{ "format": "vercy-enterprise-allocation-fixtures/v1", "candidateName": "Financial Instrument", "cases": [ { "id": "transfer-survival", "kind": "positive", "input": "A note transfers from holder A to holder B.", "expect": "Instrument identity and terms persist while positions and holder capacities change.", "target": "financial-instrument", "violates": null, "closesDefect": 22 }, { "id": "convertible-note", "kind": "positive", "input": "A note converts under versioned cap, discount and ratio terms.", "expect": "An explicit event retires the predecessor position and creates successor positions against the resulting instrument version.", "target": "financial-instrument", "violates": null, "closesDefect": 22 }, { "id": "ticker-identity", "kind": "negative", "input": "A mutable ticker is used as sole instrument identity.", "expect": "The identity is rejected without a governed identifier.", "target": "financial-instrument", "violates": "The identity is rejected without a governed identifier.", "closesDefect": 22, "expectedCode": "TICKER_IDENTITY" }, { "id": "future-votes", "kind": "negative", "input": "Contingent conversion rights are counted as current votes.", "expect": "The denominator calculation is rejected.", "target": "financial-instrument", "violates": "The denominator calculation is rejected.", "closesDefect": 22, "expectedCode": "FUTURE_VOTES" }, { "id": "value-proves-control", "kind": "negative", "input": "A high valuation is used to establish control.", "expect": "The inference is rejected.", "target": "financial-instrument", "violates": "The inference is rejected.", "closesDefect": 22, "expectedCode": "VALUE_PROVES_CONTROL" }, { "id": "term-overwrite", "kind": "negative", "input": "Conversion terms are edited in an issued version.", "expect": "The mutation is rejected; a successor version is required.", "target": "financial-instrument", "violates": "The mutation is rejected; a successor version is required.", "closesDefect": 22, "expectedCode": "TERM_OVERWRITE" }, { "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, "expectedCode": "ECO038_AS_INSTRUMENT_MASTER" }, { "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, "expectedCode": "SHARE_CLASS_AS_RIVAL_ROOT" }, { "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, "expectedCode": "DEBT_INSTRUMENT_RIVAL_MASTER" }, { "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, "expectedCode": "REGISTRY_ISSUER_TERM_CONFLICT" }, { "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, "expectedCode": "CONTINGENT_RIGHT_UNTYPED" }, { "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, "expectedCode": "CONTINGENT_RIGHT_AGGREGATED" }, { "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, "expectedCode": "CURRENT_VERSION_POINTER_AUTHORITATIVE" }, { "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, "expectedCode": "OVERLAPPING_VERSION_INTERVALS" }, { "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, "expectedCode": "VERSION_NUMBER_REUSE" }, { "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, "expectedCode": "ISSUED_VERSION_TERM_OVERWRITE" }, { "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, "expectedCode": "PARTIAL_CONVERSION_INSTRUMENT_STATE" }, { "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, "expectedCode": "CONVERSION_SETS_INSTRUMENT_SUCCESSOR" } ], "canonicalPublishable": false, "holds": [ "Expectations are reviewable-draft adjudications over non-canonical bases and assert no conformance, installability or standards alignment." ] }