Validate EMIR Refit derivative lifecycle event action types against prior trade state using the EMIR state-machine transitions. Catches duplicate New events on open UTIs, Modify without prior, and other invalid sequences. Zero network.
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Scope
Middle node of the emir-reconciliation-and-lifecycle chain (art-156→157→158). Validates action-type legality given the prior trade state (none / open / terminated). Receives from art-156; feeds art-158 (reporting readiness diagnostic). See emir-reconciliation-and-lifecycle chain.
State transitions: none → New, Position | open → Modify, Correct, Valuation, Terminate, Error | terminated → Revive, Correct, Error