---
type: "AIHallucinationFinding"
title: "What is the minimum liquid net assets funded by equity (LNAFE) that PFMI Principle 15 Key…"
citation_id: "RLB-H-INT-BIS-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-Q003-Opus47"
finding_uid: "INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-003--opus-47-websearch"
question_uid: "INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-003"
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_07_GUIDELINE_PFMI_KC3_existing_standard_vs_FIA_ISDA_r_d162.htm"
substrate_document_path: "https://reglegbrief.com/substrate/INT/BIS-CPMI/CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025/_raw_manual_substrate/p_07_GUIDELINE_PFMI_KC3_existing_standard_vs_FIA_ISDA_r_d162.htm"
substrate_section_anchor: "PFMI KC3 existing standard vs FIA/ISDA recommendation (d229 consultation response)"
citation_issue_types: ["Contradictory"]
audiences: ["ai_labs"]
published_at: "2026-06-03T12:34:10.472076+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-v1-003--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 is the minimum liquid net assets funded by equity (LNAFE) that PFMI Principle 15 Key…

- **Citation ID.** `RLB-H-INT-BIS-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-Q003-Opus47`
- **Finding UID.** `INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-003--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.** 2026-06-03T12:34:10.472076+00:00

## Question put to the AI subject

What is the minimum liquid net assets funded by equity (LNAFE) that PFMI Principle 15 Key Consideration 3 requires an FMI to hold, and how exactly is that minimum structured and calculated under the rule text?

## AI subject's verbatim answer

requires an FMI to hold liquid net assets funded by equity (LNAFE) equal to at least the GREATER of (i) the amount needed to cover potential general business losses derived from the FMI's own scenario analysis, and (ii) six months of current operating expenses

## Verbatim regulator text contradicting the answer

> At a minimum, an FMI should hold liquid net assets funded by equity equal to at least six months of current operating expenses.

_Source:_ [p_07_GUIDELINE_PFMI_KC3_existing_standard_vs_FIA_ISDA_r_d162.htm](https://reglegbrief.com/substrate/INT/BIS-CPMI/CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025/_raw_manual_substrate/p_07_GUIDELINE_PFMI_KC3_existing_standard_vs_FIA_ISDA_r_d162.htm)
_Section anchor:_ PFMI KC3 existing standard vs FIA/ISDA recommendation (d229 consultation response)

## 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.htm>
- **Contradictory** — <https://www.bis.org/cpmi/publ/d228.pdf>
- **Contradictory** — <https://www.bis.org/cpmi/publ/d229.pdf>
- **Contradictory** — <https://www.bis.org/cpmi/publ/d229.htm>
- **Contradictory** — <https://www.fia.org/fia/articles/fia-and-isda-respond-cpmi-iosco-consultation-general-business-losses>
- **Contradictory** — <https://www.isda.org/2026/02/09/isda-and-fia-respond-to-cpmi-iosco-consultation-on-general-business-losses>

## 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-Q003-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-v1-003--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.