Reader objective
Create a reviewable record for approval, rejection, and ongoing monitoring.
Decision header
- Exact instrument, token, contract, protocol, market, and chain
- Verdict: approved, approved with limits, deferred, or rejected
- Reviewer, approval date, next review, and version
- Eligible accounts, intended role, and maximum position
Evidence body
- Economic exposure and return source
- Legal claim, issuer, redemption, and eligibility
- Asset, protocol, chain, oracle, bridge, and custody dependencies
- Fees, liquidity, valuation, tax, and operational workflow
- Incidents, counterevidence, unresolved questions, and source archive
Kill criteria
Kill criteria are observable facts that revoke or force review of the decision: an exploit above a threshold, admin change, new collateral class, liquidity floor, depeg duration, shortened timelock, regulatory restriction, issuer change, or missed disclosure. Define the threshold and data source before approval.
Corrections are part of the product
Never silently rewrite the prior decision. Supersede it. State what the earlier version claimed, why it was incomplete or wrong, what evidence changed, and how the verdict or limit changed. A visible correction improves the record because it demonstrates process rather than hindsight.
Refusals matterA documented rejection proves that selection criteria can actually exclude attractive-looking products.
Primary and reference sources
- Investment Management — Investment Advisers — U.S. Securities and Exchange Commission