kinds are never interchangeable and may coexist for one subject at one date."` (The set is the exact union of the three studies' enumerations; no value is invented.)

**4. Valuation subject references are not version-, position- or interval-qualified.**
Terms are immutable and versioned and positions reference a specific term version (grok invariants 1–2), yet nothing requires a `subjectKind: "instrument"` valuation to name a version. An unqualified instrument valuation silently spans a conversion boundary — the precise failure grok's counterexample describes.
*Remediation.* Append to `profile-candidate.json` constraints — `"A valuation with subjectKind \"instrument\" MUST carry subjectRef plus subjectVersionRef. With \"holding\" it MUST carry positionRef plus the position's effective interval. With \"investee\" or \"investment-participation\" it MUST carry the revision identifier effective at the basis date. Unqualified subject references are rejected; a valuation is never resolvable across a version or revision boundary."`

**5. `InstrumentVersion.rights` reproduces the WM-ECO-038 contingency defect inside the new root.**
Both the local synthesis and claude-study identify the contour-driving defect as WM-ECO-038 grouping conversion/subscription rights with voting and dividend rights, "which invites aggregation." The new FI candidate requires `rights` as an untyped blob with `conversionTerms` merely optional — so the same aggregation is permitted at the term layer, and the FI invariant about denominators has nothing to bind to.
*Remediation.* Change `objects.InstrumentVersion.required` to `["terms","rights","effectiveFrom","effectiveFromPrecision","recordedAt","knowledgeTime","contentDigest"]` and constrain each `rights[]` entry to require `rightKind`, `contingency` ∈ `["present","contingent"]`, and, when `contingency` is `"contingent"`, `trigger`, `effectTimeRule` and `excludedFromDenominators: true`. Append invariant — `"Every right on an instrument version is typed present or contingent; contingent rights are never emitted, serialized or aggregated as present rights."`

**6. No artifact names the master of ownership percentage and voting power, and neither candidate excludes them.**
All three studies forbid value→rights inference, but none assigns the *positive* mastership of the percentage and voting-power computation. WM-ECO-038 owns positions, WM-ORG-012 owns control/relationship assertions, both new candidates are silent, and their `excludes` lists omit the computation entirely. Unowned derived rights facts are the open path to the inference every invariant forbids.
*Remediation.* Append to both candidates' `boundary.excludes` — `"ownership percentage and voting power computation and assertion"`. Append to `profile-candidate.json` constraints — `"Ownership percentage and voting power are derived assertions mastered outside Financial Instrument, Investment, WM-ECO-002 and WM-ECO-016; WM-ORG-012 is the nearest recorded owner of relationship and control assertions in this dossier. Inputs are restricted to present (non-contingent) rights on instrument versions and outstanding positions in WM-ECO-038."` Append hold — `"No denominator rule (treasury, suspended, unissued or partly-paid treatment) is specified in this dossier, and mastership of the percentage and voting-power computation is unadjudicated. No voting or ownership figure may be emitted under this profile."`

**7. `currentVersionRef` is a required authoritative mutable pointer on the identity object, and version intervals may overlap.**
`FinancialInstrument.required` includes `currentVersionRef`, making point-in-time resolution depend on mutable state rather than on effective intervals — in direct tension with the candidate's own `"Retired versions remain resolvable"`. Nothing forbids two versions with overlapping `effectiveFrom`/`effectiveTo`, so resolution is ambiguous either way.
*Remediation.* Remove `currentVersionRef` from `required`; add to `optional` as `derivedCurrentVersionRef` and append invariant — `"derivedCurrentVersionRef is a non-authoritative cache; the version in force at any instant is resolved solely from InstrumentVersion effective intervals. Effective intervals of versions of one instrument never overlap, version numbers increase monotonically, and version numbers are never reused."`

**8. Instrument lifecycle state `converted` is inferable from a single conversion event, and no transition rules exist.**
`["draft","issued","effective","matured","converted","cancelled","retired"]` has no transition table, no terminal set, no `issued`/`effective` distinction, and no rule preventing an instrument from being marked `converted` while other holders' positions remain outstanding. Grok's counterexample is a note in **two lots**.
*Remediation.* Append to the FI candidate — `"lifecycleRules": {"terminal":["matured","converted","cancelled","retired"],"transitions":{"draft":["issued","cancelled"],"issued":["effective","cancelled"],"effective":["matured","converted","cancelled","retired"],"matured":["retired"],"converted":["retired"],"cancelled":["retired"],"retired":[]},"constraints":["issued records the issuance act; effective records terms in force, and the two are never collapsed","converted is reachable only when every outstanding position against the instrument has been derecognized by a conversion event; while any position remains outstanding the state is effective and conversion is recorded per position","no transition deletes or rewrites a prior version or state record"]}`

