{"meta":{"key":"r030--pass-01","task":"R030","title":"Federal Regulation U: purpose credit secured by margin stock","parent_title":"Specialized borrowing and claims","edition":"pass-01","path":"/research/r030--pass-01/","kind":"split_pass","category":"subject","role":"primary_area","area_numbers":[30],"groups":["debt-types"],"date":"2026-10-28","tables":17,"claims":103,"sources":14,"review_status":"conditionally_reviewed_source_boundaries_and_application_holds","review_complete":true,"sha256":"850fa2ab8eecc0c61aa3593f129c952d71aa32b90b6df9daf5cb9928c66abf8e","headings":["Federal Regulation U: purpose credit secured by margin stock","1. Source register and read bounds","2. Atomic claim register: authority, scope, and classification","2.1 Statutory authority and basic classifications","2.2 Direct and indirect security; scope exclusions","3. Atomic claim register: loan value, aggregation, and later events","3.1 Plain-text mechanism, without invented transaction inputs","4. Atomic claim register: special treatment and exceptions","5. Atomic claim register: thresholds, forms, reporting, and retention","5.1 Nonbank registration and reporting","5.2 Purpose statements and current form categories","6. Atomic claim register: T/X boundaries and necessary interpretations","6.1 Lender, broker, and borrower boundaries","6.2 Additional codified interpretations and their limits","6.3 Currentness and source limitations as claims","7. Provision-specific comparison","8. Substantive qualitative branches and branch coverage","9. Blank audit worksheet","10. Numbered-question coverage and source/claim crosswalk","11. Source-read and retrieval-failure log","11.1 Completed reads","11.2 Failures and their consequences","11.3 Material gaps that remain","11.4 Status distinctions","12. Researcher self-check and retained parent holds"],"generation_provenance":{"actual_route":"regular_chat_adaptive_models","actual_model":"GPT-6","actual_mode":"Pro","provenance_limit":"Actual documented capture labels only; missing labels remain unknown. No preferred setting is inferred as actual execution."},"public_id":"R030/pass-01","facets":{"geography":["us","us-federal"],"debt_type":["margin_credit"],"stage":[],"subject":[]},"scope":"SettleADebt R030 PASS-01 — FIRST FOCUSED A030 COMPONENT: US FEDERAL RESERVE REGULATION U PURPOSE CREDIT SECURED BY MARGIN STOCK, ITS LENDER/TRANSACTION CLASSIFICATIONS, CREDIT-LIMIT MECHANISM AND GENERIC DOCUMENTATION. A030 also covers farm/agriculture, commercial property, construction/projects, trade/export, premium finance, litigation/inheritance advances and casino credit. Independently investigate ONLY the published generic federal Regulation U framework and necessary T/X statutory cross-reference boundaries. No prior research chat or unreviewed library finding is a foundation. No actual or invented borrower/lender/broker/person/entity/security/account/property/license/case-record/docket-status or identifier query. Generic roles and unfilled worksheets only.","pending_corrections":0},"markdown":"# SettleADebt R030 PASS-01\n\n## Federal Regulation U: purpose credit secured by margin stock\n\n**The published framework requires separate answers about the credit’s purpose, its security, the lender’s regulatory category, and any applicable exception.** Securities collateral alone does not establish purpose credit. For ordinary covered purpose credit, the supplement assigns margin stock a maximum loan value of **50% of its current market value**. That initial-credit constraint does not establish a universal maintenance percentage, market-loss trigger, margin call, demand right, or forced-sale entitlement. Section 221.3(a)(2) expressly permits maintaining credit initially extended in compliance despite specified subsequent changes. **Claims C005–C007, C028–C040 below provide the conditions and qualifications.** [ecfr.gov+2](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com)\n\nThis investigation uses published public sources retrieved during this conversation. It does not use prior research chats or Library findings as a foundation. No actual-party, security, account, registration, transaction, property, or case-record investigation was performed.\n\n**Actual access date:** October 27, 2026, **America/Los_Angeles**; the corresponding UTC session date was October 28, 2026. The currency labels and their limits are recorded below. No verified UI model selection or service-tier provenance is asserted.\n\n**Reference convention:** Every abbreviated Cnnn and Snnn below means, respectively, R030-P1-Cnnn and R030-P1-Snnn. “Answered” means the generic public-law question is answered within the stated read bounds; it never means that an actual transaction has been classified or accepted.\n\n## 1. Source register and read bounds\n\nAll sources in this register concern **United States federal law or federal administrative materials**. Every row was accessed on **2026-10-27 America/Los_Angeles**. HTML sources have no printed-page or PDF-index representation unless specified. Different formats and section views of the same instrument are grouped; they are not independent corroboration.\n\n| Source ID | Issuer, instrument, and complete literal HTTPS URLs | Exact read extent and page/index information | Version, effectiveness, status, and limits |\n| --- | --- | --- | --- |\n| **R030-P1-S001** | **Congress; Office of the Law Revision Counsel**, Securities Exchange Act provisions: [https://uscode.house.gov/us/usc/119-121/t15/s78g/](https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com); [https://uscode.house.gov/us/usc/119-121/t15/s78c/](https://uscode.house.gov/us/usc/119-121/t15/s78c/?utm_source=chatgpt.com); [https://uscode.house.gov/us/usc/119-121/t15/s78q/](https://uscode.house.gov/us/usc/119-121/t15/s78q/?utm_source=chatgpt.com); [https://uscode.house.gov/us/usc/119-121/t15/s78w/](https://uscode.house.gov/us/usc/119-121/t15/s78w/?utm_source=chatgpt.com) | **§78g(a)–(g) complete**, including nested exceptions; selected amendment/source notes. §78c(a)(3), (4)(A), (5), (6), (9)–(13), and (18), including the complete exempted-security definition; selected editorial notes. §78q(a)–(d) and §78w(a) read for supporting authority boundaries. | OLRC release states laws in effect through **Public Law 119-121, October 9, 2026**. This is not a complete session-law audit through the access date. The complete broker bank-exception structure in §78c(a)(4)(B)–(C), and every incorporated definition, were not independently investigated. A conditional amendment note affecting §78c(a)(10) is separately preserved in C100. [uscode.house.gov+4](https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com) |\n| **R030-P1-S002** | **Federal Reserve Board; OFR/GPO eCFR**, Regulation U: [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) | **§§221.1–221.7 complete**. Codified interpretations **§§221.101–221.121 and §§221.123–221.125** read, with the T cross-references investigated as described below. Section 221.122’s premium-financing material was returned incidentally but is excluded from substantive reliance. | Retrieved title-level labels included **up to date October 23 and October 26, 2026**, with Title 12 last amended October 23. Those labels do **not** establish that Regulation U itself was amended October 23. The part’s source line identifies **63 FR 2827, January 16, 1998**. eCFR identifies itself as authoritative but unofficial, not the official legal edition. [ecfr.gov+2](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-S003** | **Federal Reserve Board; OFR/GPO eCFR**, Regulation T: [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220?utm_source=chatgpt.com); [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.1?utm_source=chatgpt.com); [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.2](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.2?utm_source=chatgpt.com); [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.3](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.3?utm_source=chatgpt.com) | §220.1 complete; §220.2 **creditor** definition; §220.3(g) arranging rule; complete §§220.110 and 220.111; §220.112’s reserved status. | Current compiled boundary provisions, with the same title-level currency qualification. Sections 220.110–.111 contain dated historical terminology and cross-references. Full T accounts, calculations, SRO rules, and foreign-credit treatment are excluded. [ecfr.gov+5](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.1?utm_source=chatgpt.com) |\n| **R030-P1-S004** | **Federal Reserve Board; OFR/GPO eCFR**, Regulation X: [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com) | **§§224.1–224.3 complete**, used only for the necessary borrower and foreign-extension boundaries. | Retrieved label: up to date October 26, 2026. Source notes identify **48 FR 56572, December 22, 1983**, and the **63 FR 2839, January 16, 1998** amendment. No foreign-country law or actual borrower-status investigation. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com) |\n| **R030-P1-S005** | **Federal Reserve Board**, *Securities Credit Transactions; Borrowing by Brokers and Dealers*, final rule, **63 FR 2806–2839**: [https://www.federalregister.gov/documents/1998/01/16/98-871/securities-credit-transactions-borrowing-by-brokers-and-dealers](https://www.federalregister.gov/documents/1998/01/16/98-871/securities-credit-transactions-borrowing-by-brokers-and-dealers); [https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm](https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm?utm_source=chatgpt.com); [https://www.govinfo.gov/content/pkg/FR-1998-01-16/pdf/98-871.pdf](https://www.govinfo.gov/content/pkg/FR-1998-01-16/pdf/98-871.pdf?utm_source=chatgpt.com) | Summary/DATES, printed **2806, PDF index 0**; exempted-borrower discussion, printed **2807–2808, indices 1–2**; G/U consolidation, printed **2808–2809, indices 2–3**; selected U revisions and complete mixed-collateral discussion, printed **2818–2819, indices 12–13**; X conforming discussion. | Published January 16, 1998; **effective April 1, 1998**; the specified T optional-compliance transition ended July 1, 1998. Historical final amendatory instrument and explanatory preamble. The entire 34-page document was not read or visually inspected. [govinfo.gov+4](https://www.govinfo.gov/content/pkg/FR-1998-01-16/pdf/98-871.pdf?utm_source=chatgpt.com) |\n| **R030-P1-S006** | **Federal Reserve Board**, FR U-1, *Statement of Purpose for an Extension of Credit Secured by Margin Stock*: [https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_U-1](https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_U-1?utm_source=chatgpt.com); [https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef&utm_source=chatgpt.com) | Complete parsed form and instructions: **printed pages 1–2, PDF indices 0–1**. | Published as current; front revision **06/2024**, OMB **7100-0011**, approval expiration **June 30, 2027**. Internal page footer includes an earlier revision. No pixel inspection. [federalreserve.gov](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef&utm_source=chatgpt.com) |\n| **R030-P1-S007** | **Federal Reserve Board**, FR G-1, *Registration Statement for Persons Who Extend Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers)*: [https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-1](https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-1?utm_source=chatgpt.com); [https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=61851f2a-13f8-4f5d-b150-faa6cebaa858](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=61851f2a-13f8-4f5d-b150-faa6cebaa858&utm_source=chatgpt.com) | Complete parsed instructions/form: **pages 1–5, indices 0–4**. Securities-credit Schedule A: **page 4/index 3**; balance-sheet Schedule B: **page 5/index 4**. | Published as current; front **06/2024**, OMB 7100-0011, expiration June 30, 2027. No registration search, completion, or submission. [federalreserve.gov+2](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=61851f2a-13f8-4f5d-b150-faa6cebaa858&utm_source=chatgpt.com) |\n| **R030-P1-S008** | **Federal Reserve Board**, FR G-2, *Deregistration Statement for Persons Registered Pursuant to Regulation U*: [https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-2](https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-2?utm_source=chatgpt.com); [https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=9b49cd2e-f387-441d-9ccc-607526b7af9a](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=9b49cd2e-f387-441d-9ccc-607526b7af9a&utm_source=chatgpt.com) | Complete parsed document: **pages 1–3, indices 0–2**; noncorporate certificate page 2/index 1; corporate certificate page 3/index 2. | Published as current; front **06/2024**, OMB 7100-0011, expiration June 30, 2027. Certificate wording differs from §221.3(b)(2) at exactly $200,000; unresolved below. No pixel inspection. [federalreserve.gov](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=9b49cd2e-f387-441d-9ccc-607526b7af9a&utm_source=chatgpt.com) |\n| **R030-P1-S009** | **Federal Reserve Board**, FR G-3, *Statement of Purpose … by a Person Subject to Registration Under Regulation U*: [https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-3](https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-3?utm_source=chatgpt.com); [https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=28a9df39-6f87-4e85-96f5-654fe5f3a0e2](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=28a9df39-6f87-4e85-96f5-654fe5f3a0e2&utm_source=chatgpt.com) | Complete parsed form/instructions: **pages 1–2, indices 0–1**. | Published as current; front **06/2024**, OMB 7100-0011, expiration June 30, 2027. Earlier internal footer retained. No pixel inspection. [federalreserve.gov](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=28a9df39-6f87-4e85-96f5-654fe5f3a0e2&utm_source=chatgpt.com) |\n| **R030-P1-S010** | **Federal Reserve Board**, FR G-4, *Annual Report*: [https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-4](https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-4?utm_source=chatgpt.com); [https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=a9e38f5a-aadf-40e9-bba6-fbb9ba541b05](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=a9e38f5a-aadf-40e9-bba6-fbb9ba541b05&utm_source=chatgpt.com) | Complete parsed document: **pages 1–4, indices 0–3**. Instructions pages 1–2; credit schedule page 3/index 2; certification page 4/index 3. | Published as current; front **06/2024**, OMB 7100-0011, expiration June 30, 2027. Parsed schedule contains conflicting unit labels. Screenshot attempt did not provide an inspectable image. [federalreserve.gov+2](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=a9e38f5a-aadf-40e9-bba6-fbb9ba541b05&utm_source=chatgpt.com) |\n| **R030-P1-S011** | **Federal Reserve Board**, *Agency Information Collection Activities: Announcement of Board Approval under Delegated Authority and Submission to OMB*, **89 FR 53999–54000**: [https://www.govinfo.gov/content/pkg/FR-2024-06-28/html/2024-14341.htm](https://www.govinfo.gov/content/pkg/FR-2024-06-28/html/2024-14341.htm?utm_source=chatgpt.com); [https://www.govinfo.gov/content/pkg/FR-2024-06-28/pdf/2024-14341.pdf](https://www.govinfo.gov/content/pkg/FR-2024-06-28/pdf/2024-14341.pdf?utm_source=chatgpt.com) | Complete notice in HTML; corresponding parsed PDF text at **printed 53999–54000, indices 0–1**. Unrelated adjacent notices not used. | **Final approval**, published and revisions applicable **June 28, 2024**; three-year extension with revision of the six-form collection. It identifies the earlier February 2024 proposal and its completion; the proposal is not used as operative authority. [govinfo.gov](https://www.govinfo.gov/content/pkg/FR-2024-06-28/html/2024-14341.htm?utm_source=chatgpt.com) |\n| **R030-P1-S012** | **Federal Reserve Board**, FRRS *Board Rulings and Staff Opinions Interpreting Regulation U*: [https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm](https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com) | Complete selected entries: **5-900.16** (Nov. 5/Dec. 2, 1987); **5-900.17** (Feb. 1, 1988); **5-900.18** (Feb. 29, 1988); **5-900.2** (Feb. 3, 1992); **5-923** (Dec. 23, 1977); **5-951.24** (Dec. 14, 1987); **5-951.25** (Oct. 2, 1991). | Dated official staff interpretations in a presently published compilation, with updated cross-reference annotations. They are distinguished from current regulatory text. No complete withdrawal or subsequent-history audit. The former mixed-collateral segregation requirement in older discussion is not carried forward after the 1998 deletion. [federalreserve.gov+4](https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com) |\n| **R030-P1-S013** | **Federal Reserve Board**, *Questions and Answers About Nonbank Lenders Under Regulation U*: [https://www.federalreserve.gov/frrs/regulations/questions-and-answers-about-nonbank-lenders-under-regulation-u.htm](https://www.federalreserve.gov/frrs/regulations/questions-and-answers-about-nonbank-lenders-under-regulation-u.htm?utm_source=chatgpt.com) | Introduction and **questions 1–19** read. No lender roster or contact investigation. | Publisher explanation, not operative law. Historical features—including an obsolete agency reference and older form-page description—prevent treating it as a fully refreshed substitute for regulation/forms. [federalreserve.gov+2](https://www.federalreserve.gov/frrs/regulations/questions-and-answers-about-nonbank-lenders-under-regulation-u.htm?utm_source=chatgpt.com) |\n| **R030-P1-S014** | **Federal Reserve Board**, *Regulation U: Compliance Guide*: [https://www.federalreserve.gov/supervisionreg/regucg.htm](https://www.federalreserve.gov/supervisionreg/regucg.htm?utm_source=chatgpt.com) | Opening overview and selected explanatory portions inspected; **not a complete guide read**. | Navigation/background only. The guide is not the operative rule and does not supply an independent basis for a consequential finding below. [Supervision and Regulation:](https://www.federalreserve.gov/supervisionreg/regucg.htm?utm_source=chatgpt.com) |\n\n**Grouped S002 section views used for precise checks**, all presentations of the same Regulation U:\n\n- [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.1?utm_source=chatgpt.com)\n- [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.2](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.2?utm_source=chatgpt.com)\n- [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.3](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.3?utm_source=chatgpt.com)\n- [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.4](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.4?utm_source=chatgpt.com)\n- [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com)\n- [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com)\n- [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.7](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.7?utm_source=chatgpt.com)\n\n## 2. Atomic claim register: authority, scope, and classification\n\n### 2.1 Statutory authority and basic classifications\n\n| Claim ID | Verified proposition, conditions, and exceptions | Exact support |\n| --- | --- | --- |\n| **R030-P1-C001** | Regulation U’s authority citation is **15 USC 78c, 78g, 78q, and 78w**. Section 78g supplies the securities-credit authority; §78w(a)(1) supplies implementing and classification authority within the agencies’ respective responsibilities. | S001 §78w(a)(1); S002 authority citation and §221.1(a). [uscode.house.gov+1](https://uscode.house.gov/us/usc/119-121/t15/s78w/?utm_source=chatgpt.com) |\n| **R030-P1-C002** | Section 78g(a)’s statutory benchmark uses the higher of **55% of current price** and **100% of the preceding 36-calendar-month low, capped at 75% of current price**. Section 78g(b) authorizes different requirements. That benchmark is not a substitute for the operative U supplement. | S001 §78g(a)–(b); S002 §221.7. [uscode.house.gov+1](https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com) |\n| **R030-P1-C003** | Section 78g(c) addresses exchange members and brokers/dealers; its nested provisions distinguish securities collateral, other or no collateral, security-futures requirements, and specified broker/dealer borrowers. Board authority to regulate otherwise excluded broker borrowing is reserved. | S001 §78g(c)(1)–(3), complete. [uscode.house.gov](https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com) |\n| **R030-P1-C004** | Section 78g(d) addresses persons outside subsection (c), with exceptions for activity outside ordinary business, credit on exempted securities, specified broker borrowing, bank credit on non-equity securities, and Board exemptions. The Board retains authority over the specified broker-borrower exception. | S001 §78g(d)(1)–(3). These statutory categories must be reconciled with the actual definitions; “bond” alone does not establish non-equity status. [uscode.house.gov](https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com) |\n| **R030-P1-C005** | The ordinary U loan-value restriction requires **purpose credit**, **direct or indirect margin-stock security**, a covered **lender**, and no applicable exception. The purchased security and the security pledged need not be the same. | S002 §§221.1(b)(1), 221.2, 221.3(a)(1); S013 Q&A. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C006** | Nonpurpose credit secured by margin stock is outside §221.3(a)(1)’s purpose-credit limit, but can still count toward nonbank registration/reporting and require a purpose statement. | S002 §221.3(b)–(c), contrasted with §221.3(a)(1). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C007** | Purpose includes an **immediate, incidental, or ultimate** purpose of buying or carrying margin stock. Carrying includes maintaining, reducing, or retiring debt originally incurred to purchase a security **currently** classified as margin stock. | S002 §221.2, “Purpose credit” and “Carrying credit.” [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C008** | Original purpose controls; changing collateral alone does not change the use of an existing loan. An increase requires its own purpose analysis. This must be read with the separate rule for a purchased security later becoming margin stock, C102. | S002 §221.101(a)–(c), complete; §221.108. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C009** | Temporary placement of proceeds or reimbursement of funds already spent can leave a purchasing/carrying purpose intact. Published employee-plan and investment-fund interpretations illustrate that substance and sequence matter; they do not classify every replenishment loan. | S002 §§221.101, 221.114, 221.116 and 221.123(a)–(b). Tax consequences remain excluded. [ecfr.gov+3](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C010** | U’s bank definition imports §78c(a)(6), adds bank subsidiaries, §25(a) corporations, and US branches/agencies of foreign banks, and expressly excludes savings-and-loan associations, credit unions, US agency/instrumentality lenders, and exchange members. Exclusion from “bank” does not itself establish exemption from all regulation. | S001 §78c(a)(6); S002 §221.2, “Bank.” [uscode.house.gov+1](https://uscode.house.gov/us/usc/119-121/t15/s78c/?utm_source=chatgpt.com) |\n| **R030-P1-C011** | A nonbank lender is a person **subject to** U’s registration requirements. The definition does not make actual completion of registration the condition of being covered. | S002 §221.2, “Lender” and “Nonbank lender”; §221.3(b)(1). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C012** | Ordinary course of business includes furthering any business purpose and, for an individual, profit activity or management/preservation of property. It is broader than professional lending as a principal occupation. | S002 §221.2, “In the ordinary course of business.” [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C013** | “Customer” includes persons acting jointly and excludes an exempted borrower. The text does not authorize treating every related person as one customer without the necessary facts. | S002 §221.2, “Customer.” [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C014** | Margin stock includes: exchange-registered or unlisted-trading-privilege equity; qualifying NMS OTC securities; debt convertible into margin stock or carrying qualifying rights; qualifying warrants/rights; and registered investment-company securities subject to C015. | S002 §221.2, “Margin stock,” paragraphs (1)–(5). No security was looked up. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C015** | The investment-company category excludes specified licensed small-business investment companies; companies with **at least 95% of assets continuously in exempted securities**; face-amount-certificate companies with respect to those certificates; and Rule 2a-7 money-market funds. | S002 §221.2, “Margin stock,” (5)(i)–(iv). The 95% base is company assets continuously invested, not loan collateral or proceeds. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C016** | Statutory equity includes convertible securities and qualifying rights; exempted securities have their own detailed statutory categories and qualifications. Neither the word “debt” nor a general description such as “government-related” resolves classification. | S001 §78c(a)(11)–(12), complete selected definitions. Incorporated classification predicates remain fact-dependent. [uscode.house.gov](https://uscode.house.gov/us/usc/119-121/t15/s78c/?utm_source=chatgpt.com) |\n\n### 2.2 Direct and indirect security; scope exclusions\n\n| Claim ID | Verified proposition, conditions, and exceptions | Exact support |\n| --- | --- | --- |\n| **R030-P1-C017** | U covers direct security and separately defines indirect security to include arrangements restricting disposal of margin stock, or making disposal a possible acceleration trigger. The selected provisions do not resolve actual attachment, perfection, or priority. | S002 §§221.1(b)(1), 221.2 “Indirectly secured” (1). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C018** | The first indirect-security exclusion applies when, **after applying proceeds**, margin stock represents **no more than 25% of the value of assets subject to the arrangement**, valued reasonably. It is not a 25%-of-loan test and does not excuse a direct pledge. | S002 §221.2, “Indirectly secured,” (2)(i). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C019** | A cross-default/renegotiation acceleration arrangement is excluded under (2)(ii) when the other credit is from **another lender that is not an affiliate**. Affiliation has its own bank/nonbank definitions. | S002 §221.2, “Indirectly secured,” (2)(ii), and “Affiliate.” No actual affiliation determination. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C020** | Mere custody, depositary, trustee, or similar holding qualifies for the stated exclusion only when the lender holds in that capacity **and in good faith has not relied on the stock as collateral**. | S002 §221.2, “Indirectly secured,” (2)(iii); contrast C093. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C021** | The separate good-faith nonreliance exclusion concerns the **particular credit**. Section 221.117 treats nonreliance as factual; financial strength and ordinary fixed maturities are relevant circumstances, not an automatic safe harbor. | S002 §221.2, “Indirectly secured,” (2)(iv); §221.117(a)–(b). [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C022** | Good-faith acceptance requires alertness and inquiry when available information would cause a prudent person to question the statement. A completed form does not neutralize contrary information. | S002 §221.2 “Good faith” (2); §221.106(a)–(h). [ecfr.gov+2](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C023** | An exempted borrower must be an exchange member or registered broker/dealer with substantial nonbroker business. Included alternatives are **at least 1,000 active accounts**, **at least $10 million gross revenue**, or **at least 10% of gross revenue**, on an annual basis, with the specified broker/dealer/associated-person exclusions. The preamble calls these nonexclusive safe harbors and explains the 12-month basis. | S002 §221.2 “Exempted borrower”; S005 exempted-borrower discussion, printed 2807–2808. The tests are alternatives, not cumulative requirements. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C024** | A borrower existing less than one year may use a **six-month period**. Loss of exempted status requires lender notification; new credit, expressly including rollovers, renewals, and further draws, becomes subject to U. No unstated annualization method is supplied here. | S002 §221.3(e)(1)–(2). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C025** | U excludes specified SEC/CFTC-regulated clearing agencies accepting margin-stock deposits for the described securities issuance/guarantee/clearance or commodity-futures/options guarantees. The exclusion is activity-specific, not a general exception for anyone handling securities. | S002 §221.1(b)(2)(i)–(ii); exempted-borrower exclusion at (b)(3). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C026** | The codified bank-commitment interpretation treats the date a commitment becomes binding as the credit-extension date. Disbursement date alone therefore may not identify the initial valuation event. | S002 §221.102; S012 5-900.16–.17. This does not resolve every nonbank reporting convention for undrawn facilities. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n\n## 3. Atomic claim register: loan value, aggregation, and later events\n\n| Claim ID | Verified proposition, conditions, and exceptions | Exact support |\n| --- | --- | --- |\n| **R030-P1-C027** | For securities, current market value ordinarily uses the **preceding business day’s closing sale price**; absent a closing price, a reasonable estimate at that close is permitted. Purchase-financing may use total purchase cost, including commissions. Other collateral uses a reasonable valuation method. | S002 §221.2 “Current market value” (1)(i)–(iii), (2). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C028** | The ordinary supplement gives margin stock maximum loan value of **50% of current market value**. This is a collateral-value percentage used to constrain covered credit, not a percentage of the loan and not a universal private maintenance requirement. | S002 §§221.3(a)(1), 221.7(a). Plan and other exceptions remain material. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.7?utm_source=chatgpt.com) |\n| **R030-P1-C029** | Other collateral generally has good-faith loan value: what sound credit judgment would support, **not exceeding 100% of current market value**, ignoring assets collateralizing unrelated transactions. The ceiling does not assign automatic 100% value. | S002 §221.2 “Good faith” (1); §221.7(b). [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C030** | Puts, calls, and combinations have **zero loan value unless they qualify as margin stock**; qualifying margin stock receives the supplement’s margin-stock treatment. | S002 §221.7(c), together with §221.2 “Maximum loan value.” [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.7?utm_source=chatgpt.com) |\n| **R030-P1-C031** | Mixed collateral requires the applicable loan value for each eligible component. The 1998 rule deleted the former requirement to divide a mixed-collateral purpose loan into separate margin/nonmargin loans; it did not delete purpose/nonpurpose separation. | S002 §§221.3(d), 221.7; S005 III.C, printed 2819/index 13. [govinfo.gov+1](https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm?utm_source=chatgpt.com) |\n| **R030-P1-C032** | A lender treats purpose credit to the same customer as one credit with all supporting collateral; **syndicated loans need not be aggregated with other unrelated purpose credit from that lender**. | S002 §221.3(d)(1). No universal aggregation across unrelated lenders is established. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C033** | After extending margin-stock-secured purpose credit, the lender cannot add unsecured purpose credit unless the combined amount stays within the prior collateral’s maximum loan value. | S002 §221.3(d)(2). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C034** | Genuine unsecured purpose credit predating the margin-secured purpose credit is combined solely for withdrawal/substitution purposes under (d)(3). Artificially splitting one planned transaction is not validated by that sequence. | S002 §221.3(d)(3), §221.110; S012 5-951.25. [ecfr.gov+2](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C035** | Purpose and nonpurpose credits must be treated separately; collateral required for the purpose credit cannot also support the nonpurpose credit. Separate agreements do not prevent indirect security where actual access to collateral contradicts the allocation. | S002 §221.3(d)(4); §221.120(a)–(d), complete. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C036** | Initially compliant credit may be maintained despite reduced equity from market prices, changed regulatory maximum loan value, or collateral changing from nonmargin to margin status. This permission does not authorize a new advance, withdrawal, or private contractual remedy. | S002 §221.3(a)(2)(i)–(iii). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C037** | The published staff interpretation permits a new purpose advance supported by sufficient additional collateral without requiring cure of a market-driven deficiency on the older compliant loan; after the advance, the credits combine for withdrawal purposes. | S012 **5-951.24**, Dec. 14, 1987; read with S002 §221.3(a)(2), (d), (f). This is a conditional staff interpretation, not permission to fund an unsupported increase. [federalreserve.gov](https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com) |\n| **R030-P1-C038** | Staff distinguishes a single committed revolving credit fully collateralized initially from a series of advances requiring later collateral. In the former, draws within the supported commitment can use initial valuation despite subsequent decline; later collateral supporting new draws is valued under the described later-date method. | S012 **5-900.16**, complete, including its excess-initial-collateral discussion; S002 §221.102 and §221.3(c)(2). No unlimited draw entitlement follows. [federalreserve.gov](https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com) |\n| **R030-P1-C039** | Under §221.3(c)(2)(iii), the specified purpose arrangement is deemed compliant if loan value covers aggregate funds actually disbursed **or**, at the end of a day credit is extended, the lender calls for sufficient additional collateral. This is not a universal maintenance-call or cure-period rule. | S002 §221.3(c)(2)(iii)(A)–(B), (iv). