docs(adr-008): 컴플라이언스 이음매 4종 확정 (취득출처·카운팅·거절로깅·라우터밖감시)#47
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Resolves DECISIONS.md D004/D006/D009 open items via formal US-counsel review. Phase 1 used mocks; this ADR fixes the production spec.
- D-A acquisition source: Securitize (TA) adapter, not on-chain. IAcquisitionSource supplies per-lot {acquisitionDate, paymentCompleteAt, sourceType, lineageRef} for Rule 144(d)(3) tacking (incl. BUIDL dividend-token lineage). Sec 4(a)(7) primary -> C-01 = Rule 144 fallback only; demo mock sufficient.
- D-B stateful counting: C-08 (Rule 144(e) 3-month rolling; no-market => 1% cap) + D-01 (holder count = Sec 12(g) <2,000 / non-AI <500, or FPI <300; held-of-record, no look-through, entity=1). Counter keyed by Rule 144(a)(2) person-group.
- D-C reject logging: off-chain indexer, rich event content; on-chain event for high-risk (OFAC) only. WORM/audit-trail; SAR-capable.
- D-D out-of-router: prevent (issuer whitelist/module + controlled venue) vs detect (off-chain surveillance, chain-wide). Off-chain = detection, not prevention.
Open confirmations: Securitize Connect API fields, BUIDL FPI status, Reg ATS 302 rejected-order req, controlled-venue adoption.
lees2345
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DECISIONS.md의 열린 결정 D004·D006·D009를 정식 미국변호사(염보경) 검토로 확정하는 ADR. Phase 1에서 mock으로 우회했던 컴플라이언스 이음매(seam) 4개의 production 규격을 픽스한다.
D-A 취득 출처 — 온체인이 아니라 Securitize(TA) 어댑터에서. IAcquisitionSource가 lot별 {취득일, 완납일, sourceType, lineageRef}를 공급(Rule 144(d)(3) tacking, BUIDL 배당토큰 lineage 포함). §4(a)(7)이 주경로 → C-01은 Rule 144 보조경로 전용, 데모는 mock으로 충분.
D-B 상태 카운팅 — C-08(Rule 144(e) 3개월 rolling, 무거래 → 1% 상한) + D-01(보유자 수 = §12(g) < 2,000 / 비-AI < 500, FPI면 < 300; held-of-record, look-through 안 함, 법인=1). 카운터 키 = Rule 144(a)(2) person-group.
D-C 거절 로깅 — off-chain indexer + 풍부한 이벤트 내용. 온체인 이벤트는 고위험(OFAC)만. WORM/audit-trail, SAR 대응 가능.
D-D 라우터 밖 경로 — 예방(발행측 whitelist/module + controlled venue, 온체인) vs 탐지(off-chain surveillance, chain-wide). off-chain은 탐지이지 예방이 아님.
4개 모두 하나의 off-chain 컴플라이언스 데이터 레이어(Layer 5) + Securitize 어댑터로 수렴.
확인 필요: Securitize Connect API 필드 노출 여부, BUIDL FPI(BVI) 여부, BD/ATS 확정 시 Reg ATS 302 미체결주문 기록, controlled-venue 채택.