{ "tool_id": "art-628-declarative-decision-tree-evaluator", "note": "golden_hash values computed via buildArtifact() executionHash() at build time (ACCT-DTREE-K-1), now=\"2026-08-16T00:00:00.000Z\". The demonstrator tree is the Reg D Rule 501(a) entity-type accredited-investor category test (17 CFR 230.501(a)(1)/(2)/(3)/(8)/(9)), tree_digest recomputed by computeTreeDigest() over the canonicalized tree bytes. Vectors exercise: each of the five accredited-category leaves, the not-accredited fall-through, and the named hazard rejections (tree_digest mismatch, an uncited INTERNAL criterion node per build-spec Sec.3.2, a non-closed-set operator, a cycle, a missing fact field, and a missing tree).", "vectors": [ { "name": "accredited-501a1-institution", "policy_parameters": { "tree": { "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "root": "c_501a1", "nodes": { "c_501a1": { "kind": "criterion", "field": "is_501a1_institution", "operator": "eq", "operand": true, "branches": { "true": "leaf_501a1", "false": "c_bdc" }, "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_bdc": { "kind": "criterion", "field": "is_private_bdc", "operator": "eq", "operand": true, "branches": { "true": "leaf_bdc", "false": "c_501c3" }, "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_501c3": { "kind": "criterion", "field": "is_501c3_or_qualifying_entity_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_501c3", "false": "c_equity" }, "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_equity": { "kind": "criterion", "field": "all_equity_owners_accredited", "operator": "eq", "operand": true, "branches": { "true": "leaf_equity", "false": "c_catchall" }, "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_catchall": { "kind": "criterion", "field": "is_other_entity_investments_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_catchall", "false": "leaf_not_accredited" }, "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501a1": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_bdc": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501c3": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_equity": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_catchall": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_not_accredited": { "kind": "leaf", "verdict": "not_accredited", "citation": { "clause": "17 CFR 230.501(a)", "source": "17 CFR 230.501(a) chapeau (categories are exhaustive: any person within any of the following categories)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } } } }, "facts": { "is_501a1_institution": true, "is_private_bdc": false, "is_501c3_or_qualifying_entity_over_5m": false, "all_equity_owners_accredited": false, "is_other_entity_investments_over_5m": false } }, "output_payload": { "verdict": "accredited", "error_code": null, "message": null, "matched_node_id": "leaf_501a1", "matched_citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" }, "path": [ "c_501a1", "leaf_501a1" ], "weight": null, "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest_recomputed": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "bounds": { "max_depth": 12, "max_nodes": 256, "max_tree_bytes": 65536 }, "closed_operator_set": [ "eq", "in", "lt", "lte", "gt", "gte", "between", "all_of", "any_of", "none_of" ], "scope_note": "This kernel is a generic decision-tree interpreter. It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "f153d687c2367cd7932a290e0536dba312bc4e6d9581ef8eb138b9dd7ce93264" }, { "name": "accredited-private-bdc", "policy_parameters": { "tree": { "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "root": "c_501a1", "nodes": { "c_501a1": { "kind": "criterion", "field": "is_501a1_institution", "operator": "eq", "operand": true, "branches": { "true": "leaf_501a1", "false": "c_bdc" }, "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_bdc": { "kind": "criterion", "field": "is_private_bdc", "operator": "eq", "operand": true, "branches": { "true": "leaf_bdc", "false": "c_501c3" }, "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_501c3": { "kind": "criterion", "field": "is_501c3_or_qualifying_entity_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_501c3", "false": "c_equity" }, "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_equity": { "kind": "criterion", "field": "all_equity_owners_accredited", "operator": "eq", "operand": true, "branches": { "true": "leaf_equity", "false": "c_catchall" }, "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_catchall": { "kind": "criterion", "field": "is_other_entity_investments_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_catchall", "false": "leaf_not_accredited" }, "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501a1": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_bdc": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501c3": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_equity": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_catchall": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_not_accredited": { "kind": "leaf", "verdict": "not_accredited", "citation": { "clause": "17 