**9. `successorRef` is unconstrained on both candidates and collides with two other succession semantics.**
FI `optional.successorRef`, `InstrumentVersion.optional.supersedesVersion` and Investment `optional.successorRef` are three unrelated successions with one undifferentiated vocabulary. An unconstrained instrument `successorRef` chaining a converted note to the resulting preferred instrument destroys the whole justification for the Investment root — survival through instrument replacement.
*Remediation.* Append invariant to the FI candidate — `"successorRef records instrument-level replacement by corporate action only, is never used for version supersession (supersedesVersion) and never for position lineage (WM-ECO-038) or participation continuity (Investment). Conversion does not create an instrument successorRef: the predecessor instrument retains its own identity and lifecycle."` Append invariant to the Investment candidate — `"successorRef records restructuring of a governed participation into another participation only, and is never derived from instrument replacement, conversion or position closure, each of which the participation survives."`

**10. Both candidates declare disjunctive mastership with no precedence rule.**
`"instrument issuer or authoritative instrument registry"` and `"investment governance or portfolio authority"` name two masters each. With `registryRef` optional on FI, an instrument can have issuer terms and registry terms in conflict and no rule to resolve them — a mastership leak the capacity-separation invariants assume away.
*Remediation.* Replace FI `identityTest.mastership` with — `"Issuer is master of instrument terms and term versions. Where an authoritative instrument registry is referenced via registryRef, the registry is master of the governed instrument identifier only; it is never master of terms. Registry and issuer term records in conflict are retained as a recorded conflict state and are never silently reconciled."` Replace Investment `identityTest.mastership` with — `"Investment governance authority (WM-ORG-018) is master of participation identity, mandate, stage and exit context. Portfolio authority is master of grouping only and never of participation identity."`

**11. Investment lifecycle states are undefined and one fixture expectation is non-deterministic.**
`["proposed","approved","committed","active","partially-exited","exited","retained","closed"]` ships with no definitions and no disjointness between `exited`, `retained` and `closed`. Fixture `exited-retained` expects `"The investment enters exited or retained state"` — an unscoreable disjunction in a fixture whose purpose is to pin that state.
*Remediation.* Append to the Investment candidate — `"lifecycleRules": {"definitions":{"partially-exited":"at least one position derecognized and at least one position outstanding","exited":"every position derecognized, no retained interest or obligation, governance record open","retained":"every position derecognized and at least one retained interest, escrow, earn-out, indemnity or reporting obligation outstanding","closed":"terminal; no further participation revision may be appended"},"terminal":["closed"],"constraints":["exited and retained are mutually exclusive at any instant","closed is reachable only from exited or retained","no state transition deletes a participation revision"]}` and in `fixtures.json` replace case `exited-retained` per the fixtures array below.

**12. `mandateRef` is mandatory against a master the same artifact holds as unallocated.**
`Investment.required` includes `mandateRef`; `holds` state `"Portfolio, mandate, transaction and corporate-action references remain unallocated."` As written the candidate is unsatisfiable — no conforming instance can exist.
*Remediation.* Replace `Investment.required` with `["investorRef","subjectKind","subjectRef","stage","status","recordedAt","knowledgeTime"]`; add to `optional` `"mandateRef"` and `"mandateAssertion"`; append constraint — `"Exactly one of mandateRef (only once a mandate master is allocated) or inline mandateAssertion (requiring governing authority ref to WM-ORG-018, mandate statement, effectiveFrom and evidence digest) MUST be present. A mandateRef to an unallocated master is rejected."` Append hold — `"No mandate or portfolio master is allocated; mandate is carried inline under governance authority and MUST be migrated to the mandate master once allocated."`

**13. `investeeOrExposureRef` is polymorphic with no discriminator.**
A single field holds an organization (WM-ORG-001), an underlying real asset with no allocated master, or a contractual exposure. Without a kind tag an exposure is readable as an investee organization, which feeds exactly the control and consolidation inference every invariant forbids.
*Remediation.* Replace the field with `subjectKind` ∈ `["investee-organization","underlying-asset","contractual-exposure"]` plus `subjectRef`, and append invariant — `"Only subjectKind \"investee-organization\" with a WM-ORG-001 reference may participate in any relationship, control or consolidation assertion. underlying-asset and contractual-exposure subjects never enter an organizational control or consolidation denominator."` Append hold — `"No underlying-asset master is allocated; underlying-asset subject references are unbound."`

**14. The Investment candidate contradicts its own lineage invariant.**
`boundary.owns` claims `"instrument and position participation lineage"` while its invariant states `"Instrument and position lineage remain externally mastered"` and `excludes` lists `"position quantity and custody"`. The artifact simultaneously owns and disowns lineage.
*Remediation.* Replace the `owns` entry with `"participation linkage set: effective-dated references to the instrument versions and positions realizing the participation"`. Replace the invariant with `"Predecessor and successor lineage of instrument versions is mastered by the instrument root and of positions by WM-ECO-038; Investment masters only the effective-dated linkage set and never restates, derives or supersedes that lineage."`