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C040** | A withdrawal/substitution must neither create a loan-value excess nor increase an existing excess. Use loan value **on the withdrawal/substitution day**, applying the §221.2 valuation convention; this does not necessarily mean an intraday market quote. | S002 §221.3(f)(1)–(2), §221.2. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C041** | A qualifying reorganization, recapitalization, or exchange offer permits substitution of received securities. A received nonmargin, nonexempted security is treated as margin stock for **60 days following the exchange**. | S002 §221.3(g). The text says days; no separate rounding or deadline convention is inferred. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C042** | Renewal or maturity extension need not be a new extension when any increase consists only of interest, service charges, or taxes concerning the credit. The special loss-of-exempted-borrower rule in C024 must still be considered. | S002 §221.3(h), contrasted with §221.3(e)(2). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C043** | Transfer is not new credit only if the original credit meets the specified compliance predicate, transfer is non-evasive, amount is not increased, and collateral is unchanged. Customer transfers require the specified statement; interlender transfers require the original purpose-form copy or, when none existed, the specified good-faith statement. | S002 §221.3(i)(1)–(3), including its pre-April 1998 Regulation G condition and retention-with-account requirements. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C044** | A U lender may arrange purpose credit only on terms on which it could itself extend or maintain that credit. This is distinct from T’s arranging language. | S002 §221.3(a)(3); compare C080. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C045** | Section 221.3(j) preserves the stated bank lien/protection position and good-faith protective action. It does not, by itself, establish the existence or terms of an actual demand, sale, priority, or collection right. | S002 §221.3(j); the second sentence is the bounded inference from the limited provision and held facts. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C046** | Section 221.3(k) addresses a good-faith mistake. It should not be expanded into an unlimited self-certified cure, an exemption for ignored warning signs, or a borrowed Regulation T correction procedure. | S002 §221.3(k), read with §221.2 “Good faith.” [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n\n### 3.1 Plain-text mechanism, without invented transaction inputs\n\nThese equations express the selected rules; they are **not a numerical illustration or an actual credit calculation**.\n\nFor an ordinary new covered purpose extension, assume that:\n\n- the lender, purpose, margin-stock security, and absence of exception have already been established;\n- the correct credit grouping and collateral allocation have been established;\n- each collateral item is counted once;\n- no special plan treatment, protected older deficiency, or separately supported revolving commitment changes the analysis.\n\nPlain text\n```\nMLV_USD = (0.50 * M_USD) + G_USD + (0 * O_USD)\n\nC_initial_USD <= MLV_USD\n```\n\nM_USD is current market value of collateral qualifying as margin stock. G_USD is the sum of properly determined good-faith loan values of eligible other collateral, each subject to its current-market-value ceiling. O_USD is the value of puts/calls/combinations that do not qualify as margin stock. Qualifying options belong in M_USD, not both categories. **C027–C035.**\n\nFor a withdrawal or substitution, using the applicable credit amount and both valuations determined for the event date:\n\nPlain text\n```\nExcess_before_USD = max(0, C_before_USD - MLV_before_USD)\n\nExcess_after_USD = max(0, C_after_USD - MLV_after_USD)\n\nPermitted_under_221_3_f_only_if:\nExcess_after_USD <= Excess_before_USD\n```\n\nThis captures both “do not create” and “do not increase” excess. It does not establish that a contract permits the event. **C040.**\n\nFor the specific indirect-security asset-composition exclusion, with a positive denominator:\n\nPlain text\n```\nMargin_share_percent =\n100 * Margin_stock_value_subject_to_arrangement_USD\n    / Total_asset_value_subject_to_arrangement_USD\n\nRequired_asset_composition_condition:\nMargin_share_percent <= 25\n```\n\nBoth values are determined **after applying proceeds**, using a reasonable method. This is not a test for directly pledged stock. **C018.**\n\nNo actual values, assumed portfolio, rounding convention, market-loss scenario, or resulting entitlement is supplied.\n\n## 4. Atomic claim register: special treatment and exceptions\n\n| Claim ID | Verified exception or special treatment | Conditions and exact support |\n| --- | --- | --- |\n| **R030-P1-C047** | A plan-lender must fit §221.4(a)(1); the eligible employee stock-option, purchase, or ownership plan must be adopted by a corporation and approved by its stockholders, and concern the specified corporation/subsidiary/affiliate margin stock. | S002 §221.4(a)(1)–(2). A loan’s employee-related label does not establish these predicates. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.4?utm_source=chatgpt.com) |\n| **R030-P1-C048** | Eligible plan-lender credit gives the margin-stock collateral good-faith loan value and is treated separately from other credit, except for the registration and annual-report provisions. The nonbank purpose-statement rule expressly excepts §221.4 credit. | S002 §221.4(b)(1)–(2); §221.3(c)(1)(ii). No automatic 100% value or universal bank U-1 exemption follows. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.4?utm_source=chatgpt.com) |\n| **R030-P1-C049** | Nonbank purpose credit to a **§401-qualified ESOP** is exempt from U except §221.3(b)(1) and (b)(3). Bank credit to such an ESOP has the separate §221.6(d) exemption. | S002 §§221.4(c), 221.6(d). This differs from merely assigning plan collateral good-faith value. Tax qualification is a held predicate, not determined here. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.4?utm_source=chatgpt.com) |\n| **R030-P1-C050** | Section 221.5 permits its specified special-purpose credit without §§221.3 and 221.7 limitations. Before credit lasting **more than one day**, obtain and accept the purpose notice/certification in good faith; continued eligibility ends upon notice or questioning information. | S002 §221.5(a)–(b). Individual categories can impose additional notice conditions. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com) |\n| **R030-P1-C051** | The hypothecation category requires customer securities that the broker/dealer’s written notice says may be hypothecated under SEC rules. | S002 §221.5(c)(1). Actual SEC eligibility is not assumed. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com) |\n| **R030-P1-C052** | Temporary delivery credit must be repaid on completion; transit/transfer credit likewise; intraday credit must be repaid the same day extended. These are distinct predicates, not a blanket short-term-credit exemption. | S002 §221.5(c)(2)–(4). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com) |\n| **R030-P1-C053** | Bona fide arbitrage requires the specified near-contemporaneous offset across markets, or a security convertible/exchangeable within **90 calendar days of purchase**, unrestricted except for payment, coupled with the specified offsetting sale and concurrent price disparity. | S002 §221.5(c)(5)(i)–(ii), complete. No actual arbitrage or security analysis. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com) |\n| **R030-P1-C054** | Market-maker/specialist and underwriter categories require credit financing those activities of an exchange member or registered broker/dealer. Borrower status alone does not identify the financed activity. | S002 §221.5(c)(6)–(7); §221.125; S001 §78g(c)(3), (d)(2)(C). [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com) |\n| **R030-P1-C055** | The broker-business emergency category requires credit essential to emergency needs arising from exceptional circumstances. | S002 §221.5(c)(8). It is distinct from the bank customer hardship category in C062. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com) |\n| **R030-P1-C056** | Capital-contribution credit requires either the specified Board order/SIPC certification, or compliant customer subordinated-loan/capital-contribution financing. The latter requires matching reduction of credit when the contribution is reduced and excludes purchasing the broker’s public-distribution securities. | S002 §221.5(c)(9)(i)–(ii)(A)–(B). No order, contribution, or broker record was searched. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com) |\n| **R030-P1-C057** | The clearing-broker category requires an exchange member or registered broker/dealer whose **nonproprietary business** is limited to financing/carrying registered market-maker accounts. | S002 §221.5(c)(10). It does not exempt every clearing or brokerage relationship. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com) |\n| **R030-P1-C058** | Section 221.6’s bank-only exemptions include credit to a bank, to a foreign banking institution, outside the United States, and to a qualified ESOP. | S002 §221.6(a)–(d). These are not automatically nonbank exemptions; foreign extension still requires the X boundary check. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com) |\n| **R030-P1-C059** | A bank’s eligible-plan financing to a plan-lender is exempt only with the specified **no recourse to securities purchased under the plan** condition. | S002 §221.6(e), read with §221.4(a)–(b). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com) |\n| **R030-P1-C060** | Bank temporary prompt-delivery credit to a nonbroker/dealer customer requires ordinary-course repayment on transaction completion and excludes financing payment for securities purchased in a Regulation T account. | S002 §221.6(f); S005 III.B’s clarification. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com) |\n| **R030-P1-C061** | Bank credit against securities in transit is exempt only subject to the stated exclusion for enabling payment for securities bought in a T account. | S002 §221.6(g). Do not import the different broker-loan conditions from §221.5(c)(3). [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com) |\n| **R030-P1-C062** | Bank emergency-expense credit requires unforeseeable extreme hardship and the customer statement accepted and signed by a bank officer in good faith. Opportunity for monetary gain or avoidance of loss does not satisfy the described change-of-circumstances condition. | S002 §221.6(h), complete. The exemption has its own required statement, not a universal prescribed U-1 requirement. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com) |\n\n## 5. Atomic claim register: thresholds, forms, reporting, and retention\n\n### 5.1 Nonbank registration and reporting\n\n| Claim ID | Trigger, measurement base, period, timing, and limitations | Exact support |\n| --- | --- | --- |\n| **R030-P1-C063** | A person other than a bank or T-covered person must register when ordinary-business credit secured directly/indirectly by margin stock reaches **$200,000 extended during any calendar quarter**, or **$500,000 outstanding at any time during that quarter**. Both purpose and nonpurpose credit count. These are credit-amount tests, not collateral-value or per-customer tests. | S002 §221.3(b)(1)(i)–(ii); S007 general instructions. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C064** | FR G-1 is due within **30 days after quarter-end**; instructions specify calendar days and next-business-day treatment for weekends/holidays. Schedule A distinguishes quarter-end outstanding credit from quarter flow; flow includes credit extinguished before period-end and increases in existing loans. Schedule A uses dollars; alternative balance-sheet Schedule B uses thousands. | S007 pp. 1, 4–5/indices 0, 3–4; S002 §221.3(b)(1). Reporting a quarter-end stock does not replace the “at any time” registration test. [federalreserve.gov+2](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=61851f2a-13f8-4f5d-b150-faa6cebaa858&utm_source=chatgpt.com) |\n| **R030-P1-C065** | Under the rule, a registered nonbank may apply on G-2 if, throughout the preceding **six calendar months**, it has not had **more than $200,000** of such credit outstanding. Termination occurs on **Board approval**, not mere eligibility or filing. | S002 §221.3(b)(2). Thus the operative wording is an outstanding-credit ceiling of <= $200,000 over the lookback. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C066** | Current G-2 certificates instead require no **$200,000 or more** outstanding; G-4’s description uses the same stricter boundary. G-2 also contains a re-registration commitment to remain registered at least six months. These form formulations are not silently substituted for the rule’s lookback/approval text. | S008 pp. 2–3/indices 1–2; S010 p. 1/index 0; compare C065. Exact-$200,000 certification and any separate minimum-period reconciliation remain unresolved. [federalreserve.gov+2](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=9b49cd2e-f387-441d-9ccc-607526b7af9a&utm_source=chatgpt.com) |\n| **R030-P1-C067** | Registered nonbanks file G-4 within **30 days following June 30 annually**. Instructions distinguish credit outstanding at reporting year-end from all credit extended during the year, including repaid credit and increases; fiscal-quarter recordkeepers may use the described April 30 or May 31 year-end data option. | S002 §221.3(b)(3); S010 pp. 1–3/indices 0–2. The data-period option does not state a different filing deadline. Instructions provide weekend/holiday treatment. [ecfr.gov+2](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C068** | Parsed G-4 schedule text labels columns in dollars but also contains a thousands label at the page boundary after the schedule. An operative reporting unit cannot safely be selected from that conflict without further generic-source reconciliation or inspectable imagery. | S010 p. 3/index 2 and extracted boundary into index 3. **Unresolved**, not a verified visual-layout finding. [federalreserve.gov](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=a9e38f5a-aadf-40e9-bba6-fbb9ba541b05&utm_source=chatgpt.com) |\n\n### 5.2 Purpose statements and current form categories\n\n| Claim ID | Verified rule and qualifications | Exact support |\n| --- | --- | --- |\n| **R030-P1-C069** | A bank ordinarily requires **FR U-1 when margin-stock-secured credit exceeds $100,000**, whether purpose or nonpurpose; a duly authorized bank officer must accept/sign in good faith. The threshold is for the statement, not an exemption from the purpose-credit limit below that amount. | S002 §221.3(c)(1)(i); S006 pp. 1–2. Other transaction exemptions and the revolving rule remain relevant. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C070** | Published staff guidance aggregates the customer’s margin-secured purpose and nonpurpose credit for the U-1 threshold. Existing credit uses the outstanding amount; a newly binding line can count before drawing. The triggering new credit needs the form; earlier loans do not require retroactive forms solely for crossing the threshold. | S012 **5-900.17**, Feb. 1, 1988, and **5-900.2**, Feb. 3, 1992. [federalreserve.gov+1](https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com) |\n| **R030-P1-C071** | A nonbank subject to registration ordinarily requires **FR G-3 for margin-stock-secured credit without a $100,000 loan-size exemption**, accepted/signed by its authorized representative. Section 221.4 and other applicable exceptions must be assessed. | S002 §221.3(c)(1)(ii); S009 pp. 1–2. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C072** | For the specified revolving/multiple-draw arrangements, execute the purpose statement when established; if all collateral was not pledged initially, amend for each disbursement as prescribed, attaching the current supporting collateral list for purpose disbursements. | S002 §221.3(c)(2)(i)–(iv); bank threshold still applies. This is separate from demanding a wholly new form for every draw. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C073** | U-1 and G-3 each state lender retention for **three years after the credit is extinguished**. This states those forms’ requirement; it does not establish an actual destruction date or negate other retention duties. | S006 p. 2/index 1; S009 p. 2/index 1. Transfer-record requirements separately appear in C043. [federalreserve.gov+1](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef&utm_source=chatgpt.com) |\n| **R030-P1-C074** | In both purpose forms, borrower Part I addresses amount and purpose; Part II is completed by the lender only for a purpose-credit answer; Part III requires the stated authorization in all instances. The valuation date/source fields have a published-information exception. Neither form is to be signed blank. | S006–S009, pp. 1–2 and footnotes. U-1 additionally includes its physical-security verification certification; both contain registered-owner pledge-consent language. No fields were entered. [federalreserve.gov+1](https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef&utm_source=chatgpt.com) |\n| **R030-P1-C075** | The five U-related form categories are currently published. The 2024 final collection approval distinguishes G-1/G-2/G-4 reporting from U-1/G-3 recordkeeping and also identifies **FR T-4**, a different T-related purpose form. T-4’s current complete instrument/instructions were not read. | S006–S011; S011 printed 53999–54000. G-2 is an application to terminate, not a universally required periodic filing. [govinfo.gov](https://www.govinfo.gov/content/pkg/FR-2024-06-28/html/2024-14341.htm?utm_source=chatgpt.com) |\n| **R030-P1-C076** | Current U-1/G-3 PDFs display OMB **7100-0011**, whereas §221.3(c) retains legacy numbers **7100-0115** and **7100-0018**. The 2024 final collection approval supports the current common collection number. No invalidity or exemption is inferred from the discrepancy. | S002 §221.3(c)(1); S006, S009 front pages; S011. [ecfr.gov+3](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C077** | Section 221.3(b)(4) names the district Federal Reserve Bank; current G-1/G-2/G-4 instructions direct PDF submission to a designated central address. This pass records both texts without resolving their administrative routing relationship or submitting anything. | S002 §221.3(b)(4); S007–S010 instructions. [ecfr.gov+3](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C078** | The 1998 final rule consolidated former Regulation G’s nonbank framework into U. Continued **G-numbered forms** do not mean a separate current Regulation G governs these loans. | S005 I.B.1–3; current S002 §221.3(b)–(c). [govinfo.gov+1](https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm?utm_source=chatgpt.com) |\n\n**Required versus optional explanatory items.** A generic research worksheet is not a prescribed purpose statement. Published staff guidance permits a bank to use U-1 voluntarily below its mandatory threshold, but that choice does not change the credit-limit rule. A hardship statement under §221.6(h), a special-purpose certification under §221.5(b), and transfer documentation under §221.3(i) are distinct requirements with their own predicates. **C043, C050, C062, C069–C074.** [federalreserve.gov+3](https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com)\n\n## 6. Atomic claim register: T/X boundaries and necessary interpretations\n\n### 6.1 Lender, broker, and borrower boundaries\n\n| Claim ID | Verified boundary | Exact support |\n| --- | --- | --- |\n| **R030-P1-C079** | T principally regulates broker/dealer credit. Its “creditor” definition includes the specified brokers/dealers, exchange members and associated persons, with the stated controlling/common-control business-entity exclusion. Section 220.1 excludes qualifying portfolio-margin relations, exempted-borrower credit, 15C-only dealers, and specified foreign-branch/foreign-person/foreign-security relations. | S003 §§220.1(a)–(b), 220.2 “Creditor.” No actual status determination; full statutory broker exceptions remain outside the read bounds. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.1?utm_source=chatgpt.com) |\n| **R030-P1-C080** | T §220.3(g) permits arranging other credit but prohibits willfully arranging credit violating U or X. T §220.1(b)(2) allows additional exchange/association/creditor requirements. Neither makes a broker maintenance rule universally applicable to bank/nonbank U loans. | S003 §§220.3(g), 220.1(b)(2); compare C044. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.3?utm_source=chatgpt.com) |\n| **R030-P1-C081** | U §§221.104–.105 point to T §§220.110–.111. Those texts retain historical references requiring reconciliation with current operative rules. U §221.107 points to **§220.112, currently reserved**. The missing operative target is not reconstructed from historical material. | S002 §§221.104, .105, .107; S003 §§220.110–.112. In particular, the 1953 credit-union discussion does not establish a current blanket nonbank exemption. [ecfr.gov+3](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220?utm_source=chatgpt.com) |\n| **R030-P1-C082** | X implements §78g(f) for US persons and specified foreign persons controlled by, acting for, or acting with US persons. Its imported definitions include specified **greater-than-50%** trust beneficial-interest, noncorporate beneficial-interest, and corporate voting-power/value tests. These are status tests, not loan-to-value percentages. | S001 §78g(f)(1)–(3); S004 §§224.1–.2. The inclusive wording is not treated as a universal negative control test at exactly 50%. [uscode.house.gov+1](https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com) |\n| **R030-P1-C083** | A borrower obtaining domestic purpose credit is exempt from X unless it **willfully causes** a T/U violation; a nonexempt borrower must conform the credit to the lender’s applicable margin regulation. | S004 §§224.1(b)(1), 224.3(b). Lender noncompliance alone does not establish the borrower’s willfulness. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com) |\n| **R030-P1-C084** | The X foreign-credit exemption requires permanent residence outside the US and no more than **$100,000 total foreign purpose credit obtained or outstanding during any calendar year**. It is not U-1’s threshold, a per-loan test, or a general foreign-lender exemption. Board-order exemptions are separate. | S004 §224.1(b)(2)–(3). No residence, annual aggregate, or order was investigated. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com) |\n| **R030-P1-C085** | For nonexempt borrowers obtaining foreign credit, X selects T for a foreign broker-dealer branch, U’s bank rules for a foreign bank branch, and U’s nonbank rules for other foreign lenders. The two U routes expressly omit the specified purpose-statement requirements. | S004 §224.3(a)(1)–(3), exactly cross-referencing §221.3(c)(1)(i)/(c)(2)(i) or (c)(1)(ii)/(c)(2)(ii). No full foreign-credit analysis. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com) |\n| **R030-P1-C086** | Section 78g(g)’s narrow delayed-delivery provision concerns the specified mortgage-related/small-business-related securities, bona fide full-payment delivery within **180 days or a shorter Board-prescribed period**. It is not a generic U exemption or a general securities-settlement rule. | S001 §78g(g), complete. The products and incorporated security classifications were not investigated. [uscode.house.gov](https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com) |\n| **R030-P1-C087** | These sources establish credit restrictions, administrative duties, exceptions, and anti-evasion boundaries. This pass establishes **no conclusion** about an actual debt’s enforceability, rescission, collection, settlement entitlement, fiduciary duty, suitability, taxes, bankruptcy, or contract remedies. | Bounded synthesis of S001 §78g and S002–S004, with all actual facts and those legal dimensions held. This is a scope limit, not a claim that violations can never affect remedies. |\n\n### 6.2 Additional codified interpretations and their limits\n\n| Claim ID | Interpretation actually supported | Exact support |\n| --- | --- | --- |\n| **R030-P1-C088** | A guarantee can constitute credit in the published employee-plan arrangement; margin security, ordinary business, registration, and arranging predicates still matter. This does not decide any actual guarantee’s enforceability. | S002 §221.118(a)–(g), complete. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C089** | A cancellable stock-purchase arrangement can involve credit where payment is deferred and the participant already bears gain/loss exposure and damages liability. The interpretation expressly preserves the registration-threshold condition. | S002 §221.121, complete. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C090** | A transaction described as a joint venture can be credit under the published structure’s allocation of financing and economic risk. The label alone is not determinative. | S002 §221.111, complete. No identifying or numerical facts from its example are adopted. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C091** | Bank financing of a broker/dealer’s customer securities transactions can be purpose credit; the borrower’s ownership of the pledged collateral does not itself change that purpose. Current borrower and transaction exemptions must still be checked. | S002 §221.103; §§221.1(b)(3), 221.5, 221.125. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C092** | The open-end investment-company interpretation applies a purchasing/carrying purpose analysis to the described borrowing, including redemption-related borrowing. It is not a presumption for every operating-business loan. | S002 §221.109(a)–(c), complete. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C093** | A bank’s lending in a trustee capacity is not categorically outside U; the interpretation’s limited-discretion circumstances do not establish an exemption. This differs from holding stock only as a nonrelying custodian/trustee. | S002 §221.112(a)–(e), complete; compare C020. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C094** | Indirect security can involve practical restraints, custody arrangements, negative pledges, or third-party arrangements without a conventional perfected security interest. The current §221.2 exclusions still must be applied. | S002 §221.113(a)–(h), complete. No perfection/priority conclusion. [ecfr.gov+2](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C095** | The acquisition-shell interpretation presumes indirect security in its specified asset/function circumstances. It preserves exceptions for specific nonmargin-asset/cash-flow reliance, the described timely merger agreement, and funding contingent on sufficient shares for the specified prompt merger. It separately declines the presumption for the described operating business with substantial assets/cash flow. | S002 §221.124(a)–(h), especially (f)–(h), complete. Practical disposal restrictions are separately addressed in (g). No actual acquisition, guarantor, state-law merger threshold, or entity was investigated. [ecfr.gov+1](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C096** | Separate plan/credit documentation does not alone defeat eligible-plan treatment, but the lender/issuer and plan conditions must actually fit. An independent funder does not become a plan-lender merely through document labels. | S002 §221.119(a)–(c), complete, with §221.4. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C097** | The mail-purpose-statement interpretation describes inquiry and verification procedures; current form footnotes likewise flag mail or third-party receipt for inquiry. It does not establish that every form must be signed face to face or that unexplained remote receipt is enough. | S002 §221.115(a)–(d), complete; S006/S009 p. 2 footnote 2. The interpretation’s specific lookback questions are not a universal new form mandate. [ecfr.gov+3](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n\n### 6.3 Currentness and source limitations as claims\n\n| Claim ID | Verified status or unresolved limit | Support |\n| --- | --- | --- |\n| **R030-P1-C098** | The OLRC and eCFR dates establish the retrieved compilation predicates described in S001–S004. They do not prove a complete intervening amendment, session-law, stay, vacatur, or case-history audit through access. | S001–S004 metadata; source log below. [uscode.house.gov+3](https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com) |\n| **R030-P1-C099** | The 1998 document is a final rule with an April 1, 1998 effective date; the 2024 collection document is final approval applicable June 28, 2024. Dated staff material and publisher explanations are separately identified and are not treated as additional operative regulations. | S005, S011–S014. [govinfo.gov+1](https://www.govinfo.gov/content/pkg/FR-1998-01-16/pdf/98-871.pdf?utm_source=chatgpt.com) |\n| **R030-P1-C100** | The §78c(a)(10) editorial note identifies a 2025 payment-stablecoin amendment with an effective date tied to the earlier of an 18-month statutory date and 120 days after specified final implementing regulations. The triggering-regulation condition was not investigated; no current/future security classification is made from it. | S001 §78c(a)(10) amendment/effective-date note, Pub. L. 119-27 §§17(d), 20. This is an explicit contingent-effectiveness gap, not a digital-asset analysis. [uscode.house.gov](https://uscode.house.gov/us/usc/119-121/t15/s78c/?utm_source=chatgpt.com) |\n| **R030-P1-C101** | Complete parsed text was read for the five requested forms; inspectable PDF images were not received. G-4 unit-label placement and visual reconciliation therefore remain unresolved. | S006–S010 and screenshot failure log. Parsed extraction is not pixel inspection. |\n| **R030-P1-C102** | Credit originally used to buy nonmargin stock can become purpose credit when that purchased security becomes margin stock. The interpretation permits maintaining the existing credit without forced reduction, restricts withdrawals, and requires support for an increase. | S002 §221.108(a)–(c), complete. This qualifies an overbroad “originally nonpurpose forever” inference. [ecfr.gov](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com) |\n| **R030-P1-C103** | Section 78g(e)’s pre-1934 loan transition expired by its stated July 1, 1937 boundary; it is historical text, not a present generic exemption for an old loan. | S001 §78g(e), complete. No actual loan history was examined. [uscode.house.gov](https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com) |\n\n## 7. Provision-specific comparison\n\nThis table compares the legal categories already established in the claim register. It makes no finding that any actual role or transaction occupies a column.\n\n| Issue | U bank | U nonbank subject to registration | T creditor / X borrower boundary | Claims |\n| --- | --- | --- | --- | --- |\n| Entry into the regime | U-specific bank definition, including inclusions/exclusions | Ordinary-business margin-secured credit and registration predicates | T uses its creditor definition; X examines borrower status and credit location/purpose | C005, C010–C012, C079, C082–C085 |\n| Ordinary purpose-credit limit | §221.3(a)(1), supplement, aggregation and exceptions | Same ordinary limit once covered | T has its own account/payment structure; X selects the relevant regime | C027–C044, C079–C085 |\n| Nonpurpose securities borrowing | No ordinary purpose-credit loan-value ceiling; U-1 may still be required | Counts for registration/reporting; G-3 may still be required | Do not substitute U’s nonpurpose treatment for all T rules | C006, C063–C075, C079 |\n| Routine purpose form | U-1 above the specified $100,000 threshold | G-3 without that loan-size threshold, subject to exceptions | T-4 is a distinct form category; X’s specified foreign U routes omit purpose statements | C069–C076, C085 |\n| U registration / annual report | §221.3(b) nonbank registration requirement does not apply as such | G-1 threshold registration, G-4 annual reporting, G-2 application to terminate | No conclusion about actual broker or other registration duties | C063–C068, C079 |\n| Eligible employee-plan credit | Apply §221.4 if its predicates fit; no blanket U-1 exception inferred | Good-faith value/separate treatment and specified G-3 exception | No imported T employee-plan treatment | C047–C049 |\n| Qualified ESOP credit | §221.6(d) exemption | §221.4(c), retaining registration and annual-report provisions | Actual tax qualification held | C049 |\n| Special broker-purpose credit | §221.5 categories and conditions | Same §221.5 text and conditions | Borrower exemption and financed activity remain distinct inquiries | C023–C024, C050–C057 |\n| Section 221.6 exemptions | Bank-specific | Cannot simply import them | Foreign bank-credit exemption does not finish the X inquiry | C058–C062, C085 |\n| Market decline after lawful origination | Maintaining permission; later events separately tested | Same | No universal broker maintenance rule imported into U | C036–C040, C080 |\n| Private demand, sale, or collection rights | Not resolved | Not resolved | T’s allowance for additional requirements does not establish an actual contract | C045, C080, C087 |\n\n## 8. Substantive qualitative branches and branch coverage\n\n**Status key:** **A/U** = generic rule answered; application unresolved because evidence is held. **P/U** = public-source issue partly answered, with the specified unresolved conflict. Every branch has a rule/claim reference, the missing evidence, an adverse inference to avoid, and the next permissible **generic public-law** inquiry. None authorizes collecting actual records.\n\n| Branch / status | Qualitative branch and verified rule | Missing evidence held | Adverse inference to avoid | Exact permissible next public-law question |\n| --- | --- | --- | --- | --- |\n| **B01 — A/U** | **Purpose uncertain.** If proceeds replenish funds already used to buy margin stock, timing and economic purpose can matter. **C007–C009, C102; S002 §§221.2, .101, .108, .114, .116.** | Original and ultimate use; debt being carried; timing of any increase. | “Working capital” or a signed nonpurpose label conclusively decides purpose. | How do §§221.101 and .116 distinguish genuine nonpurpose use from replenishment within a purchasing arrangement? |\n| **B02 — A/U** | **Nonpurpose borrowing against securities.