{
  "schema": "https://councilof.ai/interop/regulatory-exposure-card.schema.json",
  "id": "stablecoin-attestation-sg-forge-eurcv",
  "pack": "stablecoin-attestation-2026-09",
  "as_of": "2026-09-02T05:44:00Z",
  "obligation": {
    "cite": "Regulation (EU) 2023/1114 Art 54",
    "text": "Funds received by issuers of e-money tokens in exchange for e-money tokens and safeguarded in accordance with Article 7(1) of Directive 2009/110/EC shall comply with the following: (a) at least 30 % of the funds received is always deposited in separate accounts in credit institutions; (b) the remaining funds received are invested in secure, low-risk assets that qualify as highly liquid financial instruments with minimal market risk, credit risk and concentration risk, in accordance with Article 38(1) of this Regulation, and are denominated in the same official currency as the one referenced by the e-money token."
  },
  "binds": "permitted payment stablecoin issuers (GENIUS); e-money token issuers (MiCA Art 54)",
  "fine_ceiling": {
    "cite": "see regime-specific statutes; this card densifies cadence facts only",
    "text": "Fine ceiling not asserted on this densify leaf; obligation texts are quoted for side-by-side reading only.",
    "short": "UNMEASURED_on_this_leaf"
  },
  "enforcer": "GENIUS: primary Federal / State payment stablecoin regulator; MiCA EMT: national competent authorities / EBA for significant tokens",
  "enforcement_start": "GENIUS effective earlier of 2027-01-18 or 120 days after final regs; MiCA EMT regime in force (cite Art 54 text beside measured fact)",
  "measured_fact": {
    "issuer": "Société Générale-FORGE (EURCV / CoinVertible)",
    "tokens": [
      "EURCV"
    ],
    "product_page_url": "https://www.sgforge.com/product/coinvertible/",
    "retrieval_iso_date": "2026-09-02",
    "http_status": 200,
    "stated_cadence": "daily public reserve composition/valuation disclosure (page)",
    "stated_examiner": "page emphasizes daily public disclosure on Societe Generale-Forge website (attestation firm not named in retrieved product copy)",
    "verbatim_quote": "Your assets are 100% backed by cash, ensuring immediate liquidity. Track our reserves daily on the Societe Generale-Forge website for a fully transparent experience, meeting the strictest institutional requirements."
  },
  "UNMEASURED": [
    "one_to_one_reserve_match_recompute",
    "under_reserved_never_asserted",
    "non_compliant_never_asserted",
    "keystone_signature",
    "board_MEASURED"
  ],
  "status": "PROBED",
  "witness": {
    "retrieved_at": "2026-09-02T05:44:00Z",
    "method": "HTTPS GET of public transparency/product page; quote verbatim or UNCHECKABLE reason",
    "writes_board": false,
    "sig_ed25519": null,
    "regimes_cited": [
      "MiCA"
    ]
  },
  "honest_sentence": "Last public attestation/cadence language as retrieved (quoted) beside GENIUS monthly attestation text and/or MiCA Art 54 text. Never under-reserved / non-compliant. Reader concludes.",
  "forbidden_note": "NEVER: under-reserved / non-compliant / violated / fined / absent-as-verdict."
}