**15. The FI candidate asserts invariants over objects it excludes, two with no allocated master.**
FI invariants include `"Contingent conversion rights are excluded from current voting and ownership denominators"`, `"Conversion preserves predecessor and successor position lineage"` and `"Corporate-action corrections append history"`, while `excludes` disclaims holder positions and transaction occurrence, and corporate action is neither referenced nor allocated anywhere in the dossier. These are unbound invariants asserted across a boundary FI does not master.
*Remediation.* Delete those three invariants from the FI candidate and move their binding form into `profile-candidate.json` constraints — `"Conversion derecognizes the predecessor position and creates successor positions against the resulting instrument version in WM-ECO-038, with linked WM-ECO-016 postings; it never mutates the predecessor position, its cost lineage, its restrictions or any prior term version."` and `"Corporate-action corrections append successors; originals remain resolvable."` Retain in FI only the term-side form from remediation 5. Append hold to the profile — `"No corporate-action master is allocated; the conversion and corporate-action constraints bind to no named canonical root and are unenforceable until one is allocated."`

**16. The InvestmentTransaction leg is unbound while the profile's name and constraints presuppose a master.**
Both local-evidence and claude-study state the dossier has no allocated trade/settlement event master, so "InvestmentTransaction cannot yet be profiled onto a named master." Yet `profile-candidate.json` is titled `"Enterprise Investment Holding, Transaction and Valuation Binding"`, asserts `"Economic events own acquisition, disposal, subscription, transfer and conversion occurrences"`, and lists six `bases` containing no event master. The artifact claims a binding it cannot make.
*Remediation.* Append to `profile-candidate.json` — `"unboundReferences": ["trade/settlement economic event master","corporate action master","portfolio/mandate master","consolidation scope and consolidation run (EM-FIN-04 unassigned candidates)","underlying-asset master"]` and `"bindingState": {"holding":"bound-to-WM-ECO-038","valuation":"bound-to-WM-ECO-002","posting":"bound-to-WM-ECO-016","transaction":"unbound"}`. Prefix the event constraint with `"UNBOUND: "`. Append hold — `"InvestmentTransaction is an unbound profile: only the WM-ECO-016 posting leg is bound. No InvestmentTransaction conformance, event identity or settlement semantics may be claimed until a trade/settlement event master is allocated."`

**17. "Supersession never deletes" — a named grok blocker — appears in no normative constraint.**
Grok: "Dual same-date valuations are unsafe until supersession cannot imply deletion." The rule survives only as prose (local-evidence invariant 13). `profile-candidate.json` constraints are silent, so the blocker is unclosed in the artifact that governs WM-ECO-002.
*Remediation.* Append to `profile-candidate.json` constraints — `"Supersession of a valuation is an explicit review act recording actor, authority, basis and knowledge time. It never deletes, overwrites or renders unresolvable the superseded assertion, its inputs, evidence, uncertainty or provenance. Two valuations sharing subject, subjectKind and basis date both persist; recency, review or currency conversion never reconciles them."`

**18. Digest, time and version semantics are non-deterministic in every object schema.**
`contentDigest` is required on `InstrumentVersion` and `InvestmentParticipationRevision` with no algorithm, canonicalization or input field scope — so two conforming implementations produce different digests for identical content. The schemas carry only `effectiveFrom`/`effectiveTo`: no record time, no knowledge time, no observation time, no date-only precision flag, despite all three studies requiring these times be held distinct and date-only precision preserved.
*Remediation.* Append to both candidates — `"digestRule": {"algorithm":"sha256","canonicalization":"RFC 8785 JSON Canonicalization Scheme","form":"sha256:<lowercase-hex>","scope":"the object's required fields excluding contentDigest, derived fields and cache fields"}`. Add `recordedAt`, `knowledgeTime` and `effectiveFromPrecision` ∈ `["date","datetime"]` to the `required` list of `InstrumentVersion` and `InvestmentParticipationRevision`. Append invariant to both — `"Effective, observation, record and knowledge times are stored separately and never substituted. Declared date-only precision is preserved and never widened to a datetime or a timezone-shifted instant."`

**19. `profile-candidate.json` lacks publishability and no-identifier fields and omits the dossier's own evidence holds.**
It carries `"newRuntimeId": false` only. It has no `canonicalPublishable`, no `modelId`/`registryId`/`catalogueId` null assertion and no `allocationState` — so the intended "allocate no catalogue, model or runtime ID" is expressed on the two allocation candidates but not on the profile. Its holds also omit four recorded evidence defects: WM-ECO-002 has no approved outgoing relations; WM-ECO-038's row asserts `EXTEND WM-ECO-005` while its spec downgrades this to REFERENCE; WM-ECO-038 marks 26 of 27 dimensions covered while carrying fourteen publication holds; all six bases are reviewable drafts with `publishableCanonical: false`.
*Remediation.* Add `"canonicalPublishable": false, "modelId": null, "registryId": null, "catalogueId": null, "runtimeId": null, "allocationState": "unassigned"`. Add to `boundary.references`-equivalent entries, or to each base, `"relationState": "proposed-unapproved"`. Append holds verbatim — `"WM-ECO-002 has no approved outgoing relations; every binding to it in this profile is a draft."` · `"WM-ECO-038's registry row asserts EXTEND WM-ECO-005 while its spec treats the relation as REFERENCE and holds it; the conflict is unreconciled."` · `"WM-ECO-038 self-assesses 26 of 27 dimensions covered while carrying fourteen publication holds; self-assessment exceeds evidence and is not relied upon."` · `"All six bases are single- or dual-provider reviewable drafts with publishableCanonical false. No installability, conformance or publication readiness is claimed."` · `"Crosswalks (FIBO, ISO 20022, IFRS 9/13, IAS 32, XBRL), release pins, licences and acceptance fixtures are unverified; no standards conformance is asserted."`

