{
  "tool_id": "art-318-rhc-regime-mapper",
  "note": "golden_hash computed via _hash.mjs executionHash at fixture-generation time.",
  "vectors": [
    {
      "name": "mica_carveout_eu_target",
      "policy_parameters": {
        "issuer_entity": "Robinhood Assets (Jersey) Limited",
        "instrument_type": "tokenized_debt_security",
        "wrapper": "SPV",
        "holder_of_record": "SPV",
        "voting_rights": false,
        "target_jurisdictions": [
          "EU"
        ]
      },
      "output_payload": {
        "regime_tree": [
          {
            "framework": "MiCA",
            "applicable": false,
            "basis": "Art. 2(4)(a) financial-instrument carve-out",
            "assumption": "instrument characterized as a tokenized debt security wrapped via an SPV"
          },
          {
            "framework": "MiFID II",
            "applicable": true,
            "basis": "debt security issued by a regulated entity implies transferable-security classification",
            "assumption": "characterization as given, not independently verified"
          }
        ],
        "mica_carveout_applies": true,
        "mifid2_transferable_security": true,
        "prospectus_exposure": true,
        "us_persons_gate_violated": false,
        "disclose_no_voting_rights": true,
        "issuer_entity": "Robinhood Assets (Jersey) Limited",
        "assumptions": [
          "MiCA_inapplicable_given_debt_security_characterization",
          "prospectus_exposure_flagged_for_EU_public_offer",
          "SPV_is_holder_of_record_token_holders_have_no_voting_rights"
        ],
        "note": "This node maps the regime implied by the pasted characterization; it does not render a legal conclusion."
      },
      "golden_hash": "02a531913b7a22c1abf9bf4b64bf8a12bcfcf3dfaecab160521c90d7c92b280f"
    },
    {
      "name": "us_persons_gate_violation",
      "policy_parameters": {
        "issuer_entity": "Robinhood Assets (Jersey) Limited",
        "instrument_type": "tokenized_debt_security",
        "wrapper": "SPV",
        "holder_of_record": "SPV",
        "voting_rights": false,
        "target_jurisdictions": [
          "EU",
          "US"
        ]
      },
      "output_payload": {
        "regime_tree": [
          {
            "framework": "MiCA",
            "applicable": false,
            "basis": "Art. 2(4)(a) financial-instrument carve-out",
            "assumption": "instrument characterized as a tokenized debt security wrapped via an SPV"
          },
          {
            "framework": "MiFID II",
            "applicable": true,
            "basis": "debt security issued by a regulated entity implies transferable-security classification",
            "assumption": "characterization as given, not independently verified"
          }
        ],
        "mica_carveout_applies": true,
        "mifid2_transferable_security": true,
        "prospectus_exposure": true,
        "us_persons_gate_violated": true,
        "disclose_no_voting_rights": true,
        "issuer_entity": "Robinhood Assets (Jersey) Limited",
        "assumptions": [
          "MiCA_inapplicable_given_debt_security_characterization",
          "prospectus_exposure_flagged_for_EU_public_offer",
          "target_jurisdictions_include_US_violating_no_US_persons_facts",
          "SPV_is_holder_of_record_token_holders_have_no_voting_rights"
        ],
        "note": "This node maps the regime implied by the pasted characterization; it does not render a legal conclusion."
      },
      "golden_hash": "0c7384259b095db70c4231be3462c24e532f29c4baef166c2407e8ca0f8329de"
    }
  ]
}