** A genuinely nonpurpose loan can escape the purpose-credit ceiling while retaining administrative duties. **C006, C063, C069–C071; S002 §221.3.** | Purpose, lender category, security, thresholds and exceptions. | Every securities-backed loan is limited to 50%; or nonpurpose means U is wholly irrelevant. | Which paragraphs of §221.3 apply independently of a purpose finding? |\n| **B03 — A/U** | **Stock classification unknown.** Apply all margin-stock categories and fund exclusions. **C014–C016; S002 §221.2; S001 §78c(a)(11)–(12).** | Category predicates, conversion/right features, fund qualification. | Every stock, bond, fund, option, or exchange-traded item necessarily has the same treatment. | Which generic definition or incorporated SEC rule governs the unresolved category? No issuer/security lookup. |\n| **B04 — A/U** | **Direct security.** A direct margin-stock pledge invokes the security element independently of the indirect-security exclusions. **C017–C018; S002 §§221.1–.2.** | Whether direct security exists; its scope. | The 25% indirect-arrangement exception defeats an otherwise direct pledge. | What does §221.2’s “such an arrangement” limitation cover? |\n| **B05 — A/U** | **Indirect restrictions.** A disposal restriction or possible acceleration can establish indirect security. **C017, C094; S002 §§221.2, .113.** | Restriction, acceleration terms, practical restraints and applicable exclusion. | No conventional lien means no U security. | Which complete §221.113 circumstances must be reconciled with the present definition? |\n| **B06 — A/U** | **25% asset-composition exclusion.** The post-proceeds arrangement-asset denominator matters. **C018; S002 §221.2 “Indirectly secured” (2)(i).** | Assets actually subject to arrangement; reasonable values after proceeds. | Use loan amount, entire net worth, or pre-proceeds values as denominator. | What does the definition include in assets subject to the arrangement? |\n| **B07 — A/U** | **Cross-default exception.** The other lender must be unaffiliated. **C019; S002 §221.2.** | Other-credit relationship and affiliation predicates. | Any cross-default clause automatically creates—or automatically avoids—indirect security. | Which bank/nonbank affiliate definition is the relevant incorporated rule? |\n| **B08 — A/U** | **Custody/trustee exception.** Custodial capacity and good-faith nonreliance must both be assessed. **C020, C093; S002 §§221.2, .112.** | Capacity in holding stock; role in extending credit; reliance. | Every trustee is exempt, or every custody holding is collateral. | How does §221.112 distinguish lending as trustee from nonrelying custody? |\n| **B09 — A/U** | **Other nonreliance.** Financial strength may be relevant but is not conclusive. **C021–C022; S002 §§221.2, .117.** | Actual reliance, maturity structure, credit circumstances. | Fixed maturity or a strong balance sheet alone proves exclusion. | What evidence does §221.117 treat as relevant, without converting it into a safe harbor? |\n| **B10 — A/U** | **Bank versus nonbank.** The U definitions govern. **C010–C012; S002 §§221.2–.3.** | Legal category and ordinary-business predicate. | A business label, charter shorthand, or absence from a roster settles coverage. | Which statutory inclusion or express U exclusion remains to be interpreted generically? |\n| **B11 — A/U** | **Covered credit versus exception.** Test the complete applicable exception and its documentation conditions. **C023–C025, C047–C062; S002 §§221.1, .4–.6.** | Qualification, financed activity, duration, recourse, required statements. | Every broker loan, short-term advance, employee loan, or hardship loan is exempt. | Which exact subsection supplies the claimed exception, and what nested condition limits it? |\n| **B12 — A/U** | **Threshold base or period unknown.** Quarter flow, peak outstanding, six-month outstanding, and customer form thresholds are distinct. **C063–C070; S002 §221.3(b)–(c); S007–S010.** | Relevant totals, period, peak, commitment/draw treatment. | Quarter-end balance substitutes for peak outstanding; collateral value substitutes for credit amount. | What do the current generic instructions say about extended versus outstanding credit and undrawn commitments? |\n| **B13 — A/U** | **Single credit and sequence.** Same-customer purpose credit, sequencing exceptions, and syndication must be distinguished. **C032–C035; S002 §221.3(d).** | Customer/joint action, sequence, relationship of transactions, syndication. | Separate notes defeat aggregation, or every prior unsecured loan must be fully re-margined. | How do (d)(1)–(3) interact with the anti-splitting interpretation? |\n| **B14 — A/U** | **Mixed collateral.** Sum applicable loan values; keep purpose/nonpurpose allocation distinct. **C029–C035; S002 §§221.3(d), .7; S005 III.C.** | Collateral categories, allocation, values, duplicate use. | Give every asset 50%, give every other asset 100%, or revive the deleted mixed-loan segregation rule. | What exactly did the 1998 III.C amendment remove, and what did (d)(4) retain? |\n| **B15 — A/U** | **Percentage/base and good-faith value.** Use the appropriate collateral base and valuation convention. **C027–C030; S002 §§221.2, .7.** | Applicable category, date, valuation method, credit judgment. | 50% is a percentage of debt; good-faith means automatic full market value. | Which supplement category and §221.2 valuation alternative apply generically? |\n| **B16 — A/U** | **Additional advance versus maintenance.** An older market deficiency and a supported new advance are distinct. **C036–C037; S002 §221.3(a),(d),(f); S012 5-951.24.** | Initial compliance, cause of deficiency, additional collateral, increase. | Market decline forbids every new advance; or maintaining permission authorizes an unsupported increase. | What are the exact limits of 5-951.24 when read with present §221.3? |\n| **B17 — A/U** | **Commitment versus later draw.** A supported binding commitment differs from later lending needing collateral. **C026, C038–C039, C072; S002 §§221.102, .3(c)(2); S012 5-900.16.** | Binding date, facility structure, initially pledged collateral, amendments. | Every draw uses either the original value or a fresh value regardless of structure. | Which branch of the published revolving-credit interpretation matches the generic legal arrangement? |\n| **B18 — A/U** | **Withdrawal/substitution.** Apply event-date loan values and the no-new/no-increased-excess test. **C040–C041; S002 §221.3(f)–(g).** | Event, values, applicable credit grouping and any exchange qualification. | A partial repayment automatically releases a proportional amount of collateral. | How does (f) operate when an existing excess remains, and does (g) change classification temporarily? |\n| **B19 — A/U** | **Falling market value.** Maintaining permission does not itself impose a regulatory call. **C036–C040; S002 §221.3(a)(2),(f).** | Original compliance and whether a new event is occurring. | A fixed percentage market loss universally triggers a U violation, call, or forced sale. | Does the event concern mere maintenance, a new extension, or a withdrawal under the actual text? |\n| **B20 — A/U** | **Initial constraint versus private maintenance.** U does not supply the held contract terms. **C028, C036, C045, C080, C087.** | Actual agreement and applicable non-U law, all excluded. | Regulatory permission to maintain compels the lender to maintain; or a broker rule governs every U loan. | What does §221.3(a)(2) permit, and what does it leave outside its subject? |\n| **B21 — A/U** | **Required form versus explanatory worksheet.** Match the event and lender to the actual prescribed category. **C043, C050, C062, C069–C077; S006–S011.** | Lender category, threshold, purpose, exception, original documentation event. | This worksheet substitutes for U-1/G-3; all forms are filed; every field is required in every case. | Which exact instruction makes the form, part, amendment, certification, or field mandatory? |\n| **B22 — A/U** | **Borrower/broker/lender regimes.** Each regime has a different regulated role and trigger. **C003–C005, C079–C083; S001–S004.** | Legal role, regulated activity, borrower status and willfulness. | Lender noncompliance automatically proves borrower violation or all brokers qualify as exempt borrowers. | Which statutory subsection and current regulatory definition govern the generic role? |\n| **B23 — A/U** | **Foreign extension.** U’s bank exemption and X’s borrower selection must both be read. **C058, C082–C085; S002 §221.6(c); S004 §§224.1–.3.** | Location, status/control, security nexus, annual foreign-credit totals. | Outside-US extension ends the analysis; or U-1’s $100,000 test is X’s test. | Which §224.3(a) route and §224.1(b) exemption apply as legal categories? |\n| **B24 — A/U** | **Lawful extension versus enforceability/collection.** A regulatory classification does not complete a remedy analysis. **C045, C087; S001 §78g; S002 §221.3.** | All debt, contract, remedy, jurisdiction and litigation facts are held. | Compliance proves collectability; violation proves cancellation, settlement entitlement, or an available defense. | In scope: what conduct does the selected credit provision regulate? Any remedy investigation remains parent-held. |\n| **B25 — A/U** | **Loss of exempted-borrower status.** Further draws/renewals require a fresh current-regime assessment. **C023–C024; S002 §§221.2, .3(e).** | Annual qualification, loss date, notice, later credit event. | Previously exempt status lasts for the entire facility regardless of change. | How does §221.3(e)(2) qualify ordinary maintenance/renewal treatment? |\n| **B26 — P/U** | **Current form discrepancies.** Preserve rule/form differences and the unverified G-4 unit. **C065–C068, C076–C077, C101; S002, S008–S011.** | Authoritative generic reconciliation and inspectable form imagery. | Rewrite a certification, pick a reporting unit, or infer regulatory invalidity from an inconsistency. | Does a current approved generic instrument, correction, or published Board explanation reconcile the exact boundary, unit, or routing text? |\n\n## 9. Blank audit worksheet\n\n**Unfilled analytical worksheet only.** It is not FR U-1, FR G-3, a certification, a filing, or an instruction to obtain actual records. No identity, account, issuer, security identifier, or transaction entry is requested or supplied.\n\n| Audit question | Blank determination / evidence description | Rule reference |\n| --- | --- | --- |\n| Which public-law version and access predicate is being used? | ____________________ | C098–C100 |\n| Which generic lender category requires analysis? | ____________________ | C010–C012, C079 |\n| Is ordinary-course activity a necessary predicate here? | ____________________ | C012, C063 |\n| What immediate, incidental, or ultimate purpose must be distinguished? | ____________________ | C007–C009 |\n| Is carrying/refinancing, or later change to margin-stock status, implicated? | ____________________ | C007, C102 |\n| Which margin-stock category and nested exception requires resolution? | ____________________ | C014–C016 |\n| Is the security analysis direct, indirect, both, or unresolved? | ____________________ | C017–C021 |\n| Which indirect-security exclusion is potentially relevant? | ____________________ | C018–C021 |\n| What good-faith inquiry issue remains? | ____________________ | C022, C097 |\n| Is an exempted borrower or clearing-agency exclusion potentially relevant? | ____________________ | C023–C025 |\n| Is a §221.4, §221.5, or §221.6 exception potentially relevant? | ____________________ | C047–C062 |\n| Which credit amount, measurement period, and threshold convention apply? | ____________________ | C063–C070 |\n| Is the event a binding commitment, draw, increase, renewal, or maintenance? | ____________________ | C026, C036–C043 |\n| Which same-customer/joint-customer/sequence/syndication rule applies? | ____________________ | C013, C032–C035 |\n| How must purpose and nonpurpose collateral allocations be separated? | ____________________ | C035 |\n| Which valuation date and current-market-value alternative apply? | ____________________ | C027 |\n| Which collateral receives 50%, good-faith, or zero loan value? | ____________________ | C028–C031 |\n| Is an older permitted excess relevant to a new advance? | ____________________ | C036–C038 |\n| Is withdrawal, substitution, or an exchange offer involved? | ____________________ | C040–C041 |\n| Which purpose form, amendment, or other statement is legally prescribed? | ____________________ | C043, C050, C062, C069–C074 |\n| Which generic retention provision applies, without deciding actual disposal? | ____________________ | C043, C073 |\n| Does a form/regulation discrepancy remain unresolved? | ____________________ | C066, C068, C076–C077 |\n| Does X require a borrower/foreign-extension boundary analysis? | ____________________ | C082–C085 |\n| Which questions must remain with the parent because they concern private rights or excluded law? | ____________________ | C087 |\n| Researcher self-check completed; independent review/acceptance absent? | ____________________ | Section 12 |\n\n## 10. Numbered-question coverage and source/claim crosswalk\n\nThe branch table above is the granular coverage table for the requested qualitative branches. The following table separately addresses every numbered question and its material subparts.\n\n| User question / subpart | Status | Claims / branches / sources | Missing evidence or limitation | Exact permissible next investigation |\n| --- | --- | --- | --- | --- |\n| **1 — Statutory authority and complete §78g clauses** | **Answered, with currency limit** | C001–C004, C082, C086, C103; S001 | No full post-release session-law audit | Public amendment/effective-date materials affecting the selected clauses after the stated OLRC release |\n| **1 — Purpose and purchasing/carrying** | **Answered generically; application unresolved** | C005–C009, C091–C092, C102; B01–B02; S002 | Actual use, sequence and underlying debt held | Complete generic interpretations for the unresolved purpose distinction |\n| **1 — Margin stock and incorporated categories** | **Answered definition; classification unresolved** | C014–C016, C100; B03; S001–S002 | No issuer/security facts; not every incorporated rule investigated | Relevant generic SEC/statutory definition only |\n| **1 — Bank/nonbank and ordinary business** | **Answered generically** | C010–C013; B10; S001–S002 | Actual institutional status held; full broker exceptions not audited | Specific unresolved statutory category, without roster or entity search |\n| **1 — Direct/indirect security and all four exclusions** | **Answered generically** | C017–C022, C093–C095; B04–B09; S002 | Terms, restraints, reliance, values, affiliation held | Complete applicable definition/interpretation and incorporated affiliate law |\n| **1 — Exempted borrowers, clearing, plans and transactions** | **Answered generically** | C023–C025, C047–C062; B11, B25; S002, S005 | Qualification and activity predicates held | Exact claimed exception and its nested public-law conditions |\n| **2 — Initial percentage, unit and base** | **Answered** | C027–C030; B15; S002 | No values or actual valuation choices | Applicable supplement category and valuation convention |\n| **2 — Good-faith value and mixed collateral** | **Answered** | C029–C031, C035; B14–B15; S002, S005 | Sound-credit-judgment and allocation facts held | Present supplement versus deleted mixed-collateral requirement |\n| **2 — Single credit and aggregation** | **Answered with staff-status qualification** | C032–C038; B13, B16–B17; S002, S012 | Sequence, joint-customer and facility facts held | Exact generic aggregation exception or commitment interpretation |\n| **2 — Same-day calls, withdrawals and substitutions** | **Answered** | C039–C041; B18; S002 | Event and before/after inputs held | §221.3(c)(2), (f), or (g), according to the legal event |\n| **2 — Maintenance and falling values** | **Answered** | C036–C043; B16–B20; S002, S012 | Original compliance and later event facts held | Whether the rule concerns maintenance, new credit, or a collateral event |\n| **2 — Private calls, demand, sale or universal loss threshold** | **Excluded as actual/private-law conclusions** | C045, C080, C087; B19–B20 | Contracts and other law held | No private-law investigation in this pass |\n| **3 — Registration triggers and measurement periods** | **Answered; commitment-specific application unresolved** | C063–C064; B12; S002, S007 | Actual flow/peak and any unresolved undrawn-credit convention held | Current generic instructions or published interpretation addressing that convention |\n| **3 — Deregistration** | **Partial** | C065–C066; B26; S002, S008, S010 | Exact-$200,000 and minimum-period form reconciliation unresolved | Current official generic correction or approved-instrument explanation |\n| **3 — Annual reporting** | **Answered rule; unit partial** | C067–C068; B12, B26; S002, S010 | G-4 parsed unit conflict; no pixels | Inspectable current form and any authoritative generic unit clarification |\n| **3 — Bank/nonbank purpose statements** | **Answered** | C069–C072; B21; S002, S006, S009, S012 | Actual threshold and exception facts held | Applicable statement paragraph and complete current instructions |\n| **3 — Retention and transfer records** | **Answered generic requirements** | C043, C073; S002, S006, S009 | No actual records or other retention-law analysis | Public text specifying the particular record category, without disposal advice |\n| **3 — Current categories, optional items, OMB and routing** | **Answered categories; discrepancies partial** | C074–C078; B21, B26; S006–S011 | Legacy OMB/routing relationship; T-4 full form not read | Generic approved collection materials; no filing or contact |\n| **4 — T boundary** | **Answered selected boundary; stale reference unresolved** | C003, C079–C081; B22; S001, S003 | Full T excluded; §220.112 reserved | Generic amendment history necessary to explain the stale pointer, without treating former text as current |\n| **4 — X and foreign cross-reference** | **Answered selected boundary** | C082–C085; B23; S001, S004 | Actual status/location/foreign law held | Exact §224.1 exemption or §224.3 route; full foreign analysis remains parent-held |\n| **4 — Anti-evasion versus remedies** | **Answered distinction; remedies excluded** | C022, C034–C035, C044, C080, C083, C087–C095; B24 | All actual enforcement/contract facts and law held | In-scope conduct restriction only; separate remedy work not undertaken |\n| **5 — Provision-specific comparison** | **Answered** | Section 7; linked claims and S001–S012 | No actual category assignments | Resolve only a remaining generic rule question |\n| **5 — Blank worksheet** | **Answered** | Section 9 | All factual fields intentionally blank | No entry or record collection authorized |\n| **5 — At least twelve substantive branches** | **Answered** | **B01–B26**, Section 8 | Applications unresolved; B26 partly source-limited | Each branch identifies its own public-law next question |\n| **5 — Worked illustration** | **Not used; optional** | Symbolic mechanism in §3.1 | No actual or invented numerical inputs | No numerical illustration necessary to explain the verified mechanism |\n| **5 — Source/failure log, gaps and self-check** | **Answered with explicit limitations** | Sections 1, 11–12; C098–C101 | No independent review or acceptance | Only the specifically identified unresolved public-source checks |\n\n## 11. Source-read and retrieval-failure log\n\n### 11.1 Completed reads\n\n| Read item | Result and bounded use |\n| --- | --- |\n| §78g body | Complete (a)–(g), including nested broker, nonbroker, borrower, historical-transition and delayed-delivery provisions. No complete session-law/case-history audit claimed. |\n| Regulation U operative body | Complete §§221.1–221.7, including the entire supplement and material exceptions. |\n| Codified U interpretations | Complete selected §§221.101–.121 and .123–.125. The .104/.105/.107 T pointers were followed; .122’s separate premium-finance dimension was excluded from reliance. |\n| Regulation T boundary | Complete §220.1, selected necessary definitions/arranging clause, complete .110/.111, and reserved status of .112. Full T not investigated. |\n| Regulation X boundary | Complete §§224.1–.3 read; analysis confined to necessary cross-reference boundaries. |\n| Forms | Complete parsed text of U-1, G-1, G-2, G-3 and G-4, including instructions, footnotes, certification text and internal revision footers. No field entry. |\n| Final publications | Selected 1998 final-rule sections, with specified printed pages/indices; complete 2024 final collection notice. |\n| Staff interpretations | Complete selected entries listed in S012; historical mixed-collateral language screened against the 1998 final change. |\n| Explanations | S013 Q1–19 and limited S014 guide material, classified as publisher explanations rather than operative law. |\n\n### 11.2 Failures and their consequences\n\n“Not accessible via this tool” and “404” below are retrieval outcomes, not conclusions that a provision or source does not exist.\n\n| Exact failed URL or operation | Actual result | Resolution / remaining consequence |\n| --- | --- | --- |\n| [https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78g&num=0&edition=prelim](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78g&num=0&edition=prelim&utm_source=chatgpt.com) | Returned **404** after URL normalization. | §78g body obtained through S001’s release URL. The preliminary-view failure does not prove absence of later amendments. |\n| [https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers-for-the-purpose-of-purchasing-or-carrying-margin-stocks.htm](https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers-for-the-purpose-of-purchasing-or-carrying-margin-stocks.htm) | Not accessible. | A shorter publisher page was located at [https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers.htm](https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers.htm?utm_source=chatgpt.com). Substantive current-rule reliance uses S002, not a guessed page. |\n| [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.110](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.110) | Not accessible via the standalone view. | Complete provision read in the S003 whole-part view. |\n| [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.111](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.111) | Same failure. | Complete provision read in S003 whole-part view. |\n| [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.112](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.112) | Same failure. | Whole-part view establishes **reserved**, leaving the U pointer unresolved as an operative cross-reference. |\n| [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.101](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.101) | Not accessible via the standalone view. | Complete selected text already read in S002 whole-part view. |\n| [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.102](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.102) | Same failure. | Resolved through S002 whole-part text. |\n| [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.106](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.106) | Same failure. | Resolved through S002 whole-part text. |\n| [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.108](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.108) | Same failure. | Resolved through S002 whole-part text. |\n| [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.113](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.113) | Same failure. | Resolved through S002 whole-part text. |\n| [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.117](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.117) | Same failure. | Resolved through S002 whole-part text. |\n| [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.120](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.120) | Same failure. | Resolved through S002 whole-part text. |\n| [https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.124](https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.124) | Same failure. | Resolved through S002 whole-part text, including (f)–(h) exceptions. |\n| Screenshot requests for **S010 G-4 PDF index 2** and **S008 G-2 PDF index 1** | Responses supplied a text image marker, without inspectable image content available in the result. | **No pixel inspection claimed.** G-4 unit/placement reconciliation remains unresolved; G-2 textual conflict is based on parsed text and the regulatory text. |\n\n### 11.3 Material gaps that remain\n\n| Gap | What is established | What remains unresolved |\n| --- | --- | --- |\n| **Currency beyond compilation predicates** | Current official-host text was retrieved; specific final publications and effective dates were checked. | A complete amendment/session-law/case-history audit through the access date. |\n| **Deregistration boundary** | Rule permits application when prior six-month outstanding credit never exceeded $200,000; forms use a stricter certificate. | Authoritative reconciliation for exactly $200,000 and the form’s separate six-month registration language. |\n| **G-4 reporting unit** | Parsed text contains both dollar and thousands labels. | Correct current operational unit and visual placement. No unit is chosen. |\n| **OMB/routing text** | Current common collection approval and current instructions are identified; legacy regulatory wording is recorded. | Complete administrative reconciliation. No invalidity, waiver or filing conclusion. |\n| **Reserved T cross-reference** | §220.112 is reserved in the retrieved body. | The intended present operative destination of U §221.107, if any. |\n| **Historical staff status** | Selected complete published staff entries were read against current text. | Exhaustive subsequent withdrawal, supersession, enforcement or judicial treatment. |\n| **Conditional statutory amendment** | The §78c(a)(10) effective-date predicate was identified. | Whether the alternative final-regulation trigger occurred; no dependent classification made. |\n| **Imported classification rules** | Necessary U and selected Exchange Act definitions were read. | Every incorporated SEC, banking-affiliate, plan-qualification, or other specialized predicate. These remain targeted public-law questions only if necessary. |\n| **All actual applications** | Generic rules and questions are specified. | Every actual role, purpose, security, amount, valuation, agreement, qualification, registration, reporting and documentation fact. |\n\n### 11.4 Status distinctions\n\n- **Current compiled material:** the retrieved U/T/X provisions, subject to their expressly recorded title-level currency predicates.\n- **Historical final material:** the 1998 final rule and dated staff interpretations; their age and read extent are disclosed.\n- **Current published forms:** the five requested U form categories, with their displayed revision/approval predicates and unresolved inconsistencies.\n- **Proposed material:** the February 2024 collection proposal is identified through the later final notice; it is not used as operative law.\n- **Contingent future/current status:** the §78c(a)(10) amendment trigger remains unverified; it is not labeled certainly effective or certainly future.\n- **Withdrawn, stayed, vacated, or later judicially limited material:** no comprehensive status audit was performed. No absence of such developments is asserted.\n- **Judicial opinions:** none was necessary to establish the selected generic rules, and none is used. No case-record or docket-status query was made.\n- **CFPB guidance:** none was necessary or introduced.\n\n## 12. Researcher self-check and retained parent holds\n\n**Researcher self-check, performed by the same assistant; not independent review:**\n\n- The analysis separates **purpose**, **margin-stock classification**, **security**, **lender category**, and **exception**.\n- The **50%**, **100%**, **zero-loan-value**, **25%**, and **95%** rules have distinct bases and conditions.\n- The **$100,000 U-1**, **$200,000 quarterly extension**, **$500,000 peak outstanding**, **six-month deregistration**, and **$100,000 annual foreign-credit** tests are not conflated.\n- The single-credit rule is qualified by sequence, syndication, purpose/nonpurpose allocation, protected maintenance, and the published new-advance/commitment interpretations.\n- A decline in collateral value is not converted into a universal federal maintenance call, loss threshold, demand right, or liquidation rule.\n- The entire selected supplement and material nested exceptions were read; historical mixed-collateral language was not treated as current.\n- Current forms, old form references, required statements, optional explanatory material, and reporting versus retention were distinguished.\n- Parsed PDF reading was not represented as visual inspection.\n- No actual or invented identifying entry, borrower/lender/broker roster, security lookup, account access, registration search, filing, contact, purchase, case-record request, or publication action was performed.\n- No subagents, other chats, Deep Research, or independent reviewer supplied this investigation.\n\n**All parent holds remain:** actual borrower, lender, broker, purpose, security, transaction, collateral, valuation, credit, agreement, registration, reporting and form facts; full T/X and foreign-credit work; private maintenance, demand and liquidation covenants; enforceability, licensing, APR/usury, security/perfection/priority and guarantees; suitability/disclosure and fiduciary questions; tax, insolvency, collection, settlement, litigation and later history; every state, local, tribal, territorial and foreign-country law; and all other A030 products and dimensions, including agriculture, commercial property, construction/projects, trade/export, premium financing, litigation/inheritance advances and casino credit.\n\n**No component, parent, operations, or publication acceptance is claimed.