**20. Three artifacts assert assurance states that the supplied dossier contradicts.**
Both allocation candidates hold `"Independent Grok review is pending"` and the profile holds `"Independent Grok review and frozen audit remain pending"`. `grok-study.raw.md` is in the dossier and this frozen audit is that audit. A frozen artifact misstating its own assurance state is a material evidence defect.
*Remediation.* In all three artifacts replace those hold strings with — `"Dual independent study (local, Claude, Grok) and the single frozen semantic audit are complete for EM-FIN-06. No external third-party review of the base specifications exists; absence of external review remains an open hold on every base."`

**21. Three of the profile's six bases carry no constraint.**
`bases` lists WM-ORG-001, WM-ORG-012 and WM-ORG-018, but every constraint addresses WM-ECO-038, WM-ECO-002, WM-ECO-016 or unnamed events. The organizational bases are declared and ungoverned, which is where control and consolidation inference enters unchecked.
*Remediation.* Append to `profile-candidate.json` constraints — `"WM-ORG-001 owns investee, investor, issuer and holder identity; issuer, holder, beneficial owner, nominee and custodian capacities are distinct role facts and are never collapsed into one party reference."` · `"WM-ORG-012 owns relationship and control assertions and never infers consolidation from ownership, value, price or any contingent right. Consolidation scope and consolidation run remain the unallocated EM-FIN-04 candidates and are out of scope here."` · `"WM-ORG-018 owns governance and decision authority. A valuation review may supersede a value and never confers, alters or evidences a right, vote, control relation or consolidation treatment."`

**22. The fixture sets cannot close the decision and cannot be scored deterministically.**
(a) No fixtures file exists for the Valuation profile or the posting binding — the mandatory subject-kind discriminator, same-date divergence and posting/event/settlement distinctness are entirely untested, though they carry two of grok's three blockers. (b) No negative case tests grok's strongest counterexample, WM-ECO-038 used as the instrument master, nor Share Class as a rival root. (c) No case binds to a violated invariant, so negative outcomes are unscoreable. (d) `instrument-valuation` is filed under Financial Instrument, states no `subjectKind`, and says "same-date" without pinning a date or distinguishing basis date from knowledge time. (e) `value-proves-control` turns on `"A high valuation"` — "high" is not a deterministic input. (f) `exited-retained` expects a disjunction (defect 11). (g) Neither fixtures file carries `canonicalPublishable: false` or any hold, so the expectations read as conformance assertions over non-canonical drafts.
*Remediation.* Add `"canonicalPublishable": false` and `"holds": ["Expectations are reviewable-draft adjudications over non-canonical bases and assert no conformance, installability or standards alignment."]` to both existing fixtures files; delete `instrument-valuation` from the Financial Instrument set and `exited-retained` from the Investment set; create `candidate-allocation-offline-valuation-profile/fixtures.json` and `candidate-allocation-offline-transaction-profile/fixtures.json` with `"format":"vercy-enterprise-allocation-fixtures/v1"`; add every case in the array below, each carrying `target`, `violates` and `closesDefect`.