CFR 230.501(a)", "source": "17 CFR 230.501(a) chapeau (categories are exhaustive: any person within any of the following categories)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } } } }, "facts": { "is_501a1_institution": false, "is_private_bdc": true, "is_501c3_or_qualifying_entity_over_5m": false, "all_equity_owners_accredited": false, "is_other_entity_investments_over_5m": false } }, "output_payload": { "verdict": "accredited", "error_code": null, "message": null, "matched_node_id": "leaf_bdc", "matched_citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" }, "path": [ "c_501a1", "c_bdc", "leaf_bdc" ], "weight": null, "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest_recomputed": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "bounds": { "max_depth": 12, "max_nodes": 256, "max_tree_bytes": 65536 }, "closed_operator_set": [ "eq", "in", "lt", "lte", "gt", "gte", "between", "all_of", "any_of", "none_of" ], "scope_note": "This kernel is a generic decision-tree interpreter. It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "6c0d86fe9fe585964784374c2b4ca1ed9deacf4e7ff6d891fcddf49039dca0f7" }, { "name": "accredited-501c3-or-qualifying-entity", "policy_parameters": { "tree": { "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "root": "c_501a1", "nodes": { "c_501a1": { "kind": "criterion", "field": "is_501a1_institution", "operator": "eq", "operand": true, "branches": { "true": "leaf_501a1", "false": "c_bdc" }, "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_bdc": { "kind": "criterion", "field": "is_private_bdc", "operator": "eq", "operand": true, "branches": { "true": "leaf_bdc", "false": "c_501c3" }, "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_501c3": { "kind": "criterion", "field": "is_501c3_or_qualifying_entity_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_501c3", "false": "c_equity" }, "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_equity": { "kind": "criterion", "field": "all_equity_owners_accredited", "operator": "eq", "operand": true, "branches": { "true": "leaf_equity", "false": "c_catchall" }, "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_catchall": { "kind": "criterion", "field": "is_other_entity_investments_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_catchall", "false": "leaf_not_accredited" }, "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501a1": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_bdc": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501c3": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_equity": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_catchall": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_not_accredited": { "kind": "leaf", "verdict": "not_accredited", "citation": { "clause": "17 CFR 230.501(a)", "source": "17 CFR 230.501(a) chapeau (categories are exhaustive: any person within any of the following categories)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } } } }, "facts": { "is_501a1_institution": false, "is_private_bdc": false, "is_501c3_or_qualifying_entity_over_5m": true, "all_equity_owners_accredited": false, "is_other_entity_investments_over_5m": false } }, "output_payload": { "verdict": "accredited", "error_code": null, "message": null, "matched_node_id": "leaf_501c3", "matched_citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" }, "path": [ "c_501a1", "c_bdc", "c_501c3", "leaf_501c3" ], "weight": null, "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest_recomputed": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "bounds": { "max_depth": 12, "max_nodes": 256, "max_tree_bytes": 65536 }, "closed_operator_set": [ "eq", "in", "lt", "lte", "gt", "gte", "between", "all_of", "any_of", "none_of" ], "scope_note": "This kernel is a generic decision-tree interpreter. It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "bfbc8580c0bc6228906f768b174af1ab335129ddd7e7ac26f364df58d35cab2a" }, { "name": "accredited-all-equity-owners-accredited", "policy_parameters": { "tree": { "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "root": "c_501a1", "nodes": { "c_501a1": { "kind": "criterion", "field": "is_501a1_institution", "operator": "eq", "operand": true, "branches": { "true": "leaf_501a1", "false": "c_bdc" }, "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_bdc": { "kind": "criterion", "field": "is_private_bdc", "operator": "eq", "operand": true, "branches": { "true": "leaf_bdc", "false": "c_501c3" }, "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_501c3": { "kind": "criterion", "field": "is_501c3_or_qualifying_entity_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_501c3", "false": "c_equity" }, "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_equity": { "kind": "criterion", "field": "all_equity_owners_accredited", "operator": "eq", "operand": true, "branches": { "true": "leaf_equity", "false": "c_catchall" }, "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_catchall": { "kind": "criterion", "field": "is_other_entity_investments_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_catchall", "false": "leaf_not_accredited" }, "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501a1": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_bdc": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501c3": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": 