**\n\nEND R030 PASS-01\n\n","tables":[{"headers":["Source ID","Issuer, instrument, and complete literal HTTPS URLs","Exact read extent and page/index information","Version, effectiveness, status, and 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and Regulation:"}]],"rows":[["Source ID","Issuer, instrument, and complete literal HTTPS URLs","Exact read extent and page/index information","Version, effectiveness, status, and limits"],["R030-P1-S001","Congress; Office of the Law Revision Counsel, Securities Exchange Act provisions: https://uscode.house.gov/us/usc/119-121/t15/s78g/; https://uscode.house.gov/us/usc/119-121/t15/s78c/; https://uscode.house.gov/us/usc/119-121/t15/s78q/; https://uscode.house.gov/us/usc/119-121/t15/s78w/","§78g(a)–(g) complete, including nested exceptions; selected amendment/source notes. §78c(a)(3), (4)(A), (5), (6), (9)–(13), and (18), including the complete exempted-security definition; selected editorial notes. §78q(a)–(d) and §78w(a) read for supporting authority boundaries.","OLRC release states laws in effect through Public Law 119-121, October 9, 2026. This is not a complete session-law audit through the access date. The complete broker bank-exception structure in §78c(a)(4)(B)–(C), and every incorporated definition, were not independently investigated. A conditional amendment note affecting §78c(a)(10) is separately preserved in C100. \nuscode.house.gov\n+4"],["R030-P1-S002","Federal Reserve Board; OFR/GPO eCFR, Regulation U: https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221","§§221.1–221.7 complete. Codified interpretations §§221.101–221.121 and §§221.123–221.125 read, with the T cross-references investigated as described below. Section 221.122’s premium-financing material was returned incidentally but is excluded from substantive reliance.","Retrieved title-level labels included up to date October 23 and October 26, 2026, with Title 12 last amended October 23. Those labels do not establish that Regulation U itself was amended October 23. The part’s source line identifies 63 FR 2827, January 16, 1998. eCFR identifies itself as authoritative but unofficial, not the official legal edition. \necfr.gov\n+2"],["R030-P1-S003","Federal Reserve Board; OFR/GPO eCFR, Regulation T: https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220; https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.1; https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.2; https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.3","§220.1 complete; §220.2 creditor definition; §220.3(g) arranging rule; complete §§220.110 and 220.111; §220.112’s reserved status.","Current compiled boundary provisions, with the same title-level currency qualification. Sections 220.110–.111 contain dated historical terminology and cross-references. Full T accounts, calculations, SRO rules, and foreign-credit treatment are excluded. \necfr.gov\n+5"],["R030-P1-S004","Federal Reserve Board; OFR/GPO eCFR, Regulation X: https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224","§§224.1–224.3 complete, used only for the necessary borrower and foreign-extension boundaries.","Retrieved label: up to date October 26, 2026. Source notes identify 48 FR 56572, December 22, 1983, and the 63 FR 2839, January 16, 1998 amendment. No foreign-country law or actual borrower-status investigation. \necfr.gov"],["R030-P1-S005","Federal Reserve Board, Securities Credit Transactions; Borrowing by Brokers and Dealers, final rule, 63 FR 2806–2839: https://www.federalregister.gov/documents/1998/01/16/98-871/securities-credit-transactions-borrowing-by-brokers-and-dealers; https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm; https://www.govinfo.gov/content/pkg/FR-1998-01-16/pdf/98-871.pdf","Summary/DATES, printed 2806, PDF index 0; exempted-borrower discussion, printed 2807–2808, indices 1–2; G/U consolidation, printed 2808–2809, indices 2–3; selected U revisions and complete mixed-collateral discussion, printed 2818–2819, indices 12–13; X conforming discussion.","Published January 16, 1998; effective April 1, 1998; the specified T optional-compliance transition ended July 1, 1998. Historical final amendatory instrument and explanatory preamble. The entire 34-page document was not read or visually inspected. \ngovinfo.gov\n+4"],["R030-P1-S006","Federal Reserve Board, FR U-1, Statement of Purpose for an Extension of Credit Secured by Margin Stock: https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_U-1; https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef","Complete parsed form and instructions: printed pages 1–2, PDF indices 0–1.","Published as current; front revision 06/2024, OMB 7100-0011, approval expiration June 30, 2027. Internal page footer includes an earlier revision. No pixel inspection. \nfederalreserve.gov"],["R030-P1-S007","Federal Reserve Board, FR G-1, Registration Statement for Persons Who Extend Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers): https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-1; https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=61851f2a-13f8-4f5d-b150-faa6cebaa858","Complete parsed instructions/form: pages 1–5, indices 0–4. Securities-credit Schedule A: page 4/index 3; balance-sheet Schedule B: page 5/index 4.","Published as current; front 06/2024, OMB 7100-0011, expiration June 30, 2027. No registration search, completion, or submission. \nfederalreserve.gov\n+2"],["R030-P1-S008","Federal Reserve Board, FR G-2, Deregistration Statement for Persons Registered Pursuant to Regulation U: https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-2; https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=9b49cd2e-f387-441d-9ccc-607526b7af9a","Complete parsed document: pages 1–3, indices 0–2; noncorporate certificate page 2/index 1; corporate certificate page 3/index 2.","Published as current; front 06/2024, OMB 7100-0011, expiration June 30, 2027. Certificate wording differs from §221.3(b)(2) at exactly $200,000; unresolved below. No pixel inspection. \nfederalreserve.gov"],["R030-P1-S009","Federal Reserve Board, FR G-3, Statement of Purpose … by a Person Subject to Registration Under Regulation U: https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-3; https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=28a9df39-6f87-4e85-96f5-654fe5f3a0e2","Complete parsed form/instructions: pages 1–2, indices 0–1.","Published as current; front 06/2024, OMB 7100-0011, expiration June 30, 2027. Earlier internal footer retained. No pixel inspection. \nfederalreserve.gov"],["R030-P1-S010","Federal Reserve Board, FR G-4, Annual Report: https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-4; https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=a9e38f5a-aadf-40e9-bba6-fbb9ba541b05","Complete parsed document: pages 1–4, indices 0–3. Instructions pages 1–2; credit schedule page 3/index 2; certification page 4/index 3.","Published as current; front 06/2024, OMB 7100-0011, expiration June 30, 2027. Parsed schedule contains conflicting unit labels. Screenshot attempt did not provide an inspectable image. \nfederalreserve.gov\n+2"],["R030-P1-S011","Federal Reserve Board, Agency Information Collection Activities: Announcement of Board Approval under Delegated Authority and Submission to OMB, 89 FR 53999–54000: https://www.govinfo.gov/content/pkg/FR-2024-06-28/html/2024-14341.htm; https://www.govinfo.gov/content/pkg/FR-2024-06-28/pdf/2024-14341.pdf","Complete notice in HTML; corresponding parsed PDF text at printed 53999–54000, indices 0–1. Unrelated adjacent notices not used.","Final approval, published and revisions applicable June 28, 2024; three-year extension with revision of the six-form collection. It identifies the earlier February 2024 proposal and its completion; the proposal is not used as operative authority. \ngovinfo.gov"],["R030-P1-S012","Federal Reserve Board, FRRS Board Rulings and Staff Opinions Interpreting Regulation U: https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm","Complete selected entries: 5-900.16 (Nov. 5/Dec. 2, 1987); 5-900.17 (Feb. 1, 1988); 5-900.18 (Feb. 29, 1988); 5-900.2 (Feb. 3, 1992); 5-923 (Dec. 23, 1977); 5-951.24 (Dec. 14, 1987); 5-951.25 (Oct. 2, 1991).","Dated official staff interpretations in a presently published compilation, with updated cross-reference annotations. They are distinguished from current regulatory text. No complete withdrawal or subsequent-history audit. The former mixed-collateral segregation requirement in older discussion is not carried forward after the 1998 deletion. \nfederalreserve.gov\n+4"],["R030-P1-S013","Federal Reserve Board, Questions and Answers About Nonbank Lenders Under Regulation U: https://www.federalreserve.gov/frrs/regulations/questions-and-answers-about-nonbank-lenders-under-regulation-u.htm","Introduction and questions 1–19 read. No lender roster or contact investigation.","Publisher explanation, not operative law. Historical features—including an obsolete agency reference and older form-page description—prevent treating it as a fully refreshed substitute for regulation/forms. \nfederalreserve.gov\n+2"],["R030-P1-S014","Federal Reserve Board, Regulation U: Compliance Guide: https://www.federalreserve.gov/supervisionreg/regucg.htm","Opening overview and selected explanatory portions inspected; not a complete guide read.","Navigation/background only. The guide is not the operative rule and does not supply an independent basis for a consequential finding below. \nSupervision and Regulation:"]]},{"headers":["Claim ID","Verified proposition, conditions, and exceptions","Exact support"],"index":1,"links":[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78w/?utm_source=chatgpt.com","text":"uscode.house.gov\n+1"},{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov\n+1"},{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov"},{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+3"},{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78c/?utm_source=chatgpt.com","text":"uscode.house.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78c/?utm_source=chatgpt.com","text":"uscode.house.gov"}],"row_links":[[],[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78w/?utm_source=chatgpt.com","text":"uscode.house.gov\n+1"}],[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov\n+1"}],[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov"}],[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+3"}],[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78c/?utm_source=chatgpt.com","text":"uscode.house.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78c/?utm_source=chatgpt.com","text":"uscode.house.gov"}]],"rows":[["Claim ID","Verified proposition, conditions, and exceptions","Exact support"],["R030-P1-C001","Regulation U’s authority citation is 15 USC 78c, 78g, 78q, and 78w. Section 78g supplies the securities-credit authority; §78w(a)(1) supplies implementing and classification authority within the agencies’ respective responsibilities.","S001 §78w(a)(1); S002 authority citation and §221.1(a). \nuscode.house.gov\n+1"],["R030-P1-C002","Section 78g(a)’s statutory benchmark uses the higher of 55% of current price and 100% of the preceding 36-calendar-month low, capped at 75% of current price. Section 78g(b) authorizes different requirements. That benchmark is not a substitute for the operative U supplement.","S001 §78g(a)–(b); S002 §221.7. \nuscode.house.gov\n+1"],["R030-P1-C003","Section 78g(c) addresses exchange members and brokers/dealers; its nested provisions distinguish securities collateral, other or no collateral, security-futures requirements, and specified broker/dealer borrowers. Board authority to regulate otherwise excluded broker borrowing is reserved.","S001 §78g(c)(1)–(3), complete. \nuscode.house.gov"],["R030-P1-C004","Section 78g(d) addresses persons outside subsection (c), with exceptions for activity outside ordinary business, credit on exempted securities, specified broker borrowing, bank credit on non-equity securities, and Board exemptions. The Board retains authority over the specified broker-borrower exception.","S001 §78g(d)(1)–(3). These statutory categories must be reconciled with the actual definitions; “bond” alone does not establish non-equity status. \nuscode.house.gov"],["R030-P1-C005","The ordinary U loan-value restriction requires purpose credit, direct or indirect margin-stock security, a covered lender, and no applicable exception. The purchased security and the security pledged need not be the same.","S002 §§221.1(b)(1), 221.2, 221.3(a)(1); S013 Q&A. \necfr.gov\n+1"],["R030-P1-C006","Nonpurpose credit secured by margin stock is outside §221.3(a)(1)’s purpose-credit limit, but can still count toward nonbank registration/reporting and require a purpose statement.","S002 §221.3(b)–(c), contrasted with §221.3(a)(1). \necfr.gov"],["R030-P1-C007","Purpose includes an immediate, incidental, or ultimate purpose of buying or carrying margin stock. Carrying includes maintaining, reducing, or retiring debt originally incurred to purchase a security currently classified as margin stock.","S002 §221.2, “Purpose credit” and “Carrying credit.” \necfr.gov"],["R030-P1-C008","Original purpose controls; changing collateral alone does not change the use of an existing loan. An increase requires its own purpose analysis. This must be read with the separate rule for a purchased security later becoming margin stock, C102.","S002 §221.101(a)–(c), complete; §221.108. \necfr.gov\n+1"],["R030-P1-C009","Temporary placement of proceeds or reimbursement of funds already spent can leave a purchasing/carrying purpose intact. Published employee-plan and investment-fund interpretations illustrate that substance and sequence matter; they do not classify every replenishment loan.","S002 §§221.101, 221.114, 221.116 and 221.123(a)–(b). Tax consequences remain excluded. \necfr.gov\n+3"],["R030-P1-C010","U’s bank definition imports §78c(a)(6), adds bank subsidiaries, §25(a) corporations, and US branches/agencies of foreign banks, and expressly excludes savings-and-loan associations, credit unions, US agency/instrumentality lenders, and exchange members. Exclusion from “bank” does not itself establish exemption from all regulation.","S001 §78c(a)(6); S002 §221.2, “Bank.” \nuscode.house.gov\n+1"],["R030-P1-C011","A nonbank lender is a person subject to U’s registration requirements. The definition does not make actual completion of registration the condition of being covered.","S002 §221.2, “Lender” and “Nonbank lender”; §221.3(b)(1). \necfr.gov"],["R030-P1-C012","Ordinary course of business includes furthering any business purpose and, for an individual, profit activity or management/preservation of property. It is broader than professional lending as a principal occupation.","S002 §221.2, “In the ordinary course of business.” \necfr.gov"],["R030-P1-C013","“Customer” includes persons acting jointly and excludes an exempted borrower. The text does not authorize treating every related person as one customer without the necessary facts.","S002 §221.2, “Customer.” \necfr.gov"],["R030-P1-C014","Margin stock includes: exchange-registered or unlisted-trading-privilege equity; qualifying NMS OTC securities; debt convertible into margin stock or carrying qualifying rights; qualifying warrants/rights; and registered investment-company securities subject to C015.","S002 §221.2, “Margin stock,” paragraphs (1)–(5). No security was looked up. \necfr.gov"],["R030-P1-C015","The investment-company category excludes specified licensed small-business investment companies; companies with at least 95% of assets continuously in exempted securities; face-amount-certificate companies with respect to those certificates; and Rule 2a-7 money-market funds.","S002 §221.2, “Margin stock,” (5)(i)–(iv). The 95% base is company assets continuously invested, not loan collateral or proceeds. \necfr.gov"],["R030-P1-C016","Statutory equity includes convertible securities and qualifying rights; exempted securities have their own detailed statutory categories and qualifications. Neither the word “debt” nor a general description such as “government-related” resolves classification.","S001 §78c(a)(11)–(12), complete selected definitions. Incorporated classification predicates remain fact-dependent. \nuscode.house.gov"]]},{"headers":["Claim ID","Verified proposition, conditions, and exceptions","Exact support"],"index":2,"links":[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+2"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],"row_links":[[],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+2"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}]],"rows":[["Claim ID","Verified proposition, conditions, and exceptions","Exact support"],["R030-P1-C017","U covers direct security and separately defines indirect security to include arrangements restricting disposal of margin stock, or making disposal a possible acceleration trigger. The selected provisions do not resolve actual attachment, perfection, or priority.","S002 §§221.1(b)(1), 221.2 “Indirectly secured” (1). \necfr.gov"],["R030-P1-C018","The first indirect-security exclusion applies when, after applying proceeds, margin stock represents no more than 25% of the value of assets subject to the arrangement, valued reasonably. It is not a 25%-of-loan test and does not excuse a direct pledge.","S002 §221.2, “Indirectly secured,” (2)(i). \necfr.gov"],["R030-P1-C019","A cross-default/renegotiation acceleration arrangement is excluded under (2)(ii) when the other credit is from another lender that is not an affiliate. Affiliation has its own bank/nonbank definitions.","S002 §221.2, “Indirectly secured,” (2)(ii), and “Affiliate.” No actual affiliation determination. \necfr.gov"],["R030-P1-C020","Mere custody, depositary, trustee, or similar holding qualifies for the stated exclusion only when the lender holds in that capacity and in good faith has not relied on the stock as collateral.","S002 §221.2, “Indirectly secured,” (2)(iii); contrast C093. \necfr.gov"],["R030-P1-C021","The separate good-faith nonreliance exclusion concerns the particular credit. Section 221.117 treats nonreliance as factual; financial strength and ordinary fixed maturities are relevant circumstances, not an automatic safe harbor.","S002 §221.2, “Indirectly secured,” (2)(iv); §221.117(a)–(b). \necfr.gov\n+1"],["R030-P1-C022","Good-faith acceptance requires alertness and inquiry when available information would cause a prudent person to question the statement. A completed form does not neutralize contrary information.","S002 §221.2 “Good faith” (2); §221.106(a)–(h). \necfr.gov\n+2"],["R030-P1-C023","An exempted borrower must be an exchange member or registered broker/dealer with substantial nonbroker business. Included alternatives are at least 1,000 active accounts, at least $10 million gross revenue, or at least 10% of gross revenue, on an annual basis, with the specified broker/dealer/associated-person exclusions. The preamble calls these nonexclusive safe harbors and explains the 12-month basis.","S002 §221.2 “Exempted borrower”; S005 exempted-borrower discussion, printed 2807–2808. The tests are alternatives, not cumulative requirements. \necfr.gov\n+1"],["R030-P1-C024","A borrower existing less than one year may use a six-month period. Loss of exempted status requires lender notification; new credit, expressly including rollovers, renewals, and further draws, becomes subject to U. No unstated annualization method is supplied here.","S002 §221.3(e)(1)–(2). \necfr.gov"],["R030-P1-C025","U excludes specified SEC/CFTC-regulated clearing agencies accepting margin-stock deposits for the described securities issuance/guarantee/clearance or commodity-futures/options guarantees. The exclusion is activity-specific, not a general exception for anyone handling securities.","S002 §221.1(b)(2)(i)–(ii); exempted-borrower exclusion at (b)(3). \necfr.gov"],["R030-P1-C026","The codified bank-commitment interpretation treats the date a commitment becomes binding as the credit-extension date. Disbursement date alone therefore may not identify the initial valuation event.","S002 §221.102; S012 5-900.16–.17. This does not resolve every nonbank reporting convention for undrawn facilities. \necfr.gov\n+1"]]},{"headers":["Claim ID","Verified proposition, conditions, and exceptions","Exact support"],"index":3,"links":[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.7?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.7?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm?utm_source=chatgpt.com","text":"govinfo.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+2"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com","text":"federalreserve.gov"},{"href":"https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com","text":"federalreserve.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],"row_links":[[],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.7?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.7?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm?utm_source=chatgpt.com","text":"govinfo.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+2"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com","text":"federalreserve.gov"}],[{"href":"https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com","text":"federalreserve.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/p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ID","Verified proposition, conditions, and exceptions","Exact support"],["R030-P1-C027","For securities, current market value ordinarily uses the preceding business day’s closing sale price; absent a closing price, a reasonable estimate at that close is permitted. Purchase-financing may use total purchase cost, including commissions. Other collateral uses a reasonable valuation method.","S002 §221.2 “Current market value” (1)(i)–(iii), (2). \necfr.gov"],["R030-P1-C028","The ordinary supplement gives margin stock maximum loan value of 50% of current market value. This is a collateral-value percentage used to constrain covered credit, not a percentage of the loan and not a universal private maintenance requirement.","S002 §§221.3(a)(1), 221.7(a). Plan and other exceptions remain material. \necfr.gov"],["R030-P1-C029","Other collateral generally has good-faith loan value: what sound credit judgment would support, not exceeding 100% of current market value, ignoring assets collateralizing unrelated transactions. The ceiling does not assign automatic 100% value.","S002 §221.2 “Good faith” (1); §221.7(b). \necfr.gov\n+1"],["R030-P1-C030","Puts, calls, and combinations have zero loan value unless they qualify as margin stock; qualifying margin stock receives the supplement’s margin-stock treatment.","S002 §221.7(c), together with §221.2 “Maximum loan value.” \necfr.gov"],["R030-P1-C031","Mixed collateral requires the applicable loan value for each eligible component. The 1998 rule deleted the former requirement to divide a mixed-collateral purpose loan into separate margin/nonmargin loans; it did not delete purpose/nonpurpose separation.","S002 §§221.3(d), 221.7; S005 III.C, printed 2819/index 13. \ngovinfo.gov\n+1"],["R030-P1-C032","A lender treats purpose credit to the same customer as one credit with all supporting collateral; syndicated loans need not be aggregated with other unrelated purpose credit from that lender.","S002 §221.3(d)(1). No universal aggregation across unrelated lenders is established. \necfr.gov"],["R030-P1-C033","After extending margin-stock-secured purpose credit, the lender cannot add unsecured purpose credit unless the combined amount stays within the prior collateral’s maximum loan value.","S002 §221.3(d)(2). \necfr.gov"],["R030-P1-C034","Genuine unsecured purpose credit predating the margin-secured purpose credit is combined solely for withdrawal/substitution purposes under (d)(3). Artificially splitting one planned transaction is not validated by that sequence.","S002 §221.3(d)(3), §221.110; S012 5-951.25. \necfr.gov\n+2"],["R030-P1-C035","Purpose and nonpurpose credits must be treated separately; collateral required for the purpose credit cannot also support the nonpurpose credit. Separate agreements do not prevent indirect security where actual access to collateral contradicts the allocation.","S002 §221.3(d)(4); §221.120(a)–(d), complete. \necfr.gov\n+1"],["R030-P1-C036","Initially compliant credit may be maintained despite reduced equity from market prices, changed regulatory maximum loan value, or collateral changing from nonmargin to margin status. This permission does not authorize a new advance, withdrawal, or private contractual remedy.","S002 §221.3(a)(2)(i)–(iii). \necfr.gov"],["R030-P1-C037","The published staff interpretation permits a new purpose advance supported by sufficient additional collateral without requiring cure of a market-driven deficiency on the older compliant loan; after the advance, the credits combine for withdrawal purposes.","S012 5-951.24, Dec. 14, 1987; read with S002 §221.3(a)(2), (d), (f). This is a conditional staff interpretation, not permission to fund an unsupported increase. \nfederalreserve.gov"],["R030-P1-C038","Staff distinguishes a single committed revolving credit fully collateralized initially from a series of advances requiring later collateral. In the former, draws within the supported commitment can use initial valuation despite subsequent decline; later collateral supporting new draws is valued under the described later-date method.","S012 5-900.16, complete, including its excess-initial-collateral discussion; S002 §221.102 and §221.3(c)(2). No unlimited draw entitlement follows. \nfederalreserve.gov"],["R030-P1-C039","Under §221.3(c)(2)(iii), the specified purpose arrangement is deemed compliant if loan value covers aggregate funds actually disbursed or, at the end of a day credit is extended, the lender calls for sufficient additional collateral. This is not a universal maintenance-call or cure-period rule.","S002 §221.3(c)(2)(iii)(A)–(B), (iv). \necfr.gov"],["R030-P1-C040","A withdrawal/substitution must neither create a loan-value excess nor increase an existing excess. Use loan value on the withdrawal/substitution day, applying the §221.2 valuation convention; this does not necessarily mean an intraday market quote.","S002 §221.3(f)(1)–(2), §221.2. \necfr.gov\n+1"],["R030-P1-C041","A qualifying reorganization, recapitalization, or exchange offer permits substitution of received securities. A received nonmargin, nonexempted security is treated as margin stock for 60 days following the exchange.","S002 §221.3(g). The text says days; no separate rounding or deadline convention is inferred. \necfr.gov"],["R030-P1-C042","Renewal or maturity extension need not be a new extension when any increase consists only of interest, service charges, or taxes concerning the credit. The special loss-of-exempted-borrower rule in C024 must still be considered.","S002 §221.3(h), contrasted with §221.3(e)(2). \necfr.gov"],["R030-P1-C043","Transfer is not new credit only if the original credit meets the specified compliance predicate, transfer is non-evasive, amount is not increased, and collateral is unchanged. Customer transfers require the specified statement; interlender transfers require the original purpose-form copy or, when none existed, the specified good-faith statement.","S002 §221.3(i)(1)–(3), including its pre-April 1998 Regulation G condition and retention-with-account requirements. \necfr.gov"],["R030-P1-C044","A U lender may arrange purpose credit only on terms on which it could itself extend or maintain that credit. This is distinct from T’s arranging language.","S002 §221.3(a)(3); compare C080. \necfr.gov"],["R030-P1-C045","Section 221.3(j) preserves the stated bank lien/protection position and good-faith protective action. It does not, by itself, establish the existence or terms of an actual demand, sale, priority, or collection right.","S002 §221.3(j); the second sentence is the bounded inference from the limited provision and held facts. \necfr.gov"],["R030-P1-C046","Section 221.3(k) addresses a good-faith mistake. It should not be expanded into an unlimited self-certified cure, an exemption for ignored warning signs, or a borrowed Regulation T correction procedure.","S002 §221.3(k), read with §221.2 “Good faith.” \necfr.gov\n+1"]]},{"headers":["Claim ID","Verified exception or special treatment","Conditions and exact support"],"index":4,"links":[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.4?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.4?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.4?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com","text":"ecfr.gov"}],"row_links":[[],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.4?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.4?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.4?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.5?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6?utm_source=chatgpt.com","text":"ecfr.gov"}]],"rows":[["Claim ID","Verified exception or special treatment","Conditions and exact support"],["R030-P1-C047","A plan-lender must fit §221.4(a)(1); the eligible employee stock-option, purchase, or ownership plan must be adopted by a corporation and approved by its stockholders, and concern the specified corporation/subsidiary/affiliate margin stock.","S002 §221.4(a)(1)–(2). A loan’s employee-related label does not establish these predicates. \necfr.gov"],["R030-P1-C048","Eligible plan-lender credit gives the margin-stock collateral good-faith loan value and is treated separately from other credit, except for the registration and annual-report provisions. The nonbank purpose-statement rule expressly excepts §221.4 credit.","S002 §221.4(b)(1)–(2); §221.3(c)(1)(ii). No automatic 100% value or universal bank U-1 exemption follows. \necfr.gov\n+1"],["R030-P1-C049","Nonbank purpose credit to a §401-qualified ESOP is exempt from U except §221.3(b)(1) and (b)(3). Bank credit to such an ESOP has the separate §221.6(d) exemption.","S002 §§221.4(c), 221.6(d). This differs from merely assigning plan collateral good-faith value. Tax qualification is a held predicate, not determined here. \necfr.gov\n+1"],["R030-P1-C050","Section 221.5 permits its specified special-purpose credit without §§221.3 and 221.7 limitations. Before credit lasting more than one day, obtain and accept the purpose notice/certification in good faith; continued eligibility ends upon notice or questioning information.","S002 §221.5(a)–(b). Individual categories can impose additional notice conditions. \necfr.gov"],["R030-P1-C051","The hypothecation category requires customer securities that the broker/dealer’s written notice says may be hypothecated under SEC rules.","S002 §221.5(c)(1). Actual SEC eligibility is not assumed. \necfr.gov"],["R030-P1-C052","Temporary delivery credit must be repaid on completion; transit/transfer credit likewise; intraday credit must be repaid the same day extended. These are distinct predicates, not a blanket short-term-credit exemption.","S002 §221.5(c)(2)–(4). \necfr.gov"],["R030-P1-C053","Bona fide arbitrage requires the specified near-contemporaneous offset across markets, or a security convertible/exchangeable within 90 calendar days of purchase, unrestricted except for payment, coupled with the specified offsetting sale and concurrent price disparity.","S002 §221.5(c)(5)(i)–(ii), complete. No actual arbitrage or security analysis. \necfr.gov"],["R030-P1-C054","Market-maker/specialist and underwriter categories require credit financing those activities of an exchange member or registered broker/dealer. Borrower status alone does not identify the financed activity.","S002 §221.5(c)(6)–(7); §221.125; S001 §78g(c)(3), (d)(2)(C). \necfr.gov\n+1"],["R030-P1-C055","The broker-business emergency category requires credit essential to emergency needs arising from exceptional circumstances.","S002 §221.5(c)(8). It is distinct from the bank customer hardship category in C062. \necfr.gov"],["R030-P1-C056","Capital-contribution credit requires either the specified Board order/SIPC certification, or compliant customer subordinated-loan/capital-contribution financing. The latter requires matching reduction of credit when the contribution is reduced and excludes purchasing the broker’s public-distribution securities.","S002 §221.5(c)(9)(i)–(ii)(A)–(B). No order, contribution, or broker record was searched. \necfr.gov"],["R030-P1-C057","The clearing-broker category requires an exchange member or registered broker/dealer whose nonproprietary business is limited to financing/carrying registered market-maker accounts.","S002 §221.5(c)(10). It does not exempt every clearing or brokerage relationship. \necfr.gov"],["R030-P1-C058","Section 221.6’s bank-only exemptions include credit to a bank, to a foreign banking institution, outside the United States, and to a qualified ESOP.","S002 §221.6(a)–(d). These are not automatically nonbank exemptions; foreign extension still requires the X boundary check. \necfr.gov"],["R030-P1-C059","A bank’s eligible-plan financing to a plan-lender is exempt only with the specified no recourse to securities purchased under the plan condition.","S002 §221.6(e), read with §221.4(a)–(b). \necfr.gov"],["R030-P1-C060","Bank temporary prompt-delivery credit to a nonbroker/dealer customer requires ordinary-course repayment on transaction completion and excludes financing payment for securities purchased in a Regulation T account.","S002 §221.6(f); S005 III.B’s clarification. \necfr.gov\n+1"],["R030-P1-C061","Bank credit against securities in transit is exempt only subject to the stated exclusion for enabling payment for securities bought in a T account.","S002 §221.6(g). Do not import the different broker-loan conditions from §221.5(c)(3). \necfr.gov"],["R030-P1-C062","Bank emergency-expense credit requires unforeseeable extreme hardship and the customer statement accepted and signed by a bank officer in good faith. Opportunity for monetary gain or avoidance of loss does not satisfy the described change-of-circumstances condition.","S002 §221.6(h), complete. The exemption has its own required statement, not a universal prescribed U-1 requirement. \necfr.gov"]]},{"headers":["Claim ID","Trigger, measurement base, period, timing, and limitations","Exact support"],"index":5,"links":[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=61851f2a-13f8-4f5d-b150-faa6cebaa858&utm_source=chatgpt.com","text":"federalreserve.gov\n+2"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=9b49cd2e-f387-441d-9ccc-607526b7af9a&utm_source=chatgpt.com","text":"federalreserve.gov\n+2"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+2"},{"href":"https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=a9e38f5a-aadf-40e9-bba6-fbb9ba541b05&utm_source=chatgpt.com","text":"federalreserve.gov"}],"row_links":[[],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=61851f2a-13f8-4f5d-b150-faa6cebaa858&utm_source=chatgpt.com","text":"federalreserve.gov\n+2"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=9b49cd2e-f387-441d-9ccc-607526b7af9a&utm_source=chatgpt.com","text":"federalreserve.gov\n+2"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+2"}],[{"href":"https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=a9e38f5a-aadf-40e9-bba6-fbb9ba541b05&utm_source=chatgpt.com","text":"federalreserve.gov"}]],"rows":[["Claim ID","Trigger, measurement base, period, timing, and limitations","Exact support"],["R030-P1-C063","A person other than a bank or T-covered person must register when ordinary-business credit secured directly/indirectly by margin stock reaches $200,000 extended during any calendar quarter, or $500,000 outstanding at any time during that quarter. Both purpose and nonpurpose credit count. These are credit-amount tests, not collateral-value or per-customer tests.","S002 §221.3(b)(1)(i)–(ii); S007 general instructions. \necfr.gov\n+1"],["R030-P1-C064","FR G-1 is due within 30 days after quarter-end; instructions specify calendar days and next-business-day treatment for weekends/holidays. Schedule A distinguishes quarter-end outstanding credit from quarter flow; flow includes credit extinguished before period-end and increases in existing loans. Schedule A uses dollars; alternative balance-sheet Schedule B uses thousands.","S007 pp. 1, 4–5/indices 0, 3–4; S002 §221.3(b)(1). Reporting a quarter-end stock does not replace the “at any time” registration test. \nfederalreserve.gov\n+2"],["R030-P1-C065","Under the rule, a registered nonbank may apply on G-2 if, throughout the preceding six calendar months, it has not had more than $200,000 of such credit outstanding. Termination occurs on Board approval, not mere eligibility or filing.","S002 §221.3(b)(2). Thus the operative wording is an outstanding-credit ceiling of <= $200,000 over the lookback. \necfr.gov"],["R030-P1-C066","Current G-2 certificates instead require no $200,000 or more outstanding; G-4’s description uses the same stricter boundary. G-2 also contains a re-registration commitment to remain registered at least six months. These form formulations are not silently substituted for the rule’s lookback/approval text.","S008 pp. 2–3/indices 1–2; S010 p. 1/index 0; compare C065. Exact-$200,000 certification and any separate minimum-period reconciliation remain unresolved. \nfederalreserve.gov\n+2"],["R030-P1-C067","Registered nonbanks file G-4 within 30 days following June 30 annually. Instructions distinguish credit outstanding at reporting year-end from all credit extended during the year, including repaid credit and increases; fiscal-quarter recordkeepers may use the described April 30 or May 31 year-end data option.","S002 §221.3(b)(3); S010 pp. 1–3/indices 0–2. The data-period option does not state a different filing deadline. Instructions provide weekend/holiday treatment. \necfr.gov\n+2"],["R030-P1-C068","Parsed G-4 schedule text labels columns in dollars but also contains a thousands label at the page boundary after the schedule. An operative reporting unit cannot safely be selected from that conflict without further generic-source reconciliation or inspectable imagery.","S010 p. 3/index 2 and extracted boundary into index 3. Unresolved, not a verified visual-layout finding. \nfederalreserve.gov"]]},{"headers":["Claim ID","Verified rule and qualifications","Exact support"],"index":6,"links":[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com","text":"federalreserve.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef&utm_source=chatgpt.com","text":"federalreserve.gov\n+1"},{"href":"https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef&utm_source=chatgpt.com","text":"federalreserve.gov\n+1"},{"href":"https://www.govinfo.gov/content/pkg/FR-2024-06-28/html/2024-14341.htm?utm_source=chatgpt.com","text":"govinfo.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+3"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+3"},{"href":"https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm?utm_source=chatgpt.com","text":"govinfo.gov\n+1"}],"row_links":[[],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com","text":"federalreserve.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef&utm_source=chatgpt.com","text":"federalreserve.gov\n+1"}],[{"href":"https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef&utm_source=chatgpt.com","text":"federalreserve.gov\n+1"}],[{"href":"https://www.govinfo.gov/content/pkg/FR-2024-06-28/html/2024-14341.htm?utm_source=chatgpt.com","text":"govinfo.