## Exact additional fixtures

```json
[
  {"id":"eco038-as-instrument-master","target":"financial-instrument","kind":"negative","input":"A convertible note's cap, discount and ratio terms are recorded on the WM-ECO-038 position record, and the position identity is used as the instrument identity.","expect":"Rejected. Terms resolve only to an InstrumentVersion; WM-ECO-038 masters positions, quantities, lots, rights, restrictions and successor history only.","violates":"WM-ECO-038 owns security-backed positions only; instrument identity is independent","closesDefect":22},
  {"id":"share-class-subordinate","target":"financial-instrument","kind":"positive","input":"Instrument I-1 version v2 carries equity terms for share classes A and B with differing vote ratios.","expect":"Accepted. Both classes are subordinate classifications within InstrumentVersion v2; neither acquires instrument, position or holding identity.","violates":null,"closesDefect":1},
  {"id":"share-class-as-rival-root","target":"financial-instrument","kind":"negative","input":"Share Class B is allocated an independent root and a position is bound to it instead of to an instrument version.","expect":"Rejected. Share Class never masters instrument, position, holding or investment identity.","violates":"Share Class is a subordinate classification","closesDefect":1},
  {"id":"debt-instrument-rival-master","target":"financial-instrument","kind":"negative","input":"A note's terms are mastered simultaneously by WM-ECO-037 and by Financial Instrument, with divergent maturity values.","expect":"Rejected. Dual term mastership is not permitted; the specialization direction is unadjudicated and no shared term model may be asserted.","violates":"WM-ECO-037 specialization undecided; no rival master","closesDefect":2},
  {"id":"registry-issuer-term-conflict","target":"financial-instrument","kind":"negative","input":"An instrument registry record states a maturity differing from the issuer's InstrumentVersion, and the registry value is written over the issuer value.","expect":"Rejected. Issuer masters terms; the registry masters the governed identifier only; the divergence is retained as a recorded conflict state.","violates":"Mastership precedence; conflicts are never silently reconciled","closesDefect":10},
  {"id":"valuation-subject-kind-absent","target":"valuation-profile","kind":"negative","input":"A valuation asserts amount 1000000 EUR on 2026-06-30 with no subjectKind.","expect":"Rejected. subjectKind is mandatory.","violates":"Mandatory subject-kind discriminator","closesDefect":3},
  {"id":"valuation-subject-kind-out-of-set","target":"valuation-profile","kind":"negative","input":"A valuation asserts subjectKind \"portfolio\".","expect":"Rejected. subjectKind is restricted to investee, instrument, holding, investment-participation, investment-carrying-amount.","violates":"Closed subject-kind enumeration","closesDefect":3},
  {"id":"valuation-subject-kind-substitution","target":"valuation-profile","kind":"negative","input":"An investee valuation of X on 2026-06-30 is read as the investment-carrying-amount of INV-1 and posted to the ledger.","expect":"Rejected. The five subject kinds are never interchangeable; a carrying-amount assertion requires its own valuation with accounting basis.","violates":"Subject kinds are non-interchangeable","closesDefect":3},
  {"id":"valuation-instrument-version-qualified","target":"valuation-profile","kind":"positive","input":"A valuation with subjectKind \"instrument\" names instrument N and subjectVersionRef v1, basis date 2026-06-30.","expect":"Accepted and resolvable only against v1.","violates":null,"closesDefect":4},
  {"id":"valuation-crosses-conversion-boundary","target":"valuation-profile","kind":"negative","input":"The 2026-06-30 valuation of note N v1 is reused as the valuation of N v2 after conversion on 2026-08-15.","expect":"Rejected. A valuation is never resolvable across a version boundary; v2 requires its own assertion.","violates":"Version-qualified subject reference","closesDefect":4},
  {"id":"valuation-holding-interval-qualified","target":"valuation-profile","kind":"negative","input":"A valuation with subjectKind \"holding\" names position H-1 without its effective interval, and H-1 was derecognized on 2026-08-15.","expect":"Rejected. A holding valuation requires positionRef plus the effective interval in force at the basis date.","violates":"Interval-qualified subject reference","closesDefect":4},
  {"id":"same-date-divergent-valuations","target":"valuation-profile","kind":"positive","input":"For investee X, basis date 2026-06-30: V-A income approach EUR, knowledge time 2026-07-10T09:00Z; V-B market approach USD, knowledge time 2026-07-12T09:00Z.","expect":"Both persist as independently resolvable assertions with their own method, basis, inputs, model version, uncertainty, evidence digest and knowledge time. Neither supersedes the other and neither sets any voting, ownership or control value.","violates":null,"closesDefect":22},
  {"id":"recency-reconciles-valuations","target":"valuation-profile","kind":"negative","input":"V-B is selected over V-A solely because its knowledge time is later, and V-A is marked superseded.","expect":"Rejected. Recency alone never reconciles same-date divergence; supersession requires an explicit review act.","violates":"Divergence and provenance preserved","closesDefect":17},
  {"id":"supersession-preserves-superseded","target":"valuation-profile","kind":"positive","input":"A review on 2026-09-01 supersedes V-A, recording actor, authority, basis and knowledge time.","expect":"Accepted. V-A, its inputs, evidence, uncertainty and provenance remain resolvable at their original knowledge time.","violates":null,"closesDefect":17},
  {"id":"supersession-deletes","target":"valuation-profile","kind":"negative","input":"Supersession removes V-A's record, inputs or evidence digest, or renders it unresolvable.","expect":"Rejected. Supersession never deletes or overwrites the superseded assertion.","violates":"Supersession never implies deletion","closesDefect":17},
  {"id":"currency-conversion-replaces-original","target":"valuation-profile","kind":"negative","input":"V-B's USD amount is replaced by its EUR equivalent with no rate source, type, date, direction or rounding retained.","expect":"Rejected. Conversion preserves the original amount and full rate provenance.","violates":"Conversions never replace originals","closesDefect":22},
  {"id":"valuation-confers-right","target":"valuation-profile","kind":"negative","input":"A completed valuation review is cited as the basis for a voting, ownership, control or consolidation conclusion about X.","expect":"Rejected. A valuation review may supersede a value and never confers, alters or evidences a right, vote, control relation or consolidation treatment.","violates":"Value never establishes voting, control or consolidation","closesDefect":21},
  {"id":"valuation-cited-as-control-basis","target":"valuation-profile","kind":"negative","input":"The most recent investee valuation of X is submitted as the evidence basis for a control assertion in WM-ORG-012.","expect":"Rejected. Control basis and scope derive only from recognized governance and effective-ownership facts.","violates":"Latest investee valuation is not evidence of voting power or control","closesDefect":22},
  {"id":"contingent-right-untyped","target":"financial-instrument","kind":"negative","input":"InstrumentVersion v1 records a conversion right in the same untyped rights collection as voting and dividend rights, with no contingency field.","expect":"Rejected. Every right is typed present or contingent; a contingent right requires trigger, effectTimeRule and excludedFromDenominators true.","violates":"Contingency typing on instrument-version rights","closesDefect":5},