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"clause": "17 CFR 230.501(a)", "source": "17 CFR 230.501(a) chapeau (categories are exhaustive: any person within any of the following categories)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } } } }, "facts": { "is_501a1_institution": false, "is_private_bdc": false, "is_501c3_or_qualifying_entity_over_5m": false, "all_equity_owners_accredited": true, "is_other_entity_investments_over_5m": false } }, "output_payload": { "verdict": "accredited", "error_code": null, "message": null, "matched_node_id": "leaf_equity", "matched_citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" }, "path": [ "c_501a1", "c_bdc", "c_501c3", "c_equity", "leaf_equity" ], "weight": null, "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest_recomputed": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "bounds": { "max_depth": 12, "max_nodes": 256, "max_tree_bytes": 65536 }, "closed_operator_set": [ "eq", "in", "lt", "lte", "gt", "gte", "between", "all_of", "any_of", "none_of" ], "scope_note": "This kernel is a generic decision-tree interpreter. It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "66e76486938d5a5a7af6e9d3ee1218d48d510b68b9ba7d6ed150485404d0e1e8" }, { "name": "accredited-catchall-9", "policy_parameters": { "tree": { "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "root": "c_501a1", "nodes": { "c_501a1": { "kind": "criterion", "field": "is_501a1_institution", "operator": "eq", "operand": true, "branches": { "true": "leaf_501a1", "false": "c_bdc" }, "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_bdc": { "kind": "criterion", "field": "is_private_bdc", "operator": "eq", "operand": true, "branches": { "true": "leaf_bdc", "false": "c_501c3" }, "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_501c3": { "kind": "criterion", "field": "is_501c3_or_qualifying_entity_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_501c3", "false": "c_equity" }, "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_equity": { "kind": "criterion", "field": "all_equity_owners_accredited", "operator": "eq", "operand": true, "branches": { "true": "leaf_equity", "false": "c_catchall" }, "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_catchall": { "kind": "criterion", "field": "is_other_entity_investments_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_catchall", "false": "leaf_not_accredited" }, "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501a1": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_bdc": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501c3": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": 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"clause": "17 CFR 230.501(a)", "source": "17 CFR 230.501(a) chapeau (categories are exhaustive: any person within any of the following categories)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } } } }, "facts": { "is_501a1_institution": false, "is_private_bdc": false, "is_501c3_or_qualifying_entity_over_5m": false, "all_equity_owners_accredited": false, "is_other_entity_investments_over_5m": true } }, "output_payload": { "verdict": "accredited", "error_code": null, "message": null, "matched_node_id": "leaf_catchall", "matched_citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" }, "path": [ "c_501a1", "c_bdc", 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It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "96e237def6b904e05d0949cde50031433ffe750d61ddbd436bfa3432ebed9c4d" }, { "name": "not-accredited-no-category-matched", "policy_parameters": { "tree": { "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "root": "c_501a1", "nodes": { "c_501a1": { "kind": "criterion", "field": "is_501a1_institution", "operator": "eq", "operand": true, "branches": { "true": "leaf_501a1", "false": "c_bdc" }, "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_bdc": { "kind": "criterion", "field": "is_private_bdc", "operator": "eq", "operand": true, "branches": { "true": "leaf_bdc", "false": "c_501c3" }, "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_501c3": { "kind": "criterion", "field": "is_501c3_or_qualifying_entity_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_501c3", "false": "c_equity" }, "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_equity": { "kind": "criterion", 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"c_501a1", "c_bdc", "c_501c3", "c_equity", "c_catchall", "leaf_not_accredited" ], "weight": null, "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest_recomputed": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "bounds": { "max_depth": 