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+3"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+3"}],[{"href":"https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm?utm_source=chatgpt.com","text":"govinfo.gov\n+1"}]],"rows":[["Claim ID","Verified rule and qualifications","Exact support"],["R030-P1-C069","A bank ordinarily requires FR U-1 when margin-stock-secured credit exceeds $100,000, whether purpose or nonpurpose; a duly authorized bank officer must accept/sign in good faith. The threshold is for the statement, not an exemption from the purpose-credit limit below that amount.","S002 §221.3(c)(1)(i); S006 pp. 1–2. Other transaction exemptions and the revolving rule remain relevant. \necfr.gov\n+1"],["R030-P1-C070","Published staff guidance aggregates the customer’s margin-secured purpose and nonpurpose credit for the U-1 threshold. Existing credit uses the outstanding amount; a newly binding line can count before drawing. The triggering new credit needs the form; earlier loans do not require retroactive forms solely for crossing the threshold.","S012 5-900.17, Feb. 1, 1988, and 5-900.2, Feb. 3, 1992. \nfederalreserve.gov\n+1"],["R030-P1-C071","A nonbank subject to registration ordinarily requires FR G-3 for margin-stock-secured credit without a $100,000 loan-size exemption, accepted/signed by its authorized representative. Section 221.4 and other applicable exceptions must be assessed.","S002 §221.3(c)(1)(ii); S009 pp. 1–2. \necfr.gov\n+1"],["R030-P1-C072","For the specified revolving/multiple-draw arrangements, execute the purpose statement when established; if all collateral was not pledged initially, amend for each disbursement as prescribed, attaching the current supporting collateral list for purpose disbursements.","S002 §221.3(c)(2)(i)–(iv); bank threshold still applies. This is separate from demanding a wholly new form for every draw. \necfr.gov"],["R030-P1-C073","U-1 and G-3 each state lender retention for three years after the credit is extinguished. This states those forms’ requirement; it does not establish an actual destruction date or negate other retention duties.","S006 p. 2/index 1; S009 p. 2/index 1. Transfer-record requirements separately appear in C043. \nfederalreserve.gov\n+1"],["R030-P1-C074","In both purpose forms, borrower Part I addresses amount and purpose; Part II is completed by the lender only for a purpose-credit answer; Part III requires the stated authorization in all instances. The valuation date/source fields have a published-information exception. Neither form is to be signed blank.","S006–S009, pp. 1–2 and footnotes. U-1 additionally includes its physical-security verification certification; both contain registered-owner pledge-consent language. No fields were entered. \nfederalreserve.gov\n+1"],["R030-P1-C075","The five U-related form categories are currently published. The 2024 final collection approval distinguishes G-1/G-2/G-4 reporting from U-1/G-3 recordkeeping and also identifies FR T-4, a different T-related purpose form. T-4’s current complete instrument/instructions were not read.","S006–S011; S011 printed 53999–54000. G-2 is an application to terminate, not a universally required periodic filing. \ngovinfo.gov"],["R030-P1-C076","Current U-1/G-3 PDFs display OMB 7100-0011, whereas §221.3(c) retains legacy numbers 7100-0115 and 7100-0018. The 2024 final collection approval supports the current common collection number. No invalidity or exemption is inferred from the discrepancy.","S002 §221.3(c)(1); S006, S009 front pages; S011. \necfr.gov\n+3"],["R030-P1-C077","Section 221.3(b)(4) names the district Federal Reserve Bank; current G-1/G-2/G-4 instructions direct PDF submission to a designated central address. This pass records both texts without resolving their administrative routing relationship or submitting anything.","S002 §221.3(b)(4); S007–S010 instructions. \necfr.gov\n+3"],["R030-P1-C078","The 1998 final rule consolidated former Regulation G’s nonbank framework into U. Continued G-numbered forms do not mean a separate current Regulation G governs these loans.","S005 I.B.1–3; current S002 §221.3(b)–(c). \ngovinfo.gov\n+1"]]},{"headers":["Claim ID","Verified boundary","Exact support"],"index":7,"links":[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.1?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.3?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220?utm_source=chatgpt.com","text":"ecfr.gov\n+3"},{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov"}],"row_links":[[],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.1?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.3?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220?utm_source=chatgpt.com","text":"ecfr.gov\n+3"}],[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov"}],[]],"rows":[["Claim ID","Verified boundary","Exact support"],["R030-P1-C079","T principally regulates broker/dealer credit. Its “creditor” definition includes the specified brokers/dealers, exchange members and associated persons, with the stated controlling/common-control business-entity exclusion. Section 220.1 excludes qualifying portfolio-margin relations, exempted-borrower credit, 15C-only dealers, and specified foreign-branch/foreign-person/foreign-security relations.","S003 §§220.1(a)–(b), 220.2 “Creditor.” No actual status determination; full statutory broker exceptions remain outside the read bounds. \necfr.gov\n+1"],["R030-P1-C080","T §220.3(g) permits arranging other credit but prohibits willfully arranging credit violating U or X. T §220.1(b)(2) allows additional exchange/association/creditor requirements. Neither makes a broker maintenance rule universally applicable to bank/nonbank U loans.","S003 §§220.3(g), 220.1(b)(2); compare C044. \necfr.gov\n+1"],["R030-P1-C081","U §§221.104–.105 point to T §§220.110–.111. Those texts retain historical references requiring reconciliation with current operative rules. U §221.107 points to §220.112, currently reserved. The missing operative target is not reconstructed from historical material.","S002 §§221.104, .105, .107; S003 §§220.110–.112. In particular, the 1953 credit-union discussion does not establish a current blanket nonbank exemption. \necfr.gov\n+3"],["R030-P1-C082","X implements §78g(f) for US persons and specified foreign persons controlled by, acting for, or acting with US persons. Its imported definitions include specified greater-than-50% trust beneficial-interest, noncorporate beneficial-interest, and corporate voting-power/value tests. These are status tests, not loan-to-value percentages.","S001 §78g(f)(1)–(3); S004 §§224.1–.2. The inclusive wording is not treated as a universal negative control test at exactly 50%. \nuscode.house.gov\n+1"],["R030-P1-C083","A borrower obtaining domestic purpose credit is exempt from X unless it willfully causes a T/U violation; a nonexempt borrower must conform the credit to the lender’s applicable margin regulation.","S004 §§224.1(b)(1), 224.3(b). Lender noncompliance alone does not establish the borrower’s willfulness. \necfr.gov"],["R030-P1-C084","The X foreign-credit exemption requires permanent residence outside the US and no more than $100,000 total foreign purpose credit obtained or outstanding during any calendar year. It is not U-1’s threshold, a per-loan test, or a general foreign-lender exemption. Board-order exemptions are separate.","S004 §224.1(b)(2)–(3). No residence, annual aggregate, or order was investigated. \necfr.gov"],["R030-P1-C085","For nonexempt borrowers obtaining foreign credit, X selects T for a foreign broker-dealer branch, U’s bank rules for a foreign bank branch, and U’s nonbank rules for other foreign lenders. The two U routes expressly omit the specified purpose-statement requirements.","S004 §224.3(a)(1)–(3), exactly cross-referencing §221.3(c)(1)(i)/(c)(2)(i) or (c)(1)(ii)/(c)(2)(ii). No full foreign-credit analysis. \necfr.gov"],["R030-P1-C086","Section 78g(g)’s narrow delayed-delivery provision concerns the specified mortgage-related/small-business-related securities, bona fide full-payment delivery within 180 days or a shorter Board-prescribed period. It is not a generic U exemption or a general securities-settlement rule.","S001 §78g(g), complete. The products and incorporated security classifications were not investigated. \nuscode.house.gov"],["R030-P1-C087","These sources establish credit restrictions, administrative duties, exceptions, and anti-evasion boundaries. This pass establishes no conclusion about an actual debt’s enforceability, rescission, collection, settlement entitlement, fiduciary duty, suitability, taxes, bankruptcy, or contract remedies.","Bounded synthesis of S001 §78g and S002–S004, with all actual facts and those legal dimensions held. This is a scope limit, not a claim that violations can never affect remedies."]]},{"headers":["Claim ID","Interpretation actually supported","Exact support"],"index":8,"links":[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+2"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+3"}],"row_links":[[],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+2"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+1"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov\n+3"}]],"rows":[["Claim ID","Interpretation actually supported","Exact support"],["R030-P1-C088","A guarantee can constitute credit in the published employee-plan arrangement; margin security, ordinary business, registration, and arranging predicates still matter. This does not decide any actual guarantee’s enforceability.","S002 §221.118(a)–(g), complete. \necfr.gov\n+1"],["R030-P1-C089","A cancellable stock-purchase arrangement can involve credit where payment is deferred and the participant already bears gain/loss exposure and damages liability. The interpretation expressly preserves the registration-threshold condition.","S002 §221.121, complete. \necfr.gov"],["R030-P1-C090","A transaction described as a joint venture can be credit under the published structure’s allocation of financing and economic risk. The label alone is not determinative.","S002 §221.111, complete. No identifying or numerical facts from its example are adopted. \necfr.gov"],["R030-P1-C091","Bank financing of a broker/dealer’s customer securities transactions can be purpose credit; the borrower’s ownership of the pledged collateral does not itself change that purpose. Current borrower and transaction exemptions must still be checked.","S002 §221.103; §§221.1(b)(3), 221.5, 221.125. \necfr.gov\n+1"],["R030-P1-C092","The open-end investment-company interpretation applies a purchasing/carrying purpose analysis to the described borrowing, including redemption-related borrowing. It is not a presumption for every operating-business loan.","S002 §221.109(a)–(c), complete. \necfr.gov"],["R030-P1-C093","A bank’s lending in a trustee capacity is not categorically outside U; the interpretation’s limited-discretion circumstances do not establish an exemption. This differs from holding stock only as a nonrelying custodian/trustee.","S002 §221.112(a)–(e), complete; compare C020. \necfr.gov"],["R030-P1-C094","Indirect security can involve practical restraints, custody arrangements, negative pledges, or third-party arrangements without a conventional perfected security interest. The current §221.2 exclusions still must be applied.","S002 §221.113(a)–(h), complete. No perfection/priority conclusion. \necfr.gov\n+2"],["R030-P1-C095","The acquisition-shell interpretation presumes indirect security in its specified asset/function circumstances. It preserves exceptions for specific nonmargin-asset/cash-flow reliance, the described timely merger agreement, and funding contingent on sufficient shares for the specified prompt merger. It separately declines the presumption for the described operating business with substantial assets/cash flow.","S002 §221.124(a)–(h), especially (f)–(h), complete. Practical disposal restrictions are separately addressed in (g). No actual acquisition, guarantor, state-law merger threshold, or entity was investigated. \necfr.gov\n+1"],["R030-P1-C096","Separate plan/credit documentation does not alone defeat eligible-plan treatment, but the lender/issuer and plan conditions must actually fit. An independent funder does not become a plan-lender merely through document labels.","S002 §221.119(a)–(c), complete, with §221.4. \necfr.gov"],["R030-P1-C097","The mail-purpose-statement interpretation describes inquiry and verification procedures; current form footnotes likewise flag mail or third-party receipt for inquiry. It does not establish that every form must be signed face to face or that unexplained remote receipt is enough.","S002 §221.115(a)–(d), complete; S006/S009 p. 2 footnote 2. The interpretation’s specific lookback questions are not a universal new form mandate. \necfr.gov\n+3"]]},{"headers":["Claim ID","Verified status or unresolved limit","Support"],"index":9,"links":[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov\n+3"},{"href":"https://www.govinfo.gov/content/pkg/FR-1998-01-16/pdf/98-871.pdf?utm_source=chatgpt.com","text":"govinfo.gov\n+1"},{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78c/?utm_source=chatgpt.com","text":"uscode.house.gov"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"},{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov"}],"row_links":[[],[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov\n+3"}],[{"href":"https://www.govinfo.gov/content/pkg/FR-1998-01-16/pdf/98-871.pdf?utm_source=chatgpt.com","text":"govinfo.gov\n+1"}],[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78c/?utm_source=chatgpt.com","text":"uscode.house.gov"}],[],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com","text":"ecfr.gov"}],[{"href":"https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","text":"uscode.house.gov"}]],"rows":[["Claim ID","Verified status or unresolved limit","Support"],["R030-P1-C098","The OLRC and eCFR dates establish the retrieved compilation predicates described in S001–S004. They do not prove a complete intervening amendment, session-law, stay, vacatur, or case-history audit through access.","S001–S004 metadata; source log below. \nuscode.house.gov\n+3"],["R030-P1-C099","The 1998 document is a final rule with an April 1, 1998 effective date; the 2024 collection document is final approval applicable June 28, 2024. Dated staff material and publisher explanations are separately identified and are not treated as additional operative regulations.","S005, S011–S014. \ngovinfo.gov\n+1"],["R030-P1-C100","The §78c(a)(10) editorial note identifies a 2025 payment-stablecoin amendment with an effective date tied to the earlier of an 18-month statutory date and 120 days after specified final implementing regulations. The triggering-regulation condition was not investigated; no current/future security classification is made from it.","S001 §78c(a)(10) amendment/effective-date note, Pub. L. 119-27 §§17(d), 20. This is an explicit contingent-effectiveness gap, not a digital-asset analysis. \nuscode.house.gov"],["R030-P1-C101","Complete parsed text was read for the five requested forms; inspectable PDF images were not received. G-4 unit-label placement and visual reconciliation therefore remain unresolved.","S006–S010 and screenshot failure log. Parsed extraction is not pixel inspection."],["R030-P1-C102","Credit originally used to buy nonmargin stock can become purpose credit when that purchased security becomes margin stock. The interpretation permits maintaining the existing credit without forced reduction, restricts withdrawals, and requires support for an increase.","S002 §221.108(a)–(c), complete. This qualifies an overbroad “originally nonpurpose forever” inference. \necfr.gov"],["R030-P1-C103","Section 78g(e)’s pre-1934 loan transition expired by its stated July 1, 1937 boundary; it is historical text, not a present generic exemption for an old loan.","S001 §78g(e), complete. No actual loan history was examined. \nuscode.house.gov"]]},{"headers":["Issue","U bank","U nonbank subject to registration","T creditor / X borrower boundary","Claims"],"index":10,"links":[],"row_links":[[],[],[],[],[],[],[],[],[],[],[],[]],"rows":[["Issue","U bank","U nonbank subject to registration","T creditor / X borrower boundary","Claims"],["Entry into the regime","U-specific bank definition, including inclusions/exclusions","Ordinary-business margin-secured credit and registration predicates","T uses its creditor definition; X examines borrower status and credit location/purpose","C005, C010–C012, C079, C082–C085"],["Ordinary purpose-credit limit","§221.3(a)(1), supplement, aggregation and exceptions","Same ordinary limit once covered","T has its own account/payment structure; X selects the relevant regime","C027–C044, C079–C085"],["Nonpurpose securities borrowing","No ordinary purpose-credit loan-value ceiling; U-1 may still be required","Counts for registration/reporting; G-3 may still be required","Do not substitute U’s nonpurpose treatment for all T rules","C006, C063–C075, C079"],["Routine purpose form","U-1 above the specified $100,000 threshold","G-3 without that loan-size threshold, subject to exceptions","T-4 is a distinct form category; X’s specified foreign U routes omit purpose statements","C069–C076, C085"],["U registration / annual report","§221.3(b) nonbank registration requirement does not apply as such","G-1 threshold registration, G-4 annual reporting, G-2 application to terminate","No conclusion about actual broker or other registration duties","C063–C068, C079"],["Eligible employee-plan credit","Apply §221.4 if its predicates fit; no blanket U-1 exception inferred","Good-faith value/separate treatment and specified G-3 exception","No imported T employee-plan treatment","C047–C049"],["Qualified ESOP credit","§221.6(d) exemption","§221.4(c), retaining registration and annual-report provisions","Actual tax qualification held","C049"],["Special broker-purpose credit","§221.5 categories and conditions","Same §221.5 text and conditions","Borrower exemption and financed activity remain distinct inquiries","C023–C024, C050–C057"],["Section 221.6 exemptions","Bank-specific","Cannot simply import them","Foreign bank-credit exemption does not finish the X inquiry","C058–C062, C085"],["Market decline after lawful origination","Maintaining permission; later events separately tested","Same","No universal broker maintenance rule imported into U","C036–C040, C080"],["Private demand, sale, or collection rights","Not resolved","Not resolved","T’s allowance for additional requirements does not establish an actual contract","C045, C080, C087"]]},{"headers":["Branch / status","Qualitative branch and verified rule","Missing evidence held","Adverse inference to avoid","Exact permissible next public-law question"],"index":11,"links":[],"row_links":[[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[]],"rows":[["Branch / status","Qualitative branch and verified rule","Missing evidence held","Adverse inference to avoid","Exact permissible next public-law question"],["B01 — A/U","Purpose uncertain. If proceeds replenish funds already used to buy margin stock, timing and economic purpose can matter. C007–C009, C102; S002 §§221.2, .101, .108, .114, .116.","Original and ultimate use; debt being carried; timing of any increase.","“Working capital” or a signed nonpurpose label conclusively decides purpose.","How do §§221.101 and .116 distinguish genuine nonpurpose use from replenishment within a purchasing arrangement?"],["B02 — A/U","Nonpurpose borrowing against securities. A genuinely nonpurpose loan can escape the purpose-credit ceiling while retaining administrative duties. C006, C063, C069–C071; S002 §221.3.","Purpose, lender category, security, thresholds and exceptions.","Every securities-backed loan is limited to 50%; or nonpurpose means U is wholly irrelevant.","Which paragraphs of §221.3 apply independently of a purpose finding?"],["B03 — A/U","Stock classification unknown. Apply all margin-stock categories and fund exclusions. C014–C016; S002 §221.2; S001 §78c(a)(11)–(12).","Category predicates, conversion/right features, fund qualification.","Every stock, bond, fund, option, or exchange-traded item necessarily has the same treatment.","Which generic definition or incorporated SEC rule governs the unresolved category? No issuer/security lookup."],["B04 — A/U","Direct security. A direct margin-stock pledge invokes the security element independently of the indirect-security exclusions. C017–C018; S002 §§221.1–.2.","Whether direct security exists; its scope.","The 25% indirect-arrangement exception defeats an otherwise direct pledge.","What does §221.2’s “such an arrangement” limitation cover?"],["B05 — A/U","Indirect restrictions. A disposal restriction or possible acceleration can establish indirect security. C017, C094; S002 §§221.2, .113.","Restriction, acceleration terms, practical restraints and applicable exclusion.","No conventional lien means no U security.","Which complete §221.113 circumstances must be reconciled with the present definition?"],["B06 — A/U","25% asset-composition exclusion. The post-proceeds arrangement-asset denominator matters. C018; S002 §221.2 “Indirectly secured” (2)(i).","Assets actually subject to arrangement; reasonable values after proceeds.","Use loan amount, entire net worth, or pre-proceeds values as denominator.","What does the definition include in assets subject to the arrangement?"],["B07 — A/U","Cross-default exception. The other lender must be unaffiliated. C019; S002 §221.2.","Other-credit relationship and affiliation predicates.","Any cross-default clause automatically creates—or automatically avoids—indirect security.","Which bank/nonbank affiliate definition is the relevant incorporated rule?"],["B08 — A/U","Custody/trustee exception. Custodial capacity and good-faith nonreliance must both be assessed. C020, C093; S002 §§221.2, .112.","Capacity in holding stock; role in extending credit; reliance.","Every trustee is exempt, or every custody holding is collateral.","How does §221.112 distinguish lending as trustee from nonrelying custody?"],["B09 — A/U","Other nonreliance. Financial strength may be relevant but is not conclusive. C021–C022; S002 §§221.2, .117.","Actual reliance, maturity structure, credit circumstances.","Fixed maturity or a strong balance sheet alone proves exclusion.","What evidence does §221.117 treat as relevant, without converting it into a safe harbor?"],["B10 — A/U","Bank versus nonbank. The U definitions govern. C010–C012; S002 §§221.2–.3.","Legal category and ordinary-business predicate.","A business label, charter shorthand, or absence from a roster settles coverage.","Which statutory inclusion or express U exclusion remains to be interpreted generically?"],["B11 — A/U","Covered credit versus exception. Test the complete applicable exception and its documentation conditions. C023–C025, C047–C062; S002 §§221.1, .4–.6.","Qualification, financed activity, duration, recourse, required statements.","Every broker loan, short-term advance, employee loan, or hardship loan is exempt.","Which exact subsection supplies the claimed exception, and what nested condition limits it?"],["B12 — A/U","Threshold base or period unknown. Quarter flow, peak outstanding, six-month outstanding, and customer form thresholds are distinct. C063–C070; S002 §221.3(b)–(c); S007–S010.","Relevant totals, period, peak, commitment/draw treatment.","Quarter-end balance substitutes for peak outstanding; collateral value substitutes for credit amount.","What do the current generic instructions say about extended versus outstanding credit and undrawn commitments?"],["B13 — A/U","Single credit and sequence. Same-customer purpose credit, sequencing exceptions, and syndication must be distinguished. C032–C035; S002 §221.3(d).","Customer/joint action, sequence, relationship of transactions, syndication.","Separate notes defeat aggregation, or every prior unsecured loan must be fully re-margined.","How do (d)(1)–(3) interact with the anti-splitting interpretation?"],["B14 — A/U","Mixed collateral. Sum applicable loan values; keep purpose/nonpurpose allocation distinct. C029–C035; S002 §§221.3(d), .7; S005 III.C.","Collateral categories, allocation, values, duplicate use.","Give every asset 50%, give every other asset 100%, or revive the deleted mixed-loan segregation rule.","What exactly did the 1998 III.C amendment remove, and what did (d)(4) retain?"],["B15 — A/U","Percentage/base and good-faith value. Use the appropriate collateral base and valuation convention. C027–C030; S002 §§221.2, .7.","Applicable category, date, valuation method, credit judgment.","50% is a percentage of debt; good-faith means automatic full market value.","Which supplement category and §221.2 valuation alternative apply generically?"],["B16 — A/U","Additional advance versus maintenance. An older market deficiency and a supported new advance are distinct. C036–C037; S002 §221.3(a),(d),(f); S012 5-951.24.","Initial compliance, cause of deficiency, additional collateral, increase.","Market decline forbids every new advance; or maintaining permission authorizes an unsupported increase.","What are the exact limits of 5-951.24 when read with present §221.3?"],["B17 — A/U","Commitment versus later draw. A supported binding commitment differs from later lending needing collateral. C026, C038–C039, C072; S002 §§221.102, .3(c)(2); S012 5-900.16.","Binding date, facility structure, initially pledged collateral, amendments.","Every draw uses either the original value or a fresh value regardless of structure.","Which branch of the published revolving-credit interpretation matches the generic legal arrangement?"],["B18 — A/U","Withdrawal/substitution. Apply event-date loan values and the no-new/no-increased-excess test. C040–C041; S002 §221.3(f)–(g).","Event, values, applicable credit grouping and any exchange qualification.","A partial repayment automatically releases a proportional amount of collateral.","How does (f) operate when an existing excess remains, and does (g) change classification temporarily?"],["B19 — A/U","Falling market value. Maintaining permission does not itself impose a regulatory call. C036–C040; S002 §221.3(a)(2),(f).","Original compliance and whether a new event is occurring.","A fixed percentage market loss universally triggers a U violation, call, or forced sale.","Does the event concern mere maintenance, a new extension, or a withdrawal under the actual text?"],["B20 — A/U","Initial constraint versus private maintenance. U does not supply the held contract terms. C028, C036, C045, C080, C087.","Actual agreement and applicable non-U law, all excluded.","Regulatory permission to maintain compels the lender to maintain; or a broker rule governs every U loan.","What does §221.3(a)(2) permit, and what does it leave outside its subject?"],["B21 — A/U","Required form versus explanatory worksheet. Match the event and lender to the actual prescribed category. C043, C050, C062, C069–C077; S006–S011.","Lender category, threshold, purpose, exception, original documentation event.","This worksheet substitutes for U-1/G-3; all forms are filed; every field is required in every case.","Which exact instruction makes the form, part, amendment, certification, or field mandatory?"],["B22 — A/U","Borrower/broker/lender regimes. Each regime has a different regulated role and trigger. C003–C005, C079–C083; S001–S004.","Legal role, regulated activity, borrower status and willfulness.","Lender noncompliance automatically proves borrower violation or all brokers qualify as exempt borrowers.","Which statutory subsection and current regulatory definition govern the generic role?"],["B23 — A/U","Foreign extension. U’s bank exemption and X’s borrower selection must both be read. C058, C082–C085; S002 §221.6(c); S004 §§224.1–.3.","Location, status/control, security nexus, annual foreign-credit totals.","Outside-US extension ends the analysis; or U-1’s $100,000 test is X’s test.","Which §224.3(a) route and §224.1(b) exemption apply as legal categories?"],["B24 — A/U","Lawful extension versus enforceability/collection. A regulatory classification does not complete a remedy analysis. C045, C087; S001 §78g; S002 §221.3.","All debt, contract, remedy, jurisdiction and litigation facts are held.","Compliance proves collectability; violation proves cancellation, settlement entitlement, or an available defense.","In scope: what conduct does the selected credit provision regulate? Any remedy investigation remains parent-held."],["B25 — A/U","Loss of exempted-borrower status. Further draws/renewals require a fresh current-regime assessment. C023–C024; S002 §§221.2, .3(e).","Annual qualification, loss date, notice, later credit event.","Previously exempt status lasts for the entire facility regardless of change.","How does §221.3(e)(2) qualify ordinary maintenance/renewal treatment?"],["B26 — P/U","Current form discrepancies. Preserve rule/form differences and the unverified G-4 unit. C065–C068, C076–C077, C101; S002, S008–S011.","Authoritative generic reconciliation and inspectable form imagery.","Rewrite a certification, pick a reporting unit, or infer regulatory invalidity from an inconsistency.","Does a current approved generic instrument, correction, or published Board explanation reconcile the exact boundary, unit, or routing text?"]]},{"headers":["Audit question","Blank determination / evidence description","Rule reference"],"index":12,"links":[],"row_links":[[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[]],"rows":[["Audit question","Blank determination / evidence description","Rule reference"],["Which public-law version and access predicate is being used?","____________________","C098–C100"],["Which generic lender category requires analysis?","____________________","C010–C012, C079"],["Is ordinary-course activity a necessary predicate here?","____________________","C012, C063"],["What immediate, incidental, or ultimate purpose must be distinguished?","____________________","C007–C009"],["Is carrying/refinancing, or later change to margin-stock status, implicated?","____________________","C007, C102"],["Which margin-stock category and nested exception requires resolution?","____________________","C014–C016"],["Is the security analysis direct, indirect, both, or unresolved?","____________________","C017–C021"],["Which indirect-security exclusion is potentially relevant?","____________________","C018–C021"],["What good-faith inquiry issue remains?","____________________","C022, C097"],["Is an exempted borrower or clearing-agency exclusion potentially relevant?","____________________","C023–C025"],["Is a §221.4, §221.5, or §221.6 exception potentially relevant?","____________________","C047–C062"],["Which credit amount, measurement period, and threshold convention apply?","____________________","C063–C070"],["Is the event a binding commitment, draw, increase, renewal, or maintenance?","____________________","C026, C036–C043"],["Which same-customer/joint-customer/sequence/syndication rule applies?","____________________","C013, C032–C035"],["How must purpose and nonpurpose collateral allocations be separated?","____________________","C035"],["Which valuation date and current-market-value alternative apply?","____________________","C027"],["Which collateral receives 50%, good-faith, or zero loan value?","____________________","C028–C031"],["Is an older permitted excess relevant to a new advance?","____________________","C036–C038"],["Is withdrawal, substitution, or an exchange offer involved?","____________________","C040–C041"],["Which purpose form, amendment, or other statement is legally prescribed?","____________________","C043, C050, C062, C069–C074"],["Which generic retention provision applies, without deciding actual disposal?","____________________","C043, C073"],["Does a form/regulation discrepancy remain unresolved?","____________________","C066, C068, C076–C077"],["Does X require a borrower/foreign-extension boundary analysis?","____________________","C082–C085"],["Which questions must remain with the parent because they concern private rights or excluded law?","____________________","C087"],["Researcher self-check completed; independent review/acceptance absent?","____________________","Section 12"]]},{"headers":["User question / subpart","Status","Claims / branches / sources","Missing evidence or limitation","Exact permissible next investigation"],"index":13,"links":[],"row_links":[[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[],[]],"rows":[["User question / subpart","Status","Claims / branches / sources","Missing evidence or limitation","Exact permissible next investigation"],["1 — Statutory authority and complete §78g clauses","Answered, with currency limit","C001–C004, C082, C086, C103; S001","No full post-release session-law audit","Public amendment/effective-date materials affecting the selected clauses after the stated OLRC release"],["1 — Purpose and purchasing/carrying","Answered generically; application unresolved","C005–C009, C091–C092, C102; B01–B02; S002","Actual use, sequence and underlying debt held","Complete generic interpretations for the unresolved purpose distinction"],["1 — Margin stock and incorporated categories","Answered definition; classification unresolved","C014–C016, C100; B03; S001–S002","No issuer/security facts; not every incorporated rule investigated","Relevant generic SEC/statutory definition only"],["1 — Bank/nonbank and ordinary business","Answered generically","C010–C013; B10; S001–S002","Actual institutional status held; full broker exceptions not audited","Specific unresolved statutory category, without roster or entity search"],["1 — Direct/indirect security and all four exclusions","Answered generically","C017–C022, C093–C095; B04–B09; S002","Terms, restraints, reliance, values, affiliation held","Complete applicable definition/interpretation and incorporated affiliate law"],["1 — Exempted borrowers, clearing, plans and transactions","Answered generically","C023–C025, C047–C062; B11, B25; S002, S005","Qualification and activity predicates held","Exact claimed exception and its nested public-law conditions"],["2 — Initial percentage, unit and base","Answered","C027–C030; B15; S002","No values or actual valuation choices","Applicable supplement category and valuation convention"],["2 — Good-faith value and mixed collateral","Answered","C029–C031, C035; B14–B15; S002, S005","Sound-credit-judgment and allocation facts held","Present supplement versus deleted mixed-collateral requirement"],["2 — Single credit and aggregation","Answered with staff-status qualification","C032–C038; B13, B16–B17; S002, S012","Sequence, joint-customer and facility facts held","Exact generic aggregation exception or commitment interpretation"],["2 — Same-day calls, withdrawals and substitutions","Answered","C039–C041; B18; S002","Event and before/after inputs held","§221.3(c)(2), (f), or (g), according to the legal event"],["2 — Maintenance and falling values","Answered","C036–C043; B16–B20; S002, S012","Original compliance and later event facts held","Whether the rule concerns maintenance, new credit, or a collateral event"],["2 — Private calls, demand, sale or universal loss threshold","Excluded as actual/private-law conclusions","C045, C080, C087; B19–B20","Contracts and other law held","No private-law investigation in this pass"],["3 — Registration triggers and measurement periods","Answered; commitment-specific application unresolved","C063–C064; B12; S002, S007","Actual flow/peak and any unresolved undrawn-credit convention held","Current generic instructions or published interpretation addressing that convention"],["3 — Deregistration","Partial","C065–C066; B26; S002, S008, S010","Exact-$200,000 and minimum-period form reconciliation unresolved","Current official generic correction or approved-instrument explanation"],["3 — Annual reporting","Answered rule; unit partial","C067–C068; B12, B26; S002, S010","G-4 parsed unit conflict; no pixels","Inspectable current form and any authoritative generic unit clarification"],["3 — Bank/nonbank purpose statements","Answered","C069–C072; B21; S002, S006, S009, S012","Actual threshold and exception facts held","Applicable statement paragraph and complete current instructions"],["3 — Retention and transfer records","Answered generic requirements","C043, C073; S002, S006, S009","No actual records or other retention-law analysis","Public text specifying the particular record category, without disposal advice"],["3 — Current categories, optional items, OMB and routing","Answered categories; discrepancies partial","C074–C078; B21, B26; S006–S011","Legacy OMB/routing relationship; T-4 full form not read","Generic approved collection materials; no filing or contact"],["4 — T boundary","Answered selected boundary; stale reference unresolved","C003, C079–C081; B22; S001, S003","Full T excluded; §220.112 reserved","Generic amendment history necessary to explain the stale pointer, without treating former text as current"],["4 — X and foreign cross-reference","Answered selected boundary","C082–C085; B23; S001, S004","Actual status/location/foreign law held","Exact §224.1 exemption or §224.3 route; full foreign analysis remains parent-held"],["4 — Anti-evasion versus remedies","Answered distinction; remedies excluded","C022, C034–C035, C044, C080, C083, C087–C095; B24","All actual enforcement/contract facts and law held","In-scope conduct restriction only; separate remedy work not undertaken"],["5 — Provision-specific comparison","Answered","Section 7; linked claims and S001–S012","No actual category assignments","Resolve only a remaining generic rule question"],["5 — Blank worksheet","Answered","Section 9","All factual fields intentionally blank","No entry or record collection authorized"],["5 — At least twelve substantive branches","Answered","B01–B26, Section 8","Applications unresolved; B26 partly source-limited","Each branch identifies its own public-law next question"],["5 — Worked illustration","Not used; optional","Symbolic mechanism in §3.1","No actual or invented numerical inputs","No numerical illustration necessary to explain the verified mechanism"],["5 — Source/failure log, gaps and self-check","Answered with explicit limitations","Sections 1, 11–12; C098–C101","No independent review or acceptance","Only the specifically identified unresolved public-source checks"]]},{"headers":["Read item","Result and bounded use"],"index":14,"links":[],"row_links":[[],[],[],[],[],[],[],[],[],[]],"rows":[["Read item","Result and bounded use"],["§78g body","Complete (a)–(g), including nested broker, nonbroker, borrower, historical-transition and delayed-delivery provisions. No complete session-law/case-history audit claimed."],["Regulation U operative body","Complete §§221.1–221.7, including the entire supplement and material exceptions."],["Codified U interpretations","Complete selected §§221.101–.121 and .123–.125. The .104/.105/.107 T pointers were followed; .122’s separate premium-finance dimension was excluded from reliance."],["Regulation T boundary","Complete §220.1, selected necessary definitions/arranging clause, complete .110/.111, and reserved status of .112. Full T not investigated."],["Regulation X boundary","Complete §§224.1–.3 read; analysis confined to necessary cross-reference boundaries."],["Forms","Complete parsed text of U-1, G-1, G-2, G-3 and G-4, including instructions, footnotes, certification text and internal revision footers. No field entry."],["Final publications","Selected 1998 final-rule sections, with specified printed pages/indices; complete 2024 final collection notice."],["Staff interpretations","Complete selected entries listed in S012; historical mixed-collateral language screened against the 1998 final change."],["Explanations","S013 Q1–19 and limited S014 guide material, classified as publisher explanations rather than operative law."]]