  {"id":"contingent-right-aggregated","target":"financial-instrument","kind":"negative","input":"A consumer sums present voting rights and an unexercised conversion right from InstrumentVersion v1 into one rights total.","expect":"Rejected. Contingent rights are never emitted, serialized or aggregated as present rights.","violates":"Contingent rights are not present rights","closesDefect":5},
  {"id":"denominator-emitted-by-candidate","target":"profile-candidate","kind":"negative","input":"Financial Instrument or Investment emits an ownership percentage or voting-power figure for holder I in investee X.","expect":"Rejected. Both candidates exclude the percentage and voting-power computation; mastership is unadjudicated and no denominator rule is specified in this dossier.","violates":"Derived rights facts are mastered outside both candidates","closesDefect":6},
  {"id":"contingent-right-in-denominator","target":"profile-candidate","kind":"negative","input":"An as-converted figure including I's unexercised conversion right is used as I's current ownership percentage or vote count.","expect":"Rejected. Pre-conversion the note holder has zero current votes and zero current ownership percentage; contingent rights never enter a current denominator.","violates":"Contingent rights excluded from current denominators","closesDefect":6},
  {"id":"point-in-time-version-resolution","target":"financial-instrument","kind":"positive","input":"Instrument N has v1 effective 2026-01-01 to 2026-08-15 and v2 effective from 2026-08-15; the version in force at 2026-06-30 is requested.","expect":"v1 is returned, resolved from effective intervals alone and independently of any derivedCurrentVersionRef.","violates":null,"closesDefect":7},
  {"id":"current-version-pointer-authoritative","target":"financial-instrument","kind":"negative","input":"derivedCurrentVersionRef is treated as the authoritative source of the version in force, or is required for resolution.","expect":"Rejected. It is a non-authoritative cache; resolution is from effective intervals.","violates":"Derived cache is never authoritative","closesDefect":7},
  {"id":"overlapping-version-intervals","target":"financial-instrument","kind":"negative","input":"Instrument N records v2 effective from 2026-06-01 while v1 remains effective to 2026-08-15.","expect":"Rejected. Effective intervals of versions of one instrument never overlap.","violates":"Non-overlapping version intervals","closesDefect":7},
  {"id":"version-number-reuse","target":"financial-instrument","kind":"negative","input":"A corrected version is written back as v2 after v2 was already issued, or version numbering decreases.","expect":"Rejected. Version numbers increase monotonically and are never reused; correction creates a successor version.","violates":"Monotonic, non-reused version numbers","closesDefect":18},
  {"id":"issued-version-term-overwrite","target":"financial-instrument","kind":"negative","input":"The conversion cap on issued version v1 is edited in place.","expect":"Rejected. Terms are immutable after issuance; a successor version with its own effectiveFrom, recordedAt, knowledgeTime and contentDigest is required, and v1 remains resolvable.","violates":"Instrument terms are immutable and versioned","closesDefect":22},
  {"id":"partial-conversion-positions","target":"financial-instrument","kind":"positive","input":"Note N v1 is held in two lots H-1a and H-1b; only H-1a converts on 2026-08-15 to preferred position H-2 against v2.","expect":"H-1a is derecognized with predecessor/successor lineage and linked postings; H-1b remains outstanding against v1; instrument state remains effective; H-1b's cost lineage and restrictions are unchanged.","violates":null,"closesDefect":8},
  {"id":"partial-conversion-instrument-state","target":"financial-instrument","kind":"negative","input":"Instrument N is set to state converted after H-1a converts while H-1b remains outstanding.","expect":"Rejected. converted is reachable only when every outstanding position has been derecognized by a conversion event.","violates":"No unsafe inference of full conversion","closesDefect":8},
  {"id":"conversion-mutates-predecessor","target":"profile-candidate","kind":"negative","input":"Conversion reuses position identity H-1 for the successor equity holding, rewriting its quantity, cost lineage and restrictions.","expect":"Rejected. Conversion derecognizes the predecessor and creates a distinct successor position with explicit lineage; the predecessor is never overwritten.","violates":"Predecessor/successor position lineage","closesDefect":15},
  {"id":"conversion-sets-instrument-successor","target":"financial-instrument","kind":"negative","input":"Conversion of note N writes successorRef on N pointing to the preferred-share instrument.","expect":"Rejected. successorRef records corporate-action instrument replacement only; conversion creates no instrument successorRef and the participation, not the instrument, carries continuity.","violates":"Three successions are never conflated","closesDefect":9},
  {"id":"conversion-preserves-investment-identity","target":"investment","kind":"positive","input":"INV-1's note position converts to preferred shares on 2026-08-15.","expect":"INV-1's identity and revision history persist; a participation revision records the new instrument version and position references with effectiveFrom; prior revisions remain resolvable.","violates":null,"closesDefect":9},
  {"id":"investment-exited-exact","target":"investment","kind":"positive","input":"Every position of INV-1 is derecognized on 2026-09-30 with no retained interest or obligation and the governance record open.","expect":"Status is exactly exited; retained is not asserted; all revisions remain resolvable.","violates":null,"closesDefect":11},
  {"id":"investment-retained-exact","target":"investment","kind":"positive","input":"Every position of INV-1 is derecognized on 2026-09-30 and an escrow and indemnity obligation remains outstanding.","expect":"Status is exactly retained; exited is not asserted.","violates":null,"closesDefect":11},
  {"id":"investment-exited-and-retained","target":"investment","kind":"negative","input":"INV-1 is recorded as both exited and retained at 2026-09-30.","expect":"Rejected. The two states are mutually exclusive at any instant.","violates":"Lifecycle state disjointness","closesDefect":11},
  {"id":"investment-partially-exited-exact","target":"investment","kind":"positive","input":"One of INV-1's two positions is derecognized on 2026-09-30; the other remains outstanding.","expect":"Status is exactly partially-exited.","violates":null,"closesDefect":11},
  {"id":"investment-closed-then-appended","target":"investment","kind":"negative","input":"A participation revision is appended to INV-1 after status closed.","expect":"Rejected. closed is terminal and reachable only from exited or retained.","violates":"Terminal state","closesDefect":11},
  {"id":"mandate-inline-accepted","target":"investment","kind":"positive","input":"INV-1 carries no mandateRef and an inline mandateAssertion with a WM-ORG-018 authority reference, mandate statement, effectiveFrom and evidence digest.","expect":"Accepted while no mandate master is allocated, with the migration hold recorded.","violates":null,"closesDefect":12},
  {"id":"mandate-ref-unallocated","target":"investment","kind":"negative","input":"INV-1 carries a mandateRef to a mandate master that is not allocated in this dossier.","expect":"Rejected. A reference to an unallocated master is not satisfiable; inline mandateAssertion is required.","violates":"No binding to unallocated masters","closesDefect":12},