12, "max_nodes": 256, "max_tree_bytes": 65536 }, "closed_operator_set": [ "eq", "in", "lt", "lte", "gt", "gte", "between", "all_of", "any_of", "none_of" ], "scope_note": "This kernel is a generic decision-tree interpreter. It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "6fe92dca5b72a2e45557414c7e7aac1f6ee824a686784407fe9a14ebfd22f39d" }, { "name": "hazard-tree-digest-mismatch-rejected", "policy_parameters": { "tree": { "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd92", "root": "c_501a1", "nodes": { "c_501a1": { "kind": "criterion", "field": "is_501a1_institution", "operator": "eq", "operand": true, "branches": { "true": "leaf_501a1", "false": "c_bdc" }, "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_bdc": { "kind": "criterion", "field": "is_private_bdc", "operator": "eq", "operand": true, "branches": { "true": "leaf_bdc", "false": "c_501c3" }, "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_501c3": { "kind": "criterion", "field": "is_501c3_or_qualifying_entity_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_501c3", "false": "c_equity" }, "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_equity": { "kind": "criterion", "field": "all_equity_owners_accredited", "operator": "eq", "operand": true, "branches": { "true": "leaf_equity", "false": "c_catchall" }, "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_catchall": { "kind": "criterion", "field": "is_other_entity_investments_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_catchall", "false": "leaf_not_accredited" }, "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501a1": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_bdc": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501c3": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_equity": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_catchall": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_not_accredited": { "kind": "leaf", "verdict": "not_accredited", "citation": { "clause": "17 CFR 230.501(a)", "source": "17 CFR 230.501(a) chapeau (categories are exhaustive: any person within any of the following categories)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } } } }, "facts": { "is_501a1_institution": true, "is_private_bdc": false, "is_501c3_or_qualifying_entity_over_5m": false, "all_equity_owners_accredited": false, "is_other_entity_investments_over_5m": false } }, "output_payload": { "verdict": null, "error_code": "TREE_DIGEST_MISMATCH", "message": "declared tree_digest \"f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd92\" does not match recomputed digest \"f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91\" over the tree's own bytes", "matched_node_id": null, "matched_citation": null, "path": [], "weight": null, "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest_recomputed": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "bounds": { "max_depth": 12, "max_nodes": 256, "max_tree_bytes": 65536 }, "closed_operator_set": [ "eq", "in", "lt", "lte", "gt", "gte", "between", "all_of", "any_of", "none_of" ], "scope_note": "This kernel is a generic decision-tree interpreter. It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "a7e52813368c26b99440215e3a60a69d497c9bd362932b19deb9f539e50ffb29" }, { "name": "hazard-uncited-internal-node-rejected", "policy_parameters": { "tree": { "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest": "IGNORED-STRUCTURAL-REJECT-BEFORE-DIGEST-CHECK", "root": "c_501a1", "nodes": { "c_501a1": { "kind": "criterion", "field": "is_501a1_institution", "operator": "eq", "operand": true, "branches": { "true": "leaf_501a1", "false": "c_bdc" }, "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_bdc": { "kind": "criterion", "field": "is_private_bdc", "operator": "eq", "operand": true, "branches": { "true": "leaf_bdc", "false": "c_501c3" } }, "c_501c3": { "kind": "criterion", "field": "is_501c3_or_qualifying_entity_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_501c3", "false": "c_equity" }, "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_equity": { "kind": "criterion", "field": "all_equity_owners_accredited", "operator": "eq", "operand": true, "branches": { "true": "leaf_equity", "false": "c_catchall" }, "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_catchall": { "kind": "criterion", "field": "is_other_entity_investments_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_catchall", "false": "leaf_not_accredited" }, "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501a1": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_bdc": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501c3": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_equity": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_catchall": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_not_accredited": { "kind": "leaf", "verdict": "not_accredited", "citation": { "clause": "17 CFR 230.501(a)", "source": "17 CFR 230.501(a) chapeau (categories are exhaustive: any person within