},{"headers":["Exact failed URL or operation","Actual result","Resolution / remaining consequence"],"index":15,"links":[{"href":"https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78g&num=0&edition=prelim&utm_source=chatgpt.com","text":"https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78g&num=0&edition=prelim"},{"href":"https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers-for-the-purpose-of-purchasing-or-carrying-margin-stocks.htm","text":"https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers-for-the-purpose-of-purchasing-or-carrying-margin-stocks.htm"},{"href":"https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers.htm?utm_source=chatgpt.com","text":"https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers.htm"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.110","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.110"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.111","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.111"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.112","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.112"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.101","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.101"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.102","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.102"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.106","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.106"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.108","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.108"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.113","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.113"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.117","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.117"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.120","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.120"},{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.124","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.124"}],"row_links":[[],[{"href":"https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78g&num=0&edition=prelim&utm_source=chatgpt.com","text":"https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78g&num=0&edition=prelim"}],[{"href":"https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers-for-the-purpose-of-purchasing-or-carrying-margin-stocks.htm","text":"https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers-for-the-purpose-of-purchasing-or-carrying-margin-stocks.htm"},{"href":"https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers.htm?utm_source=chatgpt.com","text":"https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers.htm"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.110","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.110"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.111","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.111"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.112","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.112"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.101","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.101"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.102","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.102"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.106","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.106"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.108","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.108"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.113","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.113"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.117","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.117"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.120","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.120"}],[{"href":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.124","text":"https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.124"}],[]],"rows":[["Exact failed URL or operation","Actual result","Resolution / remaining consequence"],["https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78g&num=0&edition=prelim","Returned 404 after URL normalization.","§78g body obtained through S001’s release URL. The preliminary-view failure does not prove absence of later amendments."],["https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers-for-the-purpose-of-purchasing-or-carrying-margin-stocks.htm","Not accessible.","A shorter publisher page was located at https://www.federalreserve.gov/frrs/regulations/regulation-u-credit-by-banks-and-persons-other-than-brokers-or-dealers.htm. Substantive current-rule reliance uses S002, not a guessed page."],["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.110","Not accessible via the standalone view.","Complete provision read in the S003 whole-part view."],["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.111","Same failure.","Complete provision read in S003 whole-part view."],["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.112","Same failure.","Whole-part view establishes reserved, leaving the U pointer unresolved as an operative cross-reference."],["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.101","Not accessible via the standalone view.","Complete selected text already read in S002 whole-part view."],["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.102","Same failure.","Resolved through S002 whole-part text."],["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.106","Same failure.","Resolved through S002 whole-part text."],["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.108","Same failure.","Resolved through S002 whole-part text."],["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.113","Same failure.","Resolved through S002 whole-part text."],["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.117","Same failure.","Resolved through S002 whole-part text."],["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.120","Same failure.","Resolved through S002 whole-part text."],["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.124","Same failure.","Resolved through S002 whole-part text, including (f)–(h) exceptions."],["Screenshot requests for S010 G-4 PDF index 2 and S008 G-2 PDF index 1","Responses supplied a text image marker, without inspectable image content available in the result.","No pixel inspection claimed. G-4 unit/placement reconciliation remains unresolved; G-2 textual conflict is based on parsed text and the regulatory text."]]},{"headers":["Gap","What is established","What remains unresolved"],"index":16,"links":[],"row_links":[[],[],[],[],[],[],[],[],[],[]],"rows":[["Gap","What is established","What remains unresolved"],["Currency beyond compilation predicates","Current official-host text was retrieved; specific final publications and effective dates were checked.","A complete amendment/session-law/case-history audit through the access date."],["Deregistration boundary","Rule permits application when prior six-month outstanding credit never exceeded $200,000; forms use a stricter certificate.","Authoritative reconciliation for exactly $200,000 and the form’s separate six-month registration language."],["G-4 reporting unit","Parsed text contains both dollar and thousands labels.","Correct current operational unit and visual placement. No unit is chosen."],["OMB/routing text","Current common collection approval and current instructions are identified; legacy regulatory wording is recorded.","Complete administrative reconciliation. No invalidity, waiver or filing conclusion."],["Reserved T cross-reference","§220.112 is reserved in the retrieved body.","The intended present operative destination of U §221.107, if any."],["Historical staff status","Selected complete published staff entries were read against current text.","Exhaustive subsequent withdrawal, supersession, enforcement or judicial treatment."],["Conditional statutory amendment","The §78c(a)(10) effective-date predicate was identified.","Whether the alternative final-regulation trigger occurred; no dependent classification made."],["Imported classification rules","Necessary U and selected Exchange Act definitions were read.","Every incorporated SEC, banking-affiliate, plan-qualification, or other specialized predicate. These remain targeted public-law questions only if necessary."],["All actual applications","Generic rules and questions are specified.","Every actual role, purpose, security, amount, valuation, agreement, qualification, registration, reporting and documentation fact."]]}],"claims":[{"claim_id":"R030-P1-C001","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C001","Verified proposition, conditions, and exceptions":"Regulation U’s authority citation is 15 USC 78c, 78g, 78q, and 78w. Section 78g supplies the securities-credit authority; §78w(a)(1) supplies implementing and classification authority within the agencies’ respective responsibilities.","Exact support":"S001 §78w(a)(1); S002 authority citation and §221.1(a). \nuscode.house.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C002","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C002","Verified proposition, conditions, and exceptions":"Section 78g(a)’s statutory benchmark uses the higher of 55% of current price and 100% of the preceding 36-calendar-month low, capped at 75% of current price. Section 78g(b) authorizes different requirements. That benchmark is not a substitute for the operative U supplement.","Exact support":"S001 §78g(a)–(b); S002 §221.7. \nuscode.house.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C003","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C003","Verified proposition, conditions, and exceptions":"Section 78g(c) addresses exchange members and brokers/dealers; its nested provisions distinguish securities collateral, other or no collateral, security-futures requirements, and specified broker/dealer borrowers. Board authority to regulate otherwise excluded broker borrowing is reserved.","Exact support":"S001 §78g(c)(1)–(3), complete. \nuscode.house.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C004","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C004","Verified proposition, conditions, and exceptions":"Section 78g(d) addresses persons outside subsection (c), with exceptions for activity outside ordinary business, credit on exempted securities, specified broker borrowing, bank credit on non-equity securities, and Board exemptions. The Board retains authority over the specified broker-borrower exception.","Exact support":"S001 §78g(d)(1)–(3). These statutory categories must be reconciled with the actual definitions; “bond” alone does not establish non-equity status. \nuscode.house.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C005","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C005","Verified proposition, conditions, and exceptions":"The ordinary U loan-value restriction requires purpose credit, direct or indirect margin-stock security, a covered lender, and no applicable exception. The purchased security and the security pledged need not be the same.","Exact support":"S002 §§221.1(b)(1), 221.2, 221.3(a)(1); S013 Q&A. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C006","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C006","Verified proposition, conditions, and exceptions":"Nonpurpose credit secured by margin stock is outside §221.3(a)(1)’s purpose-credit limit, but can still count toward nonbank registration/reporting and require a purpose statement.","Exact support":"S002 §221.3(b)–(c), contrasted with §221.3(a)(1). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C007","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C007","Verified proposition, conditions, and exceptions":"Purpose includes an immediate, incidental, or ultimate purpose of buying or carrying margin stock. Carrying includes maintaining, reducing, or retiring debt originally incurred to purchase a security currently classified as margin stock.","Exact support":"S002 §221.2, “Purpose credit” and “Carrying credit.” \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C008","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C008","Verified proposition, conditions, and exceptions":"Original purpose controls; changing collateral alone does not change the use of an existing loan. An increase requires its own purpose analysis. This must be read with the separate rule for a purchased security later becoming margin stock, C102.","Exact support":"S002 §221.101(a)–(c), complete; §221.108. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C009","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C009","Verified proposition, conditions, and exceptions":"Temporary placement of proceeds or reimbursement of funds already spent can leave a purchasing/carrying purpose intact. Published employee-plan and investment-fund interpretations illustrate that substance and sequence matter; they do not classify every replenishment loan.","Exact support":"S002 §§221.101, 221.114, 221.116 and 221.123(a)–(b). Tax consequences remain excluded. \necfr.gov\n+3"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C010","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C010","Verified proposition, conditions, and exceptions":"U’s bank definition imports §78c(a)(6), adds bank subsidiaries, §25(a) corporations, and US branches/agencies of foreign banks, and expressly excludes savings-and-loan associations, credit unions, US agency/instrumentality lenders, and exchange members. Exclusion from “bank” does not itself establish exemption from all regulation.","Exact support":"S001 §78c(a)(6); S002 §221.2, “Bank.” \nuscode.house.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C011","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C011","Verified proposition, conditions, and exceptions":"A nonbank lender is a person subject to U’s registration requirements. The definition does not make actual completion of registration the condition of being covered.","Exact support":"S002 §221.2, “Lender” and “Nonbank lender”; §221.3(b)(1). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C012","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C012","Verified proposition, conditions, and exceptions":"Ordinary course of business includes furthering any business purpose and, for an individual, profit activity or management/preservation of property. It is broader than professional lending as a principal occupation.","Exact support":"S002 §221.2, “In the ordinary course of business.” \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C013","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C013","Verified proposition, conditions, and exceptions":"“Customer” includes persons acting jointly and excludes an exempted borrower. The text does not authorize treating every related person as one customer without the necessary facts.","Exact support":"S002 §221.2, “Customer.” \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C014","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C014","Verified proposition, conditions, and exceptions":"Margin stock includes: exchange-registered or unlisted-trading-privilege equity; qualifying NMS OTC securities; debt convertible into margin stock or carrying qualifying rights; qualifying warrants/rights; and registered investment-company securities subject to C015.","Exact support":"S002 §221.2, “Margin stock,” paragraphs (1)–(5). No security was looked up. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C015","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C015","Verified proposition, conditions, and exceptions":"The investment-company category excludes specified licensed small-business investment companies; companies with at least 95% of assets continuously in exempted securities; face-amount-certificate companies with respect to those certificates; and Rule 2a-7 money-market funds.","Exact support":"S002 §221.2, “Margin stock,” (5)(i)–(iv). The 95% base is company assets continuously invested, not loan collateral or proceeds. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C016","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C016","Verified proposition, conditions, and exceptions":"Statutory equity includes convertible securities and qualifying rights; exempted securities have their own detailed statutory categories and qualifications. Neither the word “debt” nor a general description such as “government-related” resolves classification.","Exact support":"S001 §78c(a)(11)–(12), complete selected definitions. Incorporated classification predicates remain fact-dependent. \nuscode.house.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C017","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C017","Verified proposition, conditions, and exceptions":"U covers direct security and separately defines indirect security to include arrangements restricting disposal of margin stock, or making disposal a possible acceleration trigger. The selected provisions do not resolve actual attachment, perfection, or priority.","Exact support":"S002 §§221.1(b)(1), 221.2 “Indirectly secured” (1). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C018","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C018","Verified proposition, conditions, and exceptions":"The first indirect-security exclusion applies when, after applying proceeds, margin stock represents no more than 25% of the value of assets subject to the arrangement, valued reasonably. It is not a 25%-of-loan test and does not excuse a direct pledge.","Exact support":"S002 §221.2, “Indirectly secured,” (2)(i). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C019","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C019","Verified proposition, conditions, and exceptions":"A cross-default/renegotiation acceleration arrangement is excluded under (2)(ii) when the other credit is from another lender that is not an affiliate. Affiliation has its own bank/nonbank definitions.","Exact support":"S002 §221.2, “Indirectly secured,” (2)(ii), and “Affiliate.” No actual affiliation determination. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C020","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C020","Verified proposition, conditions, and exceptions":"Mere custody, depositary, trustee, or similar holding qualifies for the stated exclusion only when the lender holds in that capacity and in good faith has not relied on the stock as collateral.","Exact support":"S002 §221.2, “Indirectly secured,” (2)(iii); contrast C093. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C021","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C021","Verified proposition, conditions, and exceptions":"The separate good-faith nonreliance exclusion concerns the particular credit. Section 221.117 treats nonreliance as factual; financial strength and ordinary fixed maturities are relevant circumstances, not an automatic safe harbor.","Exact support":"S002 §221.2, “Indirectly secured,” (2)(iv); §221.117(a)–(b). \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C022","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C022","Verified proposition, conditions, and exceptions":"Good-faith acceptance requires alertness and inquiry when available information would cause a prudent person to question the statement. A completed form does not neutralize contrary information.","Exact support":"S002 §221.2 “Good faith” (2); §221.106(a)–(h). \necfr.gov\n+2"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C023","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C023","Verified proposition, conditions, and exceptions":"An exempted borrower must be an exchange member or registered broker/dealer with substantial nonbroker business. Included alternatives are at least 1,000 active accounts, at least $10 million gross revenue, or at least 10% of gross revenue, on an annual basis, with the specified broker/dealer/associated-person exclusions. The preamble calls these nonexclusive safe harbors and explains the 12-month basis.","Exact support":"S002 §221.2 “Exempted borrower”; S005 exempted-borrower discussion, printed 2807–2808. The tests are alternatives, not cumulative requirements. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C024","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C024","Verified proposition, conditions, and exceptions":"A borrower existing less than one year may use a six-month period. Loss of exempted status requires lender notification; new credit, expressly including rollovers, renewals, and further draws, becomes subject to U. No unstated annualization method is supplied here.","Exact support":"S002 §221.3(e)(1)–(2). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C025","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C025","Verified proposition, conditions, and exceptions":"U excludes specified SEC/CFTC-regulated clearing agencies accepting margin-stock deposits for the described securities issuance/guarantee/clearance or commodity-futures/options guarantees. The exclusion is activity-specific, not a general exception for anyone handling securities.","Exact support":"S002 §221.1(b)(2)(i)–(ii); exempted-borrower exclusion at (b)(3). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C026","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C026","Verified proposition, conditions, and exceptions":"The codified bank-commitment interpretation treats the date a commitment becomes binding as the credit-extension date. Disbursement date alone therefore may not identify the initial valuation event.","Exact support":"S002 §221.102; S012 5-900.16–.17. This does not resolve every nonbank reporting convention for undrawn facilities. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C027","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C027","Verified proposition, conditions, and exceptions":"For securities, current market value ordinarily uses the preceding business day’s closing sale price; absent a closing price, a reasonable estimate at that close is permitted. Purchase-financing may use total purchase cost, including commissions. Other collateral uses a reasonable valuation method.","Exact support":"S002 §221.2 “Current market value” (1)(i)–(iii), (2). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C028","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C028","Verified proposition, conditions, and exceptions":"The ordinary supplement gives margin stock maximum loan value of 50% of current market value. This is a collateral-value percentage used to constrain covered credit, not a percentage of the loan and not a universal private maintenance requirement.","Exact support":"S002 §§221.3(a)(1), 221.7(a). Plan and other exceptions remain material. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C029","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C029","Verified proposition, conditions, and exceptions":"Other collateral generally has good-faith loan value: what sound credit judgment would support, not exceeding 100% of current market value, ignoring assets collateralizing unrelated transactions. The ceiling does not assign automatic 100% value.","Exact support":"S002 §221.2 “Good faith” (1); §221.7(b). \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C030","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C030","Verified proposition, conditions, and exceptions":"Puts, calls, and combinations have zero loan value unless they qualify as margin stock; qualifying margin stock receives the supplement’s margin-stock treatment.","Exact support":"S002 §221.7(c), together with §221.2 “Maximum loan value.” \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C031","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C031","Verified proposition, conditions, and exceptions":"Mixed collateral requires the applicable loan value for each eligible component. The 1998 rule deleted the former requirement to divide a mixed-collateral purpose loan into separate margin/nonmargin loans; it did not delete purpose/nonpurpose separation.","Exact support":"S002 §§221.3(d), 221.7; S005 III.C, printed 2819/index 13. \ngovinfo.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C032","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C032","Verified proposition, conditions, and exceptions":"A lender treats purpose credit to the same customer as one credit with all supporting collateral; syndicated loans need not be aggregated with other unrelated purpose credit from that lender.","Exact support":"S002 §221.3(d)(1). No universal aggregation across unrelated lenders is established. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C033","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C033","Verified proposition, conditions, and exceptions":"After extending margin-stock-secured purpose credit, the lender cannot add unsecured purpose credit unless the combined amount stays within the prior collateral’s maximum loan value.","Exact support":"S002 §221.3(d)(2). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C034","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C034","Verified proposition, conditions, and exceptions":"Genuine unsecured purpose credit predating the margin-secured purpose credit is combined solely for withdrawal/substitution purposes under (d)(3). Artificially splitting one planned transaction is not validated by that sequence.","Exact support":"S002 §221.3(d)(3), §221.110; S012 5-951.25. \necfr.gov\n+2"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C035","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C035","Verified proposition, conditions, and exceptions":"Purpose and nonpurpose credits must be treated separately; collateral required for the purpose credit cannot also support the nonpurpose credit. Separate agreements do not prevent indirect security where actual access to collateral contradicts the allocation.","Exact support":"S002 §221.3(d)(4); §221.120(a)–(d), complete. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C036","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C036","Verified proposition, conditions, and exceptions":"Initially compliant credit may be maintained despite reduced equity from market prices, changed regulatory maximum loan value, or collateral changing from nonmargin to margin status. This permission does not authorize a new advance, withdrawal, or private contractual remedy.","Exact support":"S002 §221.3(a)(2)(i)–(iii). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C037","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C037","Verified proposition, conditions, and exceptions":"The published staff interpretation permits a new purpose advance supported by sufficient additional collateral without requiring cure of a market-driven deficiency on the older compliant loan; after the advance, the credits combine for withdrawal purposes.","Exact support":"S012 5-951.24, Dec. 14, 1987; read with S002 §221.3(a)(2), (d), (f). This is a conditional staff interpretation, not permission to fund an unsupported increase. \nfederalreserve.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C038","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C038","Verified proposition, conditions, and exceptions":"Staff distinguishes a single committed revolving credit fully collateralized initially from a series of advances requiring later collateral. In the former, draws within the supported commitment can use initial valuation despite subsequent decline; later collateral supporting new draws is valued under the described later-date method.","Exact support":"S012 5-900.16, complete, including its excess-initial-collateral discussion; S002 §221.102 and §221.3(c)(2). No unlimited draw entitlement follows. \nfederalreserve.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C039","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C039","Verified proposition, conditions, and exceptions":"Under §221.3(c)(2)(iii), the specified purpose arrangement is deemed compliant if loan value covers aggregate funds actually disbursed or, at the end of a day credit is extended, the lender calls for sufficient additional collateral. This is not a universal maintenance-call or cure-period rule.","Exact support":"S002 §221.3(c)(2)(iii)(A)–(B), (iv). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C040","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C040","Verified proposition, conditions, and exceptions":"A withdrawal/substitution must neither create a loan-value excess nor increase an existing excess. Use loan value on the withdrawal/substitution day, applying the §221.2 valuation convention; this does not necessarily mean an intraday market quote.","Exact support":"S002 §221.3(f)(1)–(2), §221.2. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C041","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C041","Verified proposition, conditions, and exceptions":"A qualifying reorganization, recapitalization, or exchange offer permits substitution of received securities. A received nonmargin, nonexempted security is treated as margin stock for 60 days following the exchange.","Exact support":"S002 §221.3(g). The text says days; no separate rounding or deadline convention is inferred. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C042","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C042","Verified proposition, conditions, and exceptions":"Renewal or maturity extension need not be a new extension when any increase consists only of interest, service charges, or taxes concerning the credit. The special loss-of-exempted-borrower rule in C024 must still be considered.","Exact support":"S002 §221.3(h), contrasted with §221.3(e)(2). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C043","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C043","Verified proposition, conditions, and exceptions":"Transfer is not new credit only if the original credit meets the specified compliance predicate, transfer is non-evasive, amount is not increased, and collateral is unchanged. Customer transfers require the specified statement; interlender transfers require the original purpose-form copy or, when none existed, the specified good-faith statement.","Exact support":"S002 §221.3(i)(1)–(3), including its pre-April 1998 Regulation G condition and retention-with-account requirements. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C044","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C044","Verified proposition, conditions, and exceptions":"A U lender may arrange purpose credit only on terms on which it could itself extend or maintain that credit. This is distinct from T’s arranging language.","Exact support":"S002 §221.3(a)(3); compare C080. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C045","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C045","Verified proposition, conditions, and exceptions":"Section 221.3(j) preserves the stated bank lien/protection position and good-faith protective action. It does not, by itself, establish the existence or terms of an actual demand, sale, priority, or collection right.","Exact support":"S002 §221.3(j); the second sentence is the bounded inference from the limited provision and held facts. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C046","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C046","Verified proposition, conditions, and exceptions":"Section 221.3(k) addresses a good-faith mistake. It should not be expanded into an unlimited self-certified cure, an exemption for ignored warning signs, or a borrowed Regulation T correction procedure.","Exact support":"S002 §221.3(k), read with §221.2 “Good faith.” \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C047","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C047","Verified exception or special treatment":"A plan-lender must fit §221.4(a)(1); the eligible employee stock-option, purchase, or ownership plan must be adopted by a corporation and approved by its stockholders, and concern the specified corporation/subsidiary/affiliate margin stock.","Conditions and exact support":"S002 §221.4(a)(1)–(2). A loan’s employee-related label does not establish these predicates. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C048","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C048","Verified exception or special treatment":"Eligible plan-lender credit gives the margin-stock collateral good-faith loan value and is treated separately from other credit, except for the registration and annual-report provisions. The nonbank purpose-statement rule expressly excepts §221.4 credit.","Conditions and exact support":"S002 §221.4(b)(1)–(2); §221.3(c)(1)(ii). No automatic 100% value or universal bank U-1 exemption follows. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C049","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C049","Verified exception or special treatment":"Nonbank purpose credit to a §401-qualified ESOP is exempt from U except §221.3(b)(1) and (b)(3). Bank credit to such an ESOP has the separate §221.6(d) exemption.","Conditions and exact support":"S002 §§221.4(c), 221.6(d). This differs from merely assigning plan collateral good-faith value. Tax qualification is a held predicate, not determined here. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C050","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C050","Verified exception or special treatment":"Section 221.5 permits its specified special-purpose credit without §§221.3 and 221.7 limitations. Before credit lasting more than one day, obtain and accept the purpose notice/certification in good faith; continued eligibility ends upon notice or questioning information.","Conditions and exact support":"S002 §221.5(a)–(b). Individual categories can impose additional notice conditions. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C051","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C051","Verified exception or special treatment":"The hypothecation category requires customer securities that the broker/dealer’s written notice says may be hypothecated under SEC rules.","Conditions and exact support":"S002 §221.5(c)(1). Actual SEC eligibility is not assumed. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C052","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C052","Verified exception or special treatment":"Temporary delivery credit must be repaid on completion; transit/transfer credit likewise; intraday credit must be repaid the same day extended. These are distinct predicates, not a blanket short-term-credit exemption.","Conditions and exact support":"S002 §221.5(c)(2)–(4). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C053","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C053","Verified exception or special treatment":"Bona fide arbitrage requires the specified near-contemporaneous offset across markets, or a security convertible/exchangeable within 90 calendar days of purchase, unrestricted except for payment, coupled with the specified offsetting sale and concurrent price disparity.","Conditions and exact support":"S002 §221.5(c)(5)(i)–(ii), complete. No actual arbitrage or security analysis. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C054","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C054","Verified exception or special treatment":"Market-maker/specialist and underwriter categories require credit financing those activities of an exchange member or registered broker/dealer. Borrower status alone does not identify the financed activity.","Conditions and exact support":"S002 §221.5(c)(6)–(7); §221.125; S001 §78g(c)(3), (d)(2)(C). \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C055","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C055","Verified exception or special treatment":"The broker-business emergency category requires credit essential to emergency needs arising from exceptional circumstances.","Conditions and exact support":"S002 §221.5(c)(8). It is distinct from the bank customer hardship category in C062. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C056","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C056","Verified exception or special treatment":"Capital-contribution credit requires either the specified Board order/SIPC certification, or compliant customer subordinated-loan/capital-contribution financing. The latter requires matching reduction of credit when the contribution is reduced and excludes purchasing the broker’s public-distribution securities.","Conditions and exact support":"S002 §221.5(c)(9)(i)–(ii)(A)–(B). No order, contribution, or broker record was searched. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C057","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C057","Verified exception or special treatment":"The clearing-broker category requires an exchange member or registered broker/dealer whose nonproprietary business is limited to financing/carrying registered market-maker accounts.","Conditions and exact support":"S002 §221.5(c)(10). It does not exempt every clearing or brokerage relationship. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C058","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C058","Verified exception or special treatment":"Section 221.6’s bank-only exemptions include credit to a bank, to a foreign banking institution, outside the United States, and to a qualified ESOP.","Conditions and exact support":"S002 §221.6(a)–(d). These are not automatically nonbank exemptions; foreign extension still requires the X boundary check. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C059","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C059","Verified exception or special treatment":"A bank’s eligible-plan financing to a plan-lender is exempt only with the specified no recourse to securities purchased under the plan condition.","Conditions and exact support":"S002 §221.6(e), read with §221.4(a)–(b). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C060","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C060","Verified exception or special treatment":"Bank temporary prompt-delivery credit to a nonbroker/dealer customer requires ordinary-course repayment on transaction completion and excludes financing payment for securities purchased in a Regulation T account.","Conditions and exact support":"S002 §221.6(f); S005 III.B’s clarification. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C061","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C061","Verified exception or special treatment":"Bank credit against securities in transit is exempt only subject to the stated exclusion for enabling payment for securities bought in a T account.","Conditions and exact support":"S002 §221.6(g). Do not import the different broker-loan conditions from §221.5(c)(3). \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C062","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C062","Verified exception or special treatment":"Bank emergency-expense credit requires unforeseeable extreme hardship and the customer statement accepted and signed by a bank officer in good faith. Opportunity for monetary gain or avoidance of loss does not satisfy the described change-of-circumstances condition.","Conditions and exact support":"S002 §221.6(h), complete. The exemption has its own required statement, not a universal prescribed U-1 requirement. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C063","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C063","Trigger, measurement base, period, timing, and limitations":"A person other than a bank or T-covered person must register when ordinary-business credit secured directly/indirectly by margin stock reaches $200,000 extended during any calendar quarter, or $500,000 outstanding at any time during that quarter. Both purpose and nonpurpose credit count. These are credit-amount tests, not collateral-value or per-customer tests.","Exact support":"S002 §221.3(b)(1)(i)–(ii); S007 general instructions. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C064","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C064","Trigger, measurement base, period, timing, and limitations":"FR G-1 is due within 30 days after quarter-end; instructions specify calendar days and next-business-day treatment for weekends/holidays. Schedule A distinguishes quarter-end outstanding credit from quarter flow; flow includes credit extinguished before period-end and increases in existing loans. Schedule A uses dollars; alternative balance-sheet Schedule B uses thousands.","Exact support":"S007 pp. 1, 4–5/indices 0, 3–4; S002 §221.3(b)(1). Reporting a quarter-end stock does not replace the “at any time” registration test. \nfederalreserve.gov\n+2"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C065","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C065","Trigger, measurement base, period, timing, and limitations":"Under the rule, a registered nonbank may apply on G-2 if, throughout the preceding six calendar months, it has not had more than $200,000 of such credit outstanding. Termination occurs on Board approval, not mere eligibility or filing.","Exact support":"S002 §221.3(b)(2). Thus the operative wording is an outstanding-credit ceiling of <= $200,000 over the lookback. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C066","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C066","Trigger, measurement base, period, timing, and limitations":"Current G-2 certificates instead require no $200,000 or more outstanding; G-4’s description uses the same stricter boundary. G-2 also contains a re-registration commitment to remain registered at least six months. These form formulations are not silently substituted for the rule’s lookback/approval text.","Exact support":"S008 pp. 2–3/indices 1–2; S010 p. 1/index 0; compare C065. Exact-$200,000 certification and any separate minimum-period reconciliation remain unresolved. \nfederalreserve.gov\n+2"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C067","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C067","Trigger, measurement base, period, timing, and limitations":"Registered nonbanks file G-4 within 30 days following June 30 annually. Instructions distinguish credit outstanding at reporting year-end from all credit extended during the year, including repaid credit and increases; fiscal-quarter recordkeepers may use the described April 30 or May 31 year-end data option.","Exact support":"S002 §221.3(b)(3); S010 pp. 1–3/indices 0–2. The data-period option does not state a different filing deadline. Instructions provide weekend/holiday treatment. \necfr.gov\n+2"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C068","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C068","Trigger, measurement base, period, timing, and limitations":"Parsed G-4 schedule text labels columns in dollars but also contains a thousands label at the page boundary after the schedule. An operative reporting unit cannot safely be selected from that conflict without further generic-source reconciliation or inspectable imagery.","Exact support":"S010 p. 3/index 2 and extracted boundary into index 3. Unresolved, not a verified visual-layout finding. \nfederalreserve.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C069","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C069","Verified rule and qualifications":"A bank ordinarily requires FR U-1 when margin-stock-secured credit exceeds $100,000, whether purpose or nonpurpose; a duly authorized bank officer must accept/sign in good faith. The threshold is for the statement, not an exemption from the purpose-credit limit below that amount.","Exact support":"S002 §221.3(c)(1)(i); S006 pp. 1–2. Other transaction exemptions and the revolving rule remain relevant. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C070","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C070","Verified rule and qualifications":"Published staff guidance aggregates the customer’s margin-secured purpose and nonpurpose credit for the U-1 threshold. Existing credit uses the outstanding amount; a newly binding line can count before drawing. The triggering new credit needs the form; earlier loans do not require retroactive forms solely for crossing the threshold.","Exact support":"S012 5-900.17, Feb. 1, 1988, and 5-900.2, Feb. 3, 1992. \nfederalreserve.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C071","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C071","Verified rule and qualifications":"A nonbank subject to registration ordinarily requires FR G-3 for margin-stock-secured credit without a $100,000 loan-size exemption, accepted/signed by its authorized representative. Section 221.4 and other applicable exceptions must be assessed.","Exact support":"S002 §221.3(c)(1)(ii); S009 pp. 1–2. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C072","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C072","Verified rule and qualifications":"For the specified revolving/multiple-draw arrangements, execute the purpose statement when established; if all collateral was not pledged initially, amend for each disbursement as prescribed, attaching the current supporting collateral list for purpose disbursements.","Exact support":"S002 §221.3(c)(2)(i)–(iv); bank threshold still applies. This is separate from demanding a wholly new form for every draw. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C073","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C073","Verified rule and qualifications":"U-1 and G-3 each state lender retention for three years after the credit is extinguished. This states those forms’ requirement; it does not establish an actual destruction date or negate other retention duties.","Exact support":"S006 p. 2/index 1; S009 p. 2/index 1. Transfer-record requirements separately appear in C043. \nfederalreserve.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C074","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C074","Verified rule and qualifications":"In both purpose forms, borrower Part I addresses amount and purpose; Part II is completed by the lender only for a purpose-credit answer; Part III requires the stated authorization in all instances. The valuation date/source fields have a published-information exception. Neither form is to be signed blank.","Exact support":"S006–S009, pp. 1–2 and footnotes. U-1 additionally includes its physical-security verification certification; both contain registered-owner pledge-consent language. No fields were entered. \nfederalreserve.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C075","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C075","Verified rule and qualifications":"The five U-related form categories are currently published. The 2024 final collection approval distinguishes G-1/G-2/G-4 reporting from U-1/G-3 recordkeeping and also identifies FR T-4, a different T-related purpose form. T-4’s current complete instrument/instructions were not read.","Exact support":"S006–S011; S011 printed 53999–54000. G-2 is an application to terminate, not a universally required periodic filing. \ngovinfo.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C076","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C076","Verified rule and qualifications":"Current U-1/G-3 PDFs display OMB 7100-0011, whereas §221.3(c) retains legacy numbers 7100-0115 and 7100-0018. The 2024 final collection approval supports the current common collection number. No invalidity or exemption is inferred from the discrepancy.","Exact support":"S002 §221.3(c)(1); S006, S009 front pages; S011. \necfr.gov\n+3"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C077","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C077","Verified rule and qualifications":"Section 221.3(b)(4) names the district Federal Reserve Bank; current G-1/G-2/G-4 instructions direct PDF submission to a designated central address. This pass records both texts without resolving their administrative routing relationship or submitting anything.","Exact support":"S002 §221.3(b)(4); S007–S010 instructions. \necfr.gov\n+3"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C078","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C078","Verified rule and qualifications":"The 1998 final rule consolidated former Regulation G’s nonbank framework into U. Continued G-numbered forms do not mean a separate current Regulation G governs these loans.","Exact support":"S005 I.B.1–3; current S002 §221.3(b)–(c). \ngovinfo.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C079","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C079","Verified boundary":"T principally regulates broker/dealer credit. Its “creditor” definition includes the specified brokers/dealers, exchange members and associated persons, with the stated controlling/common-control business-entity exclusion. Section 220.1 excludes qualifying portfolio-margin relations, exempted-borrower credit, 15C-only dealers, and specified foreign-branch/foreign-person/foreign-security relations.","Exact support":"S003 §§220.1(a)–(b), 220.2 “Creditor.” No actual status determination; full statutory broker exceptions remain outside the read bounds. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C080","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C080","Verified boundary":"T §220.3(g) permits arranging other credit but prohibits willfully arranging credit violating U or X. T §220.1(b)(2) allows additional exchange/association/creditor requirements. Neither makes a broker maintenance rule universally applicable to bank/nonbank U loans.","Exact support":"S003 §§220.3(g), 220.1(b)(2); compare C044. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C081","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C081","Verified boundary":"U §§221.104–.105 point to T §§220.110–.111. Those texts retain historical references requiring reconciliation with current operative rules. U §221.107 points to §220.112, currently reserved. The missing operative target is not reconstructed from historical material.","Exact support":"S002 §§221.104, .105, .107; S003 §§220.110–.112. In particular, the 1953 credit-union discussion does not establish a current blanket nonbank exemption. \necfr.gov\n+3"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C082","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C082","Verified boundary":"X implements §78g(f) for US persons and specified foreign persons controlled by, acting for, or acting with US persons. Its imported definitions include specified greater-than-50% trust beneficial-interest, noncorporate beneficial-interest, and corporate voting-power/value tests. These are status tests, not loan-to-value percentages.","Exact support":"S001 §78g(f)(1)–(3); S004 §§224.1–.2. The inclusive wording is not treated as a universal negative control test at exactly 50%. \nuscode.house.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C083","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C083","Verified boundary":"A borrower obtaining domestic purpose credit is exempt from X unless it willfully causes a T/U violation; a nonexempt borrower must conform the credit to the lender’s applicable margin regulation.","Exact support":"S004 §§224.1(b)(1), 224.3(b). Lender noncompliance alone does not establish the borrower’s willfulness. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C084","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C084","Verified boundary":"The X foreign-credit exemption requires permanent residence outside the US and no more than $100,000 total foreign purpose credit obtained or outstanding during any calendar year. It is not U-1’s threshold, a per-loan test, or a general foreign-lender exemption. Board-order exemptions are separate.","Exact support":"S004 §224.1(b)(2)–(3). No residence, annual aggregate, or order was investigated. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C085","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C085","Verified boundary":"For nonexempt borrowers obtaining foreign credit, X selects T for a foreign broker-dealer branch, U’s bank rules for a foreign bank branch, and U’s nonbank rules for other foreign lenders. The two U routes expressly omit the specified purpose-statement requirements.","Exact support":"S004 §224.3(a)(1)–(3), exactly cross-referencing §221.3(c)(1)(i)/(c)(2)(i) or (c)(1)(ii)/(c)(2)(ii). No full foreign-credit analysis. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C086","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C086","Verified boundary":"Section 78g(g)’s narrow delayed-delivery provision concerns the specified mortgage-related/small-business-related securities, bona fide full-payment delivery within 180 days or a shorter Board-prescribed period. It is not a generic U exemption or a general securities-settlement rule.","Exact support":"S001 §78g(g), complete. The products and incorporated security classifications were not investigated. \nuscode.house.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C087","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C087","Verified boundary":"These sources establish credit restrictions, administrative duties, exceptions, and anti-evasion boundaries. This pass establishes no conclusion about an actual debt’s enforceability, rescission, collection, settlement entitlement, fiduciary duty, suitability, taxes, bankruptcy, or contract remedies.","Exact support":"Bounded synthesis of S001 §78g and S002–S004, with all actual facts and those legal dimensions held. This is a scope limit, not a claim that violations can never affect remedies."},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C088","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C088","Interpretation actually supported":"A guarantee can constitute credit in the published employee-plan arrangement; margin security, ordinary business, registration, and arranging predicates still matter. This does not decide any actual guarantee’s enforceability.","Exact support":"S002 §221.118(a)–(g), complete. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C089","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C089","Interpretation actually supported":"A cancellable stock-purchase arrangement can involve credit where payment is deferred and the participant already bears gain/loss exposure and damages liability. The interpretation expressly preserves the registration-threshold condition.","Exact support":"S002 §221.121, complete. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C090","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C090","Interpretation actually supported":"A transaction described as a joint venture can be credit under the published structure’s allocation of financing and economic risk. The label alone is not determinative.","Exact support":"S002 §221.111, complete. No identifying or numerical facts from its example are adopted. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C091","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C091","Interpretation actually supported":"Bank financing of a broker/dealer’s customer securities transactions can be purpose credit; the borrower’s ownership of the pledged collateral does not itself change that purpose. Current borrower and transaction exemptions must still be checked.","Exact support":"S002 §221.103; §§221.1(b)(3), 221.5, 221.125. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C092","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C092","Interpretation actually supported":"The open-end investment-company interpretation applies a purchasing/carrying purpose analysis to the described borrowing, including redemption-related borrowing. It is not a presumption for every operating-business loan.","Exact support":"S002 §221.109(a)–(c), complete. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C093","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C093","Interpretation actually supported":"A bank’s lending in a trustee capacity is not categorically outside U; the interpretation’s limited-discretion circumstances do not establish an exemption. This differs from holding stock only as a nonrelying custodian/trustee.","Exact support":"S002 §221.112(a)–(e), complete; compare C020. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C094","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C094","Interpretation actually supported":"Indirect security can involve practical restraints, custody arrangements, negative pledges, or third-party arrangements without a conventional perfected security interest. The current §221.2 exclusions still must be applied.","Exact support":"S002 §221.113(a)–(h), complete. No perfection/priority conclusion. \necfr.gov\n+2"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C095","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C095","Interpretation actually supported":"The acquisition-shell interpretation presumes indirect security in its specified asset/function circumstances. It preserves exceptions for specific nonmargin-asset/cash-flow reliance, the described timely merger agreement, and funding contingent on sufficient shares for the specified prompt merger. It separately declines the presumption for the described operating business with substantial assets/cash flow.","Exact support":"S002 §221.124(a)–(h), especially (f)–(h), complete. Practical disposal restrictions are separately addressed in (g). No actual acquisition, guarantor, state-law merger threshold, or entity was investigated. \necfr.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C096","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C096","Interpretation actually supported":"Separate plan/credit documentation does not alone defeat eligible-plan treatment, but the lender/issuer and plan conditions must actually fit. An independent funder does not become a plan-lender merely through document labels.","Exact support":"S002 §221.119(a)–(c), complete, with §221.4. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C097","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C097","Interpretation actually supported":"The mail-purpose-statement interpretation describes inquiry and verification procedures; current form footnotes likewise flag mail or third-party receipt for inquiry. It does not establish that every form must be signed face to face or that unexplained remote receipt is enough.","Exact support":"S002 §221.115(a)–(d), complete; S006/S009 p. 2 footnote 2. The interpretation’s specific lookback questions are not a universal new form mandate. \necfr.gov\n+3"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C098","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C098","Verified status or unresolved limit":"The OLRC and eCFR dates establish the retrieved compilation predicates described in S001–S004. They do not prove a complete intervening amendment, session-law, stay, vacatur, or case-history audit through access.","Support":"S001–S004 metadata; source log below. \nuscode.house.gov\n+3"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C099","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C099","Verified status or unresolved limit":"The 1998 document is a final rule with an April 1, 1998 effective date; the 2024 collection document is final approval applicable June 28, 2024. Dated staff material and publisher explanations are separately identified and are not treated as additional operative regulations.","Support":"S005, S011–S014. \ngovinfo.gov\n+1"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C100","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C100","Verified status or unresolved limit":"The §78c(a)(10) editorial note identifies a 2025 payment-stablecoin amendment with an effective date tied to the earlier of an 18-month statutory date and 120 days after specified final implementing regulations. The triggering-regulation condition was not investigated; no current/future security classification is made from it.","Support":"S001 §78c(a)(10) amendment/effective-date note, Pub. L. 119-27 §§17(d), 20. This is an explicit contingent-effectiveness gap, not a digital-asset analysis. \nuscode.house.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C101","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C101","Verified status or unresolved limit":"Complete parsed text was read for the five requested forms; inspectable PDF images were not received. G-4 unit-label placement and visual reconciliation therefore remain unresolved.","Support":"S006–S010 and screenshot failure log. Parsed extraction is not pixel inspection."},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C102","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C102","Verified status or unresolved limit":"Credit originally used to buy nonmargin stock can become purpose credit when that purchased security becomes margin stock. The interpretation permits maintaining the existing credit without forced reduction, restricts withdrawals, and requires support for an increase.","Support":"S002 §221.108(a)–(c), complete. This qualifies an overbroad “originally nonpurpose forever” inference. \necfr.gov"},"coordinator_verification_status":"not_yet_checked"},{"claim_id":"R030-P1-C103","area_numbers":[30],"area_assignment_method":"task_scope_fallback","researcher_record":{"Claim ID":"R030-P1-C103","Verified status or unresolved limit":"Section 78g(e)’s pre-1934 loan transition expired by its stated July 1, 1937 boundary; it is historical text, not a present generic exemption for an old loan.","Support":"S001 §78g(e), complete. No actual loan history was examined. \nuscode.house.gov"},"coordinator_verification_status":"not_yet_checked"}],"sources":[{"source_id":"R030-P1-S001","urls":["https://uscode.house.gov/us/usc/119-121/t15/s78g/","https://uscode.house.gov/us/usc/119-121/t15/s78c/","https://uscode.house.gov/us/usc/119-121/t15/s78q/","https://uscode.house.gov/us/usc/119-121/t15/s78w/","https://uscode.house.gov/us/usc/119-121/t15/s78g/?utm_source=chatgpt.com","https://uscode.house.gov/us/usc/119-121/t15/s78c/?utm_source=chatgpt.com","https://uscode.house.gov/us/usc/119-121/t15/s78q/?utm_source=chatgpt.com","https://uscode.house.gov/us/usc/119-121/t15/s78w/?utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S001","Issuer, instrument, and complete literal HTTPS URLs":"Congress; Office of the Law Revision Counsel, Securities Exchange Act provisions: https://uscode.house.gov/us/usc/119-121/t15/s78g/; https://uscode.house.gov/us/usc/119-121/t15/s78c/; https://uscode.house.gov/us/usc/119-121/t15/s78q/; https://uscode.house.gov/us/usc/119-121/t15/s78w/","Exact read extent and page/index information":"§78g(a)–(g) complete, including nested exceptions; selected amendment/source notes. §78c(a)(3), (4)(A), (5), (6), (9)–(13), and (18), including the complete exempted-security definition; selected editorial notes. §78q(a)–(d) and §78w(a) read for supporting authority boundaries.","Version, effectiveness, status, and limits":"OLRC release states laws in effect through Public Law 119-121, October 9, 2026. This is not a complete session-law audit through the access date. The complete broker bank-exception structure in §78c(a)(4)(B)–(C), and every incorporated definition, were not independently investigated. A conditional amendment note affecting §78c(a)(10) is separately preserved in C100. \nuscode.house.gov\n+4"},"coordinator_verification_status":"fresh_selected_original_statutory_bodies_and_stated_edition_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"Exact119-121OLRC originals: complete78g(a)-(g); selected78c(a)(3),(4)(A),(5),(6),(9)-(13),(18), including complete12(A)-(C); complete78q(a)-(d); complete78w(a)(1)-(3). Allfour statedPL119-121October9,2026banners obtained. 78c(a)(10)2025conditional amendment and effective-date notes read.","coordinator_verification_limits":"No full78c/bank-exception/incorporated-definition or complete78q/78w review. Stablecoin implementation trigger not investigated. October9-to-access later-law interval and judicial history remain open; banner is a compilation statement, not exact current-law certification.