  {"id":"exposure-subject-discriminated","target":"investment","kind":"positive","input":"INV-2 is a direct real-asset participation with subjectKind underlying-asset.","expect":"Accepted as identifiable with no security, register, custody account or investee organization fabricated; the unbound underlying-asset master hold is recorded.","violates":null,"closesDefect":13},
  {"id":"exposure-subject-undiscriminated","target":"investment","kind":"negative","input":"INV-2 records a single subject reference with no subjectKind.","expect":"Rejected. subjectKind is mandatory.","violates":"Polymorphic reference requires a discriminator","closesDefect":13},
  {"id":"exposure-read-as-investee","target":"investment","kind":"negative","input":"INV-2's underlying-asset subject is entered into an organizational control or consolidation denominator.","expect":"Rejected. Only subjectKind investee-organization with a WM-ORG-001 reference may participate in a relationship, control or consolidation assertion.","violates":"No unsafe inference from exposure to organization","closesDefect":13},
  {"id":"investment-restates-position-lineage","target":"investment","kind":"negative","input":"A participation revision restates predecessor and successor position lineage with values differing from WM-ECO-038.","expect":"Rejected. Investment masters only the effective-dated linkage set and never restates, derives or supersedes externally mastered lineage.","violates":"Lineage remains externally mastered","closesDefect":14},
  {"id":"portfolio-membership-mints-investment","target":"investment","kind":"negative","input":"A listed-equity portfolio row is used to create an Investment root with no mandate, stage or governed participation.","expect":"Rejected. Portfolio membership is a grouping over holdings and never identifies an Investment.","violates":"Participation identity requires governed mandate and lifecycle","closesDefect":22},
  {"id":"posting-without-event","target":"investment-transaction-profile","kind":"negative","input":"A WM-ECO-016 posting for an acquisition is created with no reference to an economic event.","expect":"Rejected. A posting is the accounting representation of an event and never substitutes for the event's identity.","violates":"Event, settlement, position change and posting remain distinct","closesDefect":22},
  {"id":"settlement-collapsed-into-event","target":"investment-transaction-profile","kind":"negative","input":"Trade, settlement, availability and position change for one acquisition are recorded as a single timestamped state.","expect":"Rejected. Trade, settlement, availability, position change and posting are distinct states or events with distinct times.","violates":"Distinct transaction, settlement and posting objects","closesDefect":22},
  {"id":"posting-corrected-by-edit","target":"investment-transaction-profile","kind":"negative","input":"A posted entry is edited to correct an amount.","expect":"Rejected. Posted entries are immutable; correction is by linked reversal or successor and the original remains resolvable.","violates":"Posted entries are immutable; corrections append","closesDefect":22},
  {"id":"posting-balanced-single-ledger","target":"investment-transaction-profile","kind":"positive","input":"Conversion event E-1 on 2026-08-15 emits closing and opening lines within one ledger, currency, scope and tolerance, referencing E-1 and the affected lots.","expect":"Accepted. The posting set balances within the WM-ECO-016 boundary and carries explicit event and lot lineage.","violates":null,"closesDefect":22},
  {"id":"transaction-bound-to-named-root","target":"investment-transaction-profile","kind":"negative","input":"InvestmentTransaction is profiled onto a named canonical trade or settlement event master.","expect":"Rejected. No trade/settlement or corporate-action master is allocated in this dossier; the transaction leg is unbound and only the WM-ECO-016 posting leg is bound.","violates":"No binding to unallocated masters","closesDefect":16},
  {"id":"digest-noncanonical","target":"profile-candidate","kind":"negative","input":"contentDigest is computed over an implementation-specific serialization, or with an unnamed algorithm.","expect":"Rejected. The digest is sha256 over the RFC 8785 canonicalization of the object's required fields, excluding contentDigest, derived fields and cache fields, in the form sha256:<lowercase-hex>.","violates":"Deterministic evidence digest","closesDefect":18},
  {"id":"digest-reproducible","target":"profile-candidate","kind":"positive","input":"Two implementations digest the same InstrumentVersion required-field set with reordered JSON keys.","expect":"Identical digests.","violates":null,"closesDefect":18},
  {"id":"knowledge-time-missing","target":"profile-candidate","kind":"negative","input":"An InstrumentVersion or participation revision records effectiveFrom only, with no recordedAt or knowledgeTime.","expect":"Rejected. Effective, record and knowledge times are separately required and never substituted.","violates":"Distinct time semantics","closesDefect":18},
  {"id":"date-precision-widened","target":"profile-candidate","kind":"negative","input":"An effectiveFrom declared with date precision is stored as a timezone-bearing instant and reported as such.","expect":"Rejected. Declared date-only precision is preserved and never widened or timezone-shifted.","violates":"Date-only precision preserved","closesDefect":18},
  {"id":"identifier-allocated","target":"profile-candidate","kind":"negative","input":"Any EM-FIN-06 artifact populates a modelId, registryId, catalogueId or runtimeId for Financial Instrument, Investment or the profile.","expect":"Rejected. All identifier fields are null and allocationState is unassigned for every EM-FIN-06 artifact.","violates":"Allocate no catalogue, model or runtime identifier","closesDefect":19},
  {"id":"publication-readiness-claimed","target":"profile-candidate","kind":"negative","input":"An EM-FIN-06 artifact asserts canonical completeness, installability, publication readiness or crosswalk conformance to FIBO, ISO 20022, IFRS 9 or 13, IAS 32 or XBRL.","expect":"Rejected. All bases are reviewable drafts with publishableCanonical false; crosswalks, release pins and licences are unverified.","violates":"No publishability or conformance claim","closesDefect":19},
  {"id":"stale-assurance-hold","target":"profile-candidate","kind":"negative","input":"An artifact holds that independent Grok review or the frozen audit remains pending.","expect":"Rejected. Dual study and the single frozen audit are complete; only absence of external third-party review of the bases remains an open hold.","violates":"Accurate assurance state","closesDefect":20},
  {"id":"acceptance-scenario-end-to-end","target":"profile-candidate","kind":"positive","input":"Note N v1 held by I in investee X as INV-1 with positions H-1a and H-1b carrying a contingent conversion right; basis date 2026-06-30 valuations V-A (income, EUR) and V-B (market, USD) of X; conversion event E-1 on 2026-08-15 converting H-1a to H-2 against v2.","expect":"I holds zero current votes and zero current ownership percentage pre-conversion; V-A and V-B both persist and set no rights; E-1 derecognizes H-1a, creates H-2 with lineage and linked balanced postings; H-1b remains against v1; N's state remains effective; INV-1 continues with a new participation revision; V-A and V-B remain resolvable at their original knowledge times; no identifier is allocated and no publishability is claimed.","violates":null,"closesDefect":22}
]
```