any of the following categories)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } } } }, "facts": { "is_501a1_institution": false, "is_private_bdc": false, "is_501c3_or_qualifying_entity_over_5m": false, "all_equity_owners_accredited": false, "is_other_entity_investments_over_5m": false } }, "output_payload": { "verdict": null, "error_code": "TREE_UNCITED_NODE", "message": "node \"c_bdc\" carries no valid citation {clause, source, source_digest, snapshot_location} — REJECTED BY THE LOADER (internal criteria are cited, not leaves only)", "matched_node_id": null, "matched_citation": null, "path": [], "weight": null, "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest_recomputed": null, "bounds": { "max_depth": 12, "max_nodes": 256, "max_tree_bytes": 65536 }, "closed_operator_set": [ "eq", "in", "lt", "lte", "gt", "gte", "between", "all_of", "any_of", "none_of" ], "scope_note": "This kernel is a generic decision-tree interpreter. It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "50a8d4342bcc2e05348ff6aec2729ee8de734276b9c2a6d817811fb8e74a8794" }, { "name": "hazard-non-closed-operator-rejected", "policy_parameters": { "tree": { "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest": "IGNORED-STRUCTURAL-REJECT-BEFORE-DIGEST-CHECK", "root": "c_501a1", "nodes": { "c_501a1": { "kind": "criterion", "field": "is_501a1_institution", "operator": "eval", "operand": true, "branches": { "true": "leaf_501a1", "false": "c_bdc" }, "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_bdc": { "kind": "criterion", "field": "is_private_bdc", "operator": "eq", "operand": true, "branches": { "true": "leaf_bdc", "false": "c_501c3" }, "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_501c3": { "kind": "criterion", "field": "is_501c3_or_qualifying_entity_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_501c3", "false": "c_equity" }, "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_equity": { "kind": "criterion", "field": "all_equity_owners_accredited", "operator": "eq", "operand": true, "branches": { "true": "leaf_equity", "false": "c_catchall" }, "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_catchall": { "kind": "criterion", "field": "is_other_entity_investments_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_catchall", "false": "leaf_not_accredited" }, "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501a1": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_bdc": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501c3": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_equity": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(8)", "source": "17 CFR 230.501(a)(8) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_catchall": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(9)", "source": "17 CFR 230.501(a)(9) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_not_accredited": { "kind": "leaf", "verdict": "not_accredited", "citation": { "clause": "17 CFR 230.501(a)", "source": "17 CFR 230.501(a) chapeau (categories are exhaustive: any person within any of the following categories)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } } } }, "facts": { "is_501a1_institution": false, "is_private_bdc": false, "is_501c3_or_qualifying_entity_over_5m": false, "all_equity_owners_accredited": false, "is_other_entity_investments_over_5m": false } }, "output_payload": { "verdict": null, "error_code": "TREE_INVALID_OPERATOR", "message": "node \"c_501a1\" operator \"eval\" is not in the closed operator set", "matched_node_id": null, "matched_citation": null, "path": [], "weight": null, "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest_recomputed": null, "bounds": { "max_depth": 12, "max_nodes": 256, "max_tree_bytes": 65536 }, "closed_operator_set": [ "eq", "in", "lt", "lte", "gt", "gte", "between", "all_of", "any_of", "none_of" ], "scope_note": "This kernel is a generic decision-tree interpreter. It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "dde56949e60e7187f89df858200248bc12ac6b0357d70c4364efd54cabd305d8" }, { "name": "hazard-cycle-detected-rejected", "policy_parameters": { "tree": { "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest": "IGNORED-STRUCTURAL-REJECT-BEFORE-DIGEST-CHECK", "root": "c_501a1", "nodes": { "c_501a1": { "kind": "criterion", "field": "is_501a1_institution", "operator": "eq", "operand": true, "branches": { "true": "leaf_501a1", "false": "c_bdc" }, "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_bdc": { "kind": "criterion", "field": "is_private_bdc", "operator": "eq", "operand": true, "branches": { "true": "leaf_bdc", "false": "c_501c3" }, "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_501c3": { "kind": "criterion", "field": "is_501c3_or_qualifying_entity_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_501c3", "false": "c_equity" }, "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_equity": { "kind": "criterion", "field": 