---
type: "AIHallucinationFinding"
title: "What capital instruments and assets qualify toward a CCP's minimum liquid net assets funded by…"
citation_id: "RLB-H-INT-BIS-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-Q002-Opus47"
finding_uid: "INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-002--opus-47-websearch"
question_uid: "INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-002"
regulation_id: "INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025"
regulation_slug: "CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025"
regulation_title: "Implementation Monitoring of the PFMI: Level 3 Assessment on General Business Risks"
regulator_short_code: "BIS-CPMI"
regulatory_body_id: "BIS-CPMI-INT-001"
jurisdiction_code: "INT"
j_level: "J1"
ai_subject: "claude-opus-4-7"
ai_subject_display: "Claude Opus 4.7 (web search on)"
ai_subject_version: "opus-47-websearch"
response_failure_mode: "inference_drift"
substrate_document_name: "p_03_NOTICE_d228_Annex_A_reproducing_PFMI_Principle_p251107.htm"
substrate_document_path: "https://reglegbrief.com/substrate/INT/BIS-CPMI/CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025/_raw_manual_substrate/p_03_NOTICE_d228_Annex_A_reproducing_PFMI_Principle_p251107.htm"
substrate_section_anchor: "d228 Annex A reproducing PFMI Principle 15 KC3 — Basel capital carve-out"
citation_issue_types: ["Contradictory"]
audiences: ["ai_labs"]
published_at: "2026-06-07T07:58:39.481407+00:00"
substrate_version: 1
methodology_version: "2.3"
license: "CC-BY-4.0"
resource: "https://reglegbrief.com/regulators/j1/int/bis-cpmi/CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025/ai-labs/finding/INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-002--opus-47-websearch/"
tags: ["ai-hallucination", "inference_drift", "bis-cpmi", "cpmi-iosco-pfmi-l3-general-business-risk-2025", "int"]
timestamp: "2026-06-16T00:00:00+00:00"
---

# AI Hallucination Finding: What capital instruments and assets qualify toward a CCP's minimum liquid net assets funded by…

- **Citation ID.** `RLB-H-INT-BIS-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-Q002-Opus47`
- **Finding UID.** `INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-002--opus-47-websearch`
- **Regulation.** [`CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025`](/okf/regulations/CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025.md) — Implementation Monitoring of the PFMI: Level 3 Assessment on General Business Risks
- **Regulator.** [`BIS-CPMI-INT-001`](/okf/bodies/BIS-CPMI-INT-001.md) — Bank for International Settlements — Committee on Payments and Market Infrastructures (CPMI)
- **AI subject.** Claude Opus 4.7 (web search on)
- **Failure mode.** [`inference_drift`](/okf/taxonomy/failure-modes.md)
- **Published.** 2026-06-07T07:58:39.481407+00:00

## Question put to the AI subject

What capital instruments and assets qualify toward a CCP's minimum liquid net assets funded by equity requirement under PFMI Principle 15, what must be held separately and cannot be counted, and can equity maintained in compliance with Basel or CRD prudential capital frameworks be included in the LNAFE calculation or must it be held on top?

## AI subject's verbatim answer

The PFMI does not deem Basel-driven capital fungible with LNAFE: KC4's additivity requirement and the November 2025 findings together imply that Basel-mandated capital and LNAFE must be sized for their respective risks and that, where the same equity is intended to serve both, the firm must demonstrate that the binding requirement is met after netting

## Verbatim regulator text contradicting the answer

> determining the amounts of liquid net assets funded by equity to cover potential losses from different sources of risks, recovery and orderly wind-down planning, and plans for raising additional equity

_Source:_ [p_03_NOTICE_d228_Annex_A_reproducing_PFMI_Principle_p251107.htm](https://reglegbrief.com/substrate/INT/BIS-CPMI/CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025/_raw_manual_substrate/p_03_NOTICE_d228_Annex_A_reproducing_PFMI_Principle_p251107.htm)
_Section anchor:_ d228 Annex A reproducing PFMI Principle 15 KC3 — Basel capital carve-out

## Failure mode

**`inference_drift`** — Inference drift — the AI inferred a conclusion the regulator's text does not warrant, often by combining unrelated provisions.

## Citation-issue types

- **Contradictory** — <https://www.bis.org/cpmi/publ/d101a.pdf>
- **Contradictory** — <https://www.bis.org/cpmi/publ/d228.pdf>
- **Contradictory** — <https://www.bis.org/cpmi/publ/d229.pdf>
- **Contradictory** — <https://www.bis.org/fsi/fsisummaries/pfmi.pdf>

## Related concepts

- Regulation: [CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025](/okf/regulations/CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025.md)
- Regulator: [BIS-CPMI-INT-001](/okf/bodies/BIS-CPMI-INT-001.md)
- Failure-mode taxonomy: [inference_drift](/okf/taxonomy/failure-modes.md)
- Methodology: [v2.3](/okf/methodology.md)
- Editorial standards: [right of reply](/okf/editorial-standards.md)

## Reproduction

Citation ID: `RLB-H-INT-BIS-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-Q002-Opus47`

Resource URL (HTML view of this finding):

<https://reglegbrief.com/regulators/j1/int/bis-cpmi/CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025/ai-labs/finding/INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-002--opus-47-websearch/>

This finding is reproducible against the substrate document linked above, using the same AI subject, the same methodology version, and the verbatim question text.