{
  "uri": "alkn://truthloops/securities/negative-reg-s-not-sec-approval",
  "contents": [
    {
      "uri": "alkn://truthloops/securities/negative-reg-s-not-sec-approval",
      "mimeType": "application/json",
      "text": "{\n  \"source_role\": \"doctrine\",\n  \"observation_type\": \"doctrine\",\n  \"evidence_payload_retrievable\": false,\n  \"scope_temporal\": \"permanent_doctrine\",\n  \"loop_id\": \"negative-reg-s-not-sec-approval\",\n  \"branch\": \"securities\",\n  \"polarity\": \"negative_disambiguation\",\n  \"bounded_proposition\": \"REFUTES: \\\"ALKN's Regulation S structure means the SEC approved the offering or investment.\\\"\",\n  \"required_evidence\": [\n    \"Regulation S opinion (bounded to its own scope)\",\n    \"Offering documents (bounded to their own scope)\"\n  ],\n  \"correct_relationship\": \"The claim must be restricted to the exact legal basis and conditions established in the Regulation S opinion and offering documents. No regulator endorsement should be inferred.\",\n  \"closure_condition\": \"PERMANENT disambiguation loop. Active whenever a Regulation S reference is made.\",\n  \"do_not_publish\": [\n    \"\\\"SEC approved\\\"\",\n    \"\\\"Approved by the SEC\\\"\",\n    \"\\\"SEC-certified\\\"\",\n    \"\\\"Registered with the SEC\\\"\",\n    \"\\\"US-regulated investment\\\" (unless a separate filing or registration establishes the exact statement)\",\n    \"\\\"Reg S approved\\\" (Regulation S is a framework, not an approval body)\"\n  ],\n  \"linked_loops\": [\n    \"regulation-s-basis\"\n  ],\n  \"status\": \"OPEN\",\n  \"effective_date\": \"2026-09-17\"\n}"
    }
  ]
}