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"accredited", "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_bdc": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "leaf_501c3": { "kind": "leaf", "verdict": "accredited", "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": 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"clause": "17 CFR 230.501(a)", "source": "17 CFR 230.501(a) chapeau (categories are exhaustive: any person within any of the following categories)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } } } }, "facts": { "is_501a1_institution": false, "is_private_bdc": false, "is_501c3_or_qualifying_entity_over_5m": false, "all_equity_owners_accredited": false, "is_other_entity_investments_over_5m": false } }, "output_payload": { "verdict": null, "error_code": "TREE_CYCLE_DETECTED", "message": "cycle detected: \"c_catchall\" --false--> \"c_501a1\" revisits an ancestor on this path", "matched_node_id": null, "matched_citation": null, "path": [], "weight": null, "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest_recomputed": null, "bounds": { "max_depth": 12, "max_nodes": 256, "max_tree_bytes": 65536 }, "closed_operator_set": [ "eq", "in", "lt", "lte", "gt", "gte", "between", "all_of", "any_of", "none_of" ], "scope_note": "This kernel is a generic decision-tree interpreter. It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "a0d934567c8700c02e5bbe4fdf7232fa5db4c74ad1c46bb26c558bcad9e8d5a4" }, { "name": "malformed-missing-fact-field", "policy_parameters": { "tree": { "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "root": "c_501a1", "nodes": { "c_501a1": { "kind": "criterion", "field": "is_501a1_institution", "operator": "eq", "operand": true, "branches": { "true": "leaf_501a1", "false": "c_bdc" }, "citation": { "clause": "17 CFR 230.501(a)(1)", "source": "17 CFR 230.501(a)(1) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_bdc": { "kind": "criterion", "field": "is_private_bdc", "operator": "eq", "operand": true, "branches": { "true": "leaf_bdc", "false": "c_501c3" }, "citation": { "clause": "17 CFR 230.501(a)(2)", "source": "17 CFR 230.501(a)(2) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_501c3": { "kind": "criterion", "field": "is_501c3_or_qualifying_entity_over_5m", "operator": "eq", "operand": true, "branches": { "true": "leaf_501c3", "false": "c_equity" }, "citation": { "clause": "17 CFR 230.501(a)(3)", "source": "17 CFR 230.501(a)(3) (Regulation D, Securities Act of 1933, accredited investor definition)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } }, "c_equity": { "kind": "criterion", 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"clause": "17 CFR 230.501(a)", "source": "17 CFR 230.501(a) chapeau (categories are exhaustive: any person within any of the following categories)", "source_digest": "0cd4295ba5a4b7192725f7dcf323d59c3e4f4768064b9a498f721504119279f6", "snapshot_location": "research/clause-snapshots/17-cfr-230.501-a.snapshot.md" } } } }, "facts": { "is_private_bdc": false, "is_501c3_or_qualifying_entity_over_5m": false, "all_equity_owners_accredited": false, "is_other_entity_investments_over_5m": false } }, "output_payload": { "verdict": null, "error_code": "FACT_FIELD_MISSING", "message": "facts.is_501a1_institution is required by node \"c_501a1\" and was not provided", "matched_node_id": null, "matched_citation": null, "path": [ "c_501a1" ], "weight": null, "tree_id": "reg-d-501a-entity-accredited-investor-category-test", "tree_version": "1.0.0", "tree_digest_recomputed": "f61c62137ae8f90a43866df4e8cfbd122499c942599d3287813dc2fc71c0dd91", "bounds": { "max_depth": 12, "max_nodes": 256, "max_tree_bytes": 65536 }, "closed_operator_set": [ "eq", "in", "lt", "lte", "gt", "gte", "between", "all_of", "any_of", "none_of" ], "scope_note": "This kernel is a generic decision-tree interpreter. It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "94ef5f3cc20cae25e7242da7e74ffaf430865fc0916d576c62f47768bd2e6fd7" }, { "name": "malformed-missing-tree", "policy_parameters": { "facts": { "is_501a1_institution": false, "is_private_bdc": false, "is_501c3_or_qualifying_entity_over_5m": false, "all_equity_owners_accredited": false, "is_other_entity_investments_over_5m": false } }, "output_payload": { "verdict": null, "error_code": "TREE_MISSING", "message": "policy_parameters.tree is missing or not an object", "matched_node_id": null, "matched_citation": null, "path": [], "weight": null, "tree_id": null, "tree_version": null, "tree_digest_recomputed": null, "bounds": { "max_depth": 12, "max_nodes": 256, "max_tree_bytes": 65536 }, "closed_operator_set": [ "eq", "in", "lt", "lte", "gt", "gte", "between", "all_of", "any_of", "none_of" ], "scope_note": "This kernel is a generic decision-tree interpreter. It carries no embedded classification rules of its own -- every call must supply its own {tree, facts} in policy_parameters. Any citation, verdict, or bound reported below comes entirely from the caller-supplied tree, never from anything hardcoded in this kernel." }, "golden_hash": "179ed023d1ecf111d3e5fa0f640f3a5181a84e5150a5e5884d03df5ec9685cfd" } ] }