{
  "format": "vercy-model-allocation-candidate/v1",
  "contourId": "EM-FIN-06",
  "proposedName": "Investment",
  "modelId": null,
  "registryId": null,
  "allocationState": "unassigned",
  "decision": "NEW MODEL",
  "canonicalPublishable": false,
  "identityTest": {
    "stableIdentity": "A governed participation or exposure can persist through instrument replacement, temporary zero holdings, undrawn commitments and exited-but-retained history.",
    "versionIdentity": "Mandate, commitment, stage, strategy or exit-context changes create effective-dated revisions while the participation identity persists.",
    "independentLifecycle": [
      "proposed",
      "approved",
      "committed",
      "active",
      "partially-exited",
      "exited",
      "retained",
      "closed"
    ],
    "mastership": "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."
  },
  "boundary": {
    "owns": [
      "stable governed participation identity",
      "mandate and investment thesis",
      "commitment and stage",
      "participation linkage set: effective-dated references to the instrument versions and positions realizing the participation",
      "exit context and retained history"
    ],
    "references": [
      {
        "target": "WM-ECO-038",
        "purpose": "Positions and holdings realizing the investment",
        "relationState": "proposed-unapproved"
      },
      {
        "target": "WM-ECO-002",
        "purpose": "Investee, instrument and holding valuations",
        "relationState": "proposed-unapproved"
      },
      {
        "target": "WM-ECO-016",
        "purpose": "Accounting postings from investment events",
        "relationState": "proposed-unapproved"
      },
      {
        "target": "WM-ORG-001",
        "purpose": "Investee and investor identities",
        "relationState": "proposed-unapproved"
      },
      {
        "target": "WM-ORG-018",
        "purpose": "Investment governance and decision authority",
        "relationState": "proposed-unapproved"
      }
    ],
    "excludes": [
      "plain portfolio membership",
      "instrument terms",
      "position quantity and custody",
      "transaction or corporate-action occurrence",
      "valuation and posting identity",
      "ownership percentage and voting power computation and assertion"
    ]
  },
  "objects": {
    "Investment": {
      "identity": [
        "investmentId"
      ],
      "required": [
        "investorRef",
        "subjectKind",
        "subjectRef",
        "stage",
        "status",
        "recordedAt",
        "knowledgeTime"
      ],
      "optional": [
        "commitment",
        "exitContext",
        "successorRef",
        "mandateRef",
        "mandateAssertion"
      ],
      "lifecycle": [
        "proposed",
        "approved",
        "committed",
        "active",
        "partially-exited",
        "exited",
        "retained",
        "closed"
      ],
      "subjectKindEnum": [
        "investee-organization",
        "underlying-asset",
        "contractual-exposure"
      ]
    },
    "InvestmentParticipationRevision": {
      "identity": [
        "investmentId",
        "revision"
      ],
      "required": [
        "instrumentOrAssetRefs",
        "positionRefs",
        "effectiveFrom",
        "effectiveFromPrecision",
        "recordedAt",
        "knowledgeTime",
        "contentDigest"
      ],
      "optional": [
        "effectiveTo",
        "supersedesRevision",
        "commitmentTerms"
      ]
    }
  },
  "invariants": [
    "Investment identity requires governed participation beyond plain portfolio membership.",
    "Investment can persist through temporary zero holding and instrument replacement.",
    "Investment, instrument, position, transaction, posting and valuation remain distinct.",
    "Mandate, commitment, stage and exit context are explicit.",
    "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.",
    "An undrawn commitment does not imply a current position.",
    "Exit does not erase retained governance or provenance history.",
    "Acquisition, disposal, transfer and conversion remain explicit events.",
    "Postings remain accounting representations and never become investments.",
    "Value never establishes ownership, voting power, control or consolidation.",
    "Different subject-kind valuations remain non-interchangeable.",
    "Currency conversions preserve original amounts and rate provenance.",
    "Corrections append history and preserve originals.",
    "Investment identifiers are never recycled.",
    "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.",
    "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.",
    "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.",
    "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."
  ],
  "holds": [
    "Registry allocation is pending and no identifier may be guessed.",
    "Portfolio, mandate, transaction and corporate-action references remain unallocated.",
    "Frozen audit, crosswalks and registry relations remain pending.",
    "No mandate or portfolio master is allocated; mandate is carried inline under governance authority and MUST be migrated to the mandate master once allocated.",
    "No underlying-asset master is allocated; underlying-asset subject references are unbound.",
    "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."
  ],
  "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"
    ]
  },
  "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"
  }
}