## Freeze decision

**Do not freeze the artifact set as submitted. Freeze is authorized on mechanical application of remediations 1–22 and insertion of the 58 fixtures above, with no further provider study and no re-audit.**

Every remediation is exact edit text against a named artifact and field; none requires new evidence, adjudication by me, or another run. Three items are decision-bearing and must be verified present before the freeze stands: the closed subject-kind enumeration (3), contingency typing on `InstrumentVersion.rights` (5), and the `bindingState.transaction: "unbound"` declaration (16) — these close grok's three blockers, which are otherwise carried only in prose.

On freeze, the contour state is: reviewable draft, `canonicalPublishable: false` on all five artifacts, zero catalogue/model/registry/runtime identifiers allocated, Financial Instrument and Investment unassigned candidates. Open holds surviving the freeze, none of which blocks it and none of which may be published as resolved: WM-ECO-037 specialization direction; unallocated trade/settlement event, corporate action, portfolio/mandate, underlying-asset and consolidation scope/run masters; WM-ECO-002's absence of approved outgoing relations; WM-ECO-038's EXTEND/REFERENCE row-versus-spec conflict and its 26-of-27 self-assessment against fourteen publication holds; ownership-percentage and voting-power mastership plus denominator rules; absence of external third-party review; unverified crosswalks, release pins and licences. No standards conformance, installability or publication readiness is asserted for any part of EM-FIN-06.