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S002","urls":["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221","https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221?utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S002","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board; OFR/GPO eCFR, Regulation U: https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221","Exact read extent and page/index information":"§§221.1–221.7 complete. Codified interpretations §§221.101–221.121 and §§221.123–221.125 read, with the T cross-references investigated as described below. Section 221.122’s premium-financing material was returned incidentally but is excluded from substantive reliance.","Version, effectiveness, status, and limits":"Retrieved title-level labels included up to date October 23 and October 26, 2026, with Title 12 last amended October 23. Those labels do not establish that Regulation U itself was amended October 23. The part’s source line identifies 63 FR 2827, January 16, 1998. eCFR identifies itself as authoritative but unofficial, not the official legal edition. \necfr.gov\n+2"},"coordinator_verification_status":"fresh_selected_primary_regulation_body_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"Current eCFR complete221.1-221.7, complete221.101-221.121 and221.123-221.125;221.122 excluded as report scope. Source/authority notes and title-level October26currency/October23lastamendment labels read.","coordinator_verification_limits":"No actual lender/customer/security/transaction classification; complete 12CFRtitle or later-session-law/judicial audit not performed. Section221.107 points to220.112Reserved, not a recovered interpretation. Legacy OMB and source cross-reference text retained without silent repair.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S003","urls":["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220","https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.1","https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.2","https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.3","https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220?utm_source=chatgpt.com","https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.1?utm_source=chatgpt.com","https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.2?utm_source=chatgpt.com","https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.3?utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S003","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board; OFR/GPO eCFR, Regulation T: https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220; https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.1; https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.2; https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-220/section-220.3","Exact read extent and page/index information":"§220.1 complete; §220.2 creditor definition; §220.3(g) arranging rule; complete §§220.110 and 220.111; §220.112’s reserved status.","Version, effectiveness, status, and limits":"Current compiled boundary provisions, with the same title-level currency qualification. Sections 220.110–.111 contain dated historical terminology and cross-references. Full T accounts, calculations, SRO rules, and foreign-credit treatment are excluded. \necfr.gov\n+5"},"coordinator_verification_status":"fresh_selected_primary_boundary_body_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"Complete220.1; completecreditor definition in220.2; complete220.3(g); complete220.110(a)-(f),220.111(a)-(e),and220.112Reserved.","coordinator_verification_limits":"Only selected T boundary and historical interpretations. No fullPart220/SRO/SEC/privatebroker-maintenance/liquidation/call/remedy analysis. Historical statutory references are not generalized as current operational instructions.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S004","urls":["https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224","https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224?utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S004","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board; OFR/GPO eCFR, Regulation X: https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-224","Exact read extent and page/index information":"§§224.1–224.3 complete, used only for the necessary borrower and foreign-extension boundaries.","Version, effectiveness, status, and limits":"Retrieved label: up to date October 26, 2026. Source notes identify 48 FR 56572, December 22, 1983, and the 63 FR 2839, January 16, 1998 amendment. No foreign-country law or actual borrower-status investigation. \necfr.gov"},"coordinator_verification_status":"fresh_selected_primary_regulation_body_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"Complete224.1-224.3, including scope/exemptions, all definitions and lender-dependent foreign-credit routes and willful domestic-contravention clause.","coordinator_verification_limits":"NoactualUS-person/control/residence/location/security/credit/foreign-law facts; noactualcalendar or aggregate calculation. X100000annual exception is not Ubankpurpose-formthreshold.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S005","urls":["https://www.federalregister.gov/documents/1998/01/16/98-871/securities-credit-transactions-borrowing-by-brokers-and-dealers","https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm","https://www.govinfo.gov/content/pkg/FR-1998-01-16/pdf/98-871.pdf","https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm?utm_source=chatgpt.com","https://www.govinfo.gov/content/pkg/FR-1998-01-16/pdf/98-871.pdf?utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S005","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board, Securities Credit Transactions; Borrowing by Brokers and Dealers, final rule, 63 FR 2806–2839: https://www.federalregister.gov/documents/1998/01/16/98-871/securities-credit-transactions-borrowing-by-brokers-and-dealers; https://www.govinfo.gov/content/pkg/FR-1998-01-16/html/98-871.htm; https://www.govinfo.gov/content/pkg/FR-1998-01-16/pdf/98-871.pdf","Exact read extent and page/index information":"Summary/DATES, printed 2806, PDF index 0; exempted-borrower discussion, printed 2807–2808, indices 1–2; G/U consolidation, printed 2808–2809, indices 2–3; selected U revisions and complete mixed-collateral discussion, printed 2818–2819, indices 12–13; X conforming discussion.","Version, effectiveness, status, and limits":"Published January 16, 1998; effective April 1, 1998; the specified T optional-compliance transition ended July 1, 1998. Historical final amendatory instrument and explanatory preamble. The entire 34-page document was not read or visually inspected. \ngovinfo.gov\n+4"},"coordinator_verification_status":"fresh_selected_final_rule_primary_body_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"1998finalrule63FR2806-2839: dates/summaryPDF0; selected complete exempt-borrower explanation/safeharbor/loss-of-status/goodfaith/maker-clearing andGUmerger passages PDF1-3, especiallyPDF2parsed414-595; complete mixedcollateralIII.C andXconformingexplanation printed2819/PDF13parsed2669-2801. Corresponding officialHTML sections read.","coordinator_verification_limits":"Nofull34pages/pixels or exhaustive history. Report lists additional selectedPDF12; coordinator does not claim re-reading wholePDF12. April1effective and optionalTuntilJuly1,1998arehistorical, notpresentwindows. Formermixedcollateralseparation not carriedforward; currentpurpose/nonpurpose separation remains.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S006","urls":["https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_U-1","https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef","https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_U-1?utm_source=chatgpt.com","https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef&utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S006","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board, FR U-1, Statement of Purpose for an Extension of Credit Secured by Margin Stock: https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_U-1; https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=31bd5570-be03-499e-8146-3cea439effef","Exact read extent and page/index information":"Complete parsed form and instructions: printed pages 1–2, PDF indices 0–1.","Version, effectiveness, status, and limits":"Published as current; front revision 06/2024, OMB 7100-0011, approval expiration June 30, 2027. Internal page footer includes an earlier revision. No pixel inspection. \nfederalreserve.gov"},"coordinator_verification_status":"fresh_complete_parsed_blank_form_and_current_link_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"U1currentstatuspage Currentlink resolves to original exactPDF; complete2parsedpages/indices0-1,allparts/footnotes/retention/consent/physicalvalidation text. Front06/2024,7100-0011,June30,2027expiry; secondpage06/2018footer retained.","coordinator_verification_limits":"Noformpixels,completedform,identity/entry/query or actualsignature/security examination. Publisherbackground historical effective-date phrasing not adopted over1998finalrule. Noinferenceofcurrent completeOMB/PRAstatus beyond displayedform andnotice.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S007","urls":["https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-1","https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=61851f2a-13f8-4f5d-b150-faa6cebaa858","https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-1?utm_source=chatgpt.com","https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=61851f2a-13f8-4f5d-b150-faa6cebaa858&utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S007","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board, FR G-1, Registration Statement for Persons Who Extend Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers): https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-1; https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=61851f2a-13f8-4f5d-b150-faa6cebaa858","Exact read extent and page/index information":"Complete parsed instructions/form: pages 1–5, indices 0–4. Securities-credit Schedule A: page 4/index 3; balance-sheet Schedule B: page 5/index 4.","Version, effectiveness, status, and limits":"Published as current; front 06/2024, OMB 7100-0011, expiration June 30, 2027. No registration search, completion, or submission. \nfederalreserve.gov\n+2"},"coordinator_verification_status":"fresh_complete_parsed_blank_form_and_current_link_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"G1currentstatusCurrentlink and complete5parsedpages/indices0-4, instructions/deadline/weekendholiday clause, privacy/background/scheduleAandB/certificate/footnotes. ScheduleA dollar label index3;ScheduleB thousands index4.","coordinator_verification_limits":"Parsedtextnotpixels. Oldinternalpagepointer and alternatefooterdates retained. No actual filing, certified balance sheet, registrant, lenderrecord or routing adjudication.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S008","urls":["https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-2","https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=9b49cd2e-f387-441d-9ccc-607526b7af9a","https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-2?utm_source=chatgpt.com","https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=9b49cd2e-f387-441d-9ccc-607526b7af9a&utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S008","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board, FR G-2, Deregistration Statement for Persons Registered Pursuant to Regulation U: https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-2; https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=9b49cd2e-f387-441d-9ccc-607526b7af9a","Exact read extent and page/index information":"Complete parsed document: pages 1–3, indices 0–2; noncorporate certificate page 2/index 1; corporate certificate page 3/index 2.","Version, effectiveness, status, and limits":"Published as current; front 06/2024, OMB 7100-0011, expiration June 30, 2027. Certificate wording differs from §221.3(b)(2) at exactly $200,000; unresolved below. No pixel inspection. \nfederalreserve.gov"},"coordinator_verification_status":"fresh_complete_parsed_blank_form_read_boundary_conflict_held","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"G2currentstatusCurrentlink andcomplete3parsedpages/indices0-2, both noncorporate/corporatecertificates. Form says no200000or more during preceding6calendar months;221.3(b)(2) says nevermorethan200000.","coordinator_verification_limits":"Exact200000boundary remains unresolved with source hierarchy explicit; no authority to sign an inconsistent certification or silently repair form. Additionalform sixmonthreregistration wording and district/centralrouting differences held. No actualregistrant or filing.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S009","urls":["https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-3","https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=28a9df39-6f87-4e85-96f5-654fe5f3a0e2","https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-3?utm_source=chatgpt.com","https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=28a9df39-6f87-4e85-96f5-654fe5f3a0e2&utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S009","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board, FR G-3, Statement of Purpose … by a Person Subject to Registration Under Regulation U: https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-3; https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=28a9df39-6f87-4e85-96f5-654fe5f3a0e2","Exact read extent and page/index information":"Complete parsed form/instructions: pages 1–2, indices 0–1.","Version, effectiveness, status, and limits":"Published as current; front 06/2024, OMB 7100-0011, expiration June 30, 2027. Earlier internal footer retained. No pixel inspection. \nfederalreserve.gov"},"coordinator_verification_status":"fresh_complete_parsed_blank_form_and_current_link_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"G3currentstatusCurrentlink andcomplete2parsedpages/indices0-1/allparts/footnotes/collateral/date-source exception/consent/goodfaith/3yearretention.","coordinator_verification_limits":"Noformpixels/actual borrower/credit/security/authorizedrepresentative facts. No bank100000threshold imported to G3; planexceptions remain qualified.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S010","urls":["https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-4","https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=a9e38f5a-aadf-40e9-bba6-fbb9ba541b05","https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-4?utm_source=chatgpt.com","https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=a9e38f5a-aadf-40e9-bba6-fbb9ba541b05&utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S010","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board, FR G-4, Annual Report: https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_G-4; https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=a9e38f5a-aadf-40e9-bba6-fbb9ba541b05","Exact read extent and page/index information":"Complete parsed document: pages 1–4, indices 0–3. Instructions pages 1–2; credit schedule page 3/index 2; certification page 4/index 3.","Version, effectiveness, status, and limits":"Published as current; front 06/2024, OMB 7100-0011, expiration June 30, 2027. Parsed schedule contains conflicting unit labels. Screenshot attempt did not provide an inspectable image. \nfederalreserve.gov\n+2"},"coordinator_verification_status":"fresh_complete_parsed_blank_form_read_unit_conflict_held","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"G4currentstatusCurrentlink andcomplete4parsedpages/indices0-3, instructions, annualdeadline/weekendholiday, April30/May31reporting-year option, schedules/footnotes/background/certificate. Parsedscheduleindex2 says Dollars, boundary also DollarAmountsInThousands.","coordinator_verification_limits":"Noinspectableformpixels. Correctactualscheduleunit NOTresolved or assigned; nofilledreport/calculation. Reportingyearoption notdeadlinechange; summaryschedules not borrowercollectionrecords.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S011","urls":["https://www.govinfo.gov/content/pkg/FR-2024-06-28/html/2024-14341.htm","https://www.govinfo.gov/content/pkg/FR-2024-06-28/pdf/2024-14341.pdf","https://www.govinfo.gov/content/pkg/FR-2024-06-28/html/2024-14341.htm?utm_source=chatgpt.com","https://www.govinfo.gov/content/pkg/FR-2024-06-28/pdf/2024-14341.pdf?utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S011","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board, Agency Information Collection Activities: Announcement of Board Approval under Delegated Authority and Submission to OMB, 89 FR 53999–54000: https://www.govinfo.gov/content/pkg/FR-2024-06-28/html/2024-14341.htm; https://www.govinfo.gov/content/pkg/FR-2024-06-28/pdf/2024-14341.pdf","Exact read extent and page/index information":"Complete notice in HTML; corresponding parsed PDF text at printed 53999–54000, indices 0–1. Unrelated adjacent notices not used.","Version, effectiveness, status, and limits":"Final approval, published and revisions applicable June 28, 2024; three-year extension with revision of the six-form collection. It identifies the earlier February 2024 proposal and its completion; the proposal is not used as operative authority. \ngovinfo.gov"},"coordinator_verification_status":"fresh_complete_own_notice_text_and_selected_pdf_pages_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"2024finalcollectionnotice89FR53999-54000complete ownHTMLbody0-118; PDF0ownnotice109-191 andPDF1ownnotice194-285, includingdates,6formcollection,3yearextension,June28applicability/currentactions.","coordinator_verification_limits":"Adjacentunrelatednotices notadopted. Finalapprovalnotice notproposalonly; nofull2026OMB/PRAhistoryaudit. Burdenestimates notborrowerfees, performance,loanvolume or actual filings.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S012","urls":["https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm","https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm?utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S012","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board, FRRS Board Rulings and Staff Opinions Interpreting Regulation U: https://www.federalreserve.gov/frrs/regulations/board-rulings-and-staff-opinions-interpreting-regulation-u.htm","Exact read extent and page/index information":"Complete selected entries: 5-900.16 (Nov. 5/Dec. 2, 1987); 5-900.17 (Feb. 1, 1988); 5-900.18 (Feb. 29, 1988); 5-900.2 (Feb. 3, 1992); 5-923 (Dec. 23, 1977); 5-951.24 (Dec. 14, 1987); 5-951.25 (Oct. 2, 1991).","Version, effectiveness, status, and limits":"Dated official staff interpretations in a presently published compilation, with updated cross-reference annotations. They are distinguished from current regulatory text. No complete withdrawal or subsequent-history audit. The former mixed-collateral segregation requirement in older discussion is not carried forward after the 1998 deletion. \nfederalreserve.gov\n+4"},"coordinator_verification_status":"fresh_selected_historical_staff_entries_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"Complete FRRS5-900.16/.17/.18/.2 (Nov5/Dec2,1987;Feb1/Feb29,1988;Feb3,1992),5-923(Dec23,1977),5-951.24(Dec14,1987),5-951.25(Oct2,1991), includingrelevantauthoritynotes.","coordinator_verification_limits":"Selectedhistoricalstaff opinions, notcurrent regulation or independent corroboration. No fullFRRS/currentwithdrawal/laterjudicial audit. Oldmixed-collateralsegregation treatedwith1998deletion; noactuallending/registrant records queried.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S013","urls":["https://www.federalreserve.gov/frrs/regulations/questions-and-answers-about-nonbank-lenders-under-regulation-u.htm","https://www.federalreserve.gov/frrs/regulations/questions-and-answers-about-nonbank-lenders-under-regulation-u.htm?utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S013","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board, Questions and Answers About Nonbank Lenders Under Regulation U: https://www.federalreserve.gov/frrs/regulations/questions-and-answers-about-nonbank-lenders-under-regulation-u.htm","Exact read extent and page/index information":"Introduction and questions 1–19 read. No lender roster or contact investigation.","Version, effectiveness, status, and limits":"Publisher explanation, not operative law. Historical features—including an obsolete agency reference and older form-page description—prevent treating it as a fully refreshed substitute for regulation/forms. \nfederalreserve.gov\n+2"},"coordinator_verification_status":"fresh_complete_selected_historical_explanation_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"FRRSintro andcompleteQ1-Q19,HTML3455-3575. Introexpresslynotcomplete/substitute. LegacyOTS references andoldfourpageG1description seen.","coordinator_verification_limits":"Q20/contactlist/diagramnotinvestigatedorused. Explanationdoesnotreplacecurrentregulation/forms; Q13briefnonpurposelanguage notbasis toerase registration/reporting. No currentagencyroster/providerresearch.","coordinator_source_check":"[internal evidence reference]"},{"source_id":"R030-P1-S014","urls":["https://www.federalreserve.gov/supervisionreg/regucg.htm","https://www.federalreserve.gov/supervisionreg/regucg.htm?utm_source=chatgpt.com"],"researcher_record":{"Source ID":"R030-P1-S014","Issuer, instrument, and complete literal HTTPS URLs":"Federal Reserve Board, Regulation U: Compliance Guide: https://www.federalreserve.gov/supervisionreg/regucg.htm","Exact read extent and page/index information":"Opening overview and selected explanatory portions inspected; not a complete guide read.","Version, effectiveness, status, and limits":"Navigation/background only. The guide is not the operative rule and does not supply an independent basis for a consequential finding below. \nSupervision and Regulation:"},"coordinator_verification_status":"fresh_selected_navigation_context_read","coordinator_verification_at":"2026-10-28T01:44:13.801565+00:00","coordinator_verification_bounds":"SmallentitiesComplianceGuideopening disclaimer/scope,HTML8-17 only fornavigation; additionalreturnedoverviewnotadopted as consequentialfoundation.","coordinator_verification_limits":"Notcomprehensive; historicalagency/form/option summaries notadoptedovercurrentrule. No whole-guide substantive currentness certification.","coordinator_source_check":"[internal evidence reference]"}],"coverage":[{"topic":"1 — Statutory authority and complete §78g clauses","researcher_record":{"User question / subpart":"1 — Statutory authority and complete §78g clauses","Status":"Answered, with currency limit","Claims / branches / sources":"C001–C004, C082, C086, C103; S001","Missing evidence or limitation":"No full post-release session-law audit","Exact permissible next investigation":"Public amendment/effective-date materials affecting the selected clauses after the stated OLRC release"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"1 — Purpose and purchasing/carrying","researcher_record":{"User question / subpart":"1 — Purpose and purchasing/carrying","Status":"Answered generically; application unresolved","Claims / branches / sources":"C005–C009, C091–C092, C102; B01–B02; S002","Missing evidence or limitation":"Actual use, sequence and underlying debt held","Exact permissible next investigation":"Complete generic interpretations for the unresolved purpose distinction"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"1 — Margin stock and incorporated categories","researcher_record":{"User question / subpart":"1 — Margin stock and incorporated categories","Status":"Answered definition; classification unresolved","Claims / branches / sources":"C014–C016, C100; B03; S001–S002","Missing evidence or limitation":"No issuer/security facts; not every incorporated rule investigated","Exact permissible next investigation":"Relevant generic SEC/statutory definition only"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"1 — Bank/nonbank and ordinary business","researcher_record":{"User question / subpart":"1 — Bank/nonbank and ordinary business","Status":"Answered generically","Claims / branches / sources":"C010–C013; B10; S001–S002","Missing evidence or limitation":"Actual institutional status held; full broker exceptions not audited","Exact permissible next investigation":"Specific unresolved statutory category, without roster or entity search"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"1 — Direct/indirect security and all four exclusions","researcher_record":{"User question / subpart":"1 — Direct/indirect security and all four exclusions","Status":"Answered generically","Claims / branches / sources":"C017–C022, C093–C095; B04–B09; S002","Missing evidence or limitation":"Terms, restraints, reliance, values, affiliation held","Exact permissible next investigation":"Complete applicable definition/interpretation and incorporated affiliate law"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"1 — Exempted borrowers, clearing, plans and transactions","researcher_record":{"User question / subpart":"1 — Exempted borrowers, clearing, plans and transactions","Status":"Answered generically","Claims / branches / sources":"C023–C025, C047–C062; B11, B25; S002, S005","Missing evidence or limitation":"Qualification and activity predicates held","Exact permissible next investigation":"Exact claimed exception and its nested public-law conditions"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"2 — Initial percentage, unit and base","researcher_record":{"User question / subpart":"2 — Initial percentage, unit and base","Status":"Answered","Claims / branches / sources":"C027–C030; B15; S002","Missing evidence or limitation":"No values or actual valuation choices","Exact permissible next investigation":"Applicable supplement category and valuation convention"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"2 — Good-faith value and mixed collateral","researcher_record":{"User question / subpart":"2 — Good-faith value and mixed collateral","Status":"Answered","Claims / branches / sources":"C029–C031, C035; B14–B15; S002, S005","Missing evidence or limitation":"Sound-credit-judgment and allocation facts held","Exact permissible next investigation":"Present supplement versus deleted mixed-collateral requirement"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"2 — Single credit and aggregation","researcher_record":{"User question / subpart":"2 — Single credit and aggregation","Status":"Answered with staff-status qualification","Claims / branches / sources":"C032–C038; B13, B16–B17; S002, S012","Missing evidence or limitation":"Sequence, joint-customer and facility facts held","Exact permissible next investigation":"Exact generic aggregation exception or commitment interpretation"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"2 — Same-day calls, withdrawals and substitutions","researcher_record":{"User question / subpart":"2 — Same-day calls, withdrawals and substitutions","Status":"Answered","Claims / branches / sources":"C039–C041; B18; S002","Missing evidence or limitation":"Event and before/after inputs held","Exact permissible next investigation":"§221.3(c)(2), (f), or (g), according to the legal event"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"2 — Maintenance and falling values","researcher_record":{"User question / subpart":"2 — Maintenance and falling values","Status":"Answered","Claims / branches / sources":"C036–C043; B16–B20; S002, S012","Missing evidence or limitation":"Original compliance and later event facts held","Exact permissible next investigation":"Whether the rule concerns maintenance, new credit, or a collateral event"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"2 — Private calls, demand, sale or universal loss threshold","researcher_record":{"User question / subpart":"2 — Private calls, demand, sale or universal loss threshold","Status":"Excluded as actual/private-law conclusions","Claims / branches / sources":"C045, C080, C087; B19–B20","Missing evidence or limitation":"Contracts and other law held","Exact permissible next investigation":"No private-law investigation in this pass"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"3 — Registration triggers and measurement periods","researcher_record":{"User question / subpart":"3 — Registration triggers and measurement periods","Status":"Answered; commitment-specific application unresolved","Claims / branches / sources":"C063–C064; B12; S002, S007","Missing evidence or limitation":"Actual flow/peak and any unresolved undrawn-credit convention held","Exact permissible next investigation":"Current generic instructions or published interpretation addressing that convention"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"3 — Deregistration","researcher_record":{"User question / subpart":"3 — Deregistration","Status":"Partial","Claims / branches / sources":"C065–C066; B26; S002, S008, S010","Missing evidence or limitation":"Exact-$200,000 and minimum-period form reconciliation unresolved","Exact permissible next investigation":"Current official generic correction or approved-instrument explanation"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"3 — Annual reporting","researcher_record":{"User question / subpart":"3 — Annual reporting","Status":"Answered rule; unit partial","Claims / branches / sources":"C067–C068; B12, B26; S002, S010","Missing evidence or limitation":"G-4 parsed unit conflict; no pixels","Exact permissible next investigation":"Inspectable current form and any authoritative generic unit clarification"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"3 — Bank/nonbank purpose statements","researcher_record":{"User question / subpart":"3 — Bank/nonbank purpose statements","Status":"Answered","Claims / branches / sources":"C069–C072; B21; S002, S006, S009, S012","Missing evidence or limitation":"Actual threshold and exception facts held","Exact permissible next investigation":"Applicable statement paragraph and complete current instructions"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"3 — Retention and transfer records","researcher_record":{"User question / subpart":"3 — Retention and transfer records","Status":"Answered generic requirements","Claims / branches / sources":"C043, C073; S002, S006, S009","Missing evidence or limitation":"No actual records or other retention-law analysis","Exact permissible next investigation":"Public text specifying the particular record category, without disposal advice"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"3 — Current categories, optional items, OMB and routing","researcher_record":{"User question / subpart":"3 — Current categories, optional items, OMB and routing","Status":"Answered categories; discrepancies partial","Claims / branches / sources":"C074–C078; B21, B26; S006–S011","Missing evidence or limitation":"Legacy OMB/routing relationship; T-4 full form not read","Exact permissible next investigation":"Generic approved collection materials; no filing or contact"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"4 — T boundary","researcher_record":{"User question / subpart":"4 — T boundary","Status":"Answered selected boundary; stale reference unresolved","Claims / branches / sources":"C003, C079–C081; B22; S001, S003","Missing evidence or limitation":"Full T excluded; §220.112 reserved","Exact permissible next investigation":"Generic amendment history necessary to explain the stale pointer, without treating former text as current"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"4 — X and foreign cross-reference","researcher_record":{"User question / subpart":"4 — X and foreign cross-reference","Status":"Answered selected boundary","Claims / branches / sources":"C082–C085; B23; S001, S004","Missing evidence or limitation":"Actual status/location/foreign law held","Exact permissible next investigation":"Exact §224.1 exemption or §224.3 route; full foreign analysis remains parent-held"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"4 — Anti-evasion versus remedies","researcher_record":{"User question / subpart":"4 — Anti-evasion versus remedies","Status":"Answered distinction; remedies excluded","Claims / branches / sources":"C022, C034–C035, C044, C080, C083, C087–C095; B24","Missing evidence or limitation":"All actual enforcement/contract facts and law held","Exact permissible next investigation":"In-scope conduct restriction only; separate remedy work not undertaken"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"5 — Provision-specific comparison","researcher_record":{"User question / subpart":"5 — Provision-specific comparison","Status":"Answered","Claims / branches / sources":"Section 7; linked claims and S001–S012","Missing evidence or limitation":"No actual category assignments","Exact permissible next investigation":"Resolve only a remaining generic rule question"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"5 — Blank worksheet","researcher_record":{"User question / subpart":"5 — Blank worksheet","Status":"Answered","Claims / branches / sources":"Section 9","Missing evidence or limitation":"All factual fields intentionally blank","Exact permissible next investigation":"No entry or record collection authorized"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"5 — At least twelve substantive branches","researcher_record":{"User question / subpart":"5 — At least twelve substantive branches","Status":"Answered","Claims / branches / sources":"B01–B26, Section 8","Missing evidence or limitation":"Applications unresolved; B26 partly source-limited","Exact permissible next investigation":"Each branch identifies its own public-law next question"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"5 — Worked illustration","researcher_record":{"User question / subpart":"5 — Worked illustration","Status":"Not used; optional","Claims / branches / sources":"Symbolic mechanism in §3.1","Missing evidence or limitation":"No actual or invented numerical inputs","Exact permissible next investigation":"No numerical illustration necessary to explain the verified mechanism"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"},{"topic":"5 — Source/failure log, gaps and self-check","researcher_record":{"User question / subpart":"5 — Source/failure log, gaps and self-check","Status":"Answered with explicit limitations","Claims / branches / sources":"Sections 1, 11–12; C098–C101","Missing evidence or limitation":"No independent review or acceptance","Exact permissible next investigation":"Only the specifically identified unresolved public-source checks"},"raw_table_index":13,"coordinator_acceptance":"not_yet_reviewed"}],"annotations":{},"corrections":[],"resolved_corrections":[],"review_history":[{"id":"R030-P01-federal-securities-credit-form-boundary-currentness-and-application-holds-20261028","status":"conditionally_reviewed_source_boundaries_and_application_holds","at":"2026-10-28T01:44:13.801565+00:00"}]}