Portfolio allocation under Living Policy constraint, every position bounded by the firm's compiled rulebook at decision time, not at audit time.
Allocations clear the gate before they exist, not after. The Living Policy envelope (regulatory base, institutional policy, mandate overlays) is compiled and present at the moment the decision is proposed. Positions that would breach any layer never reach an order ticket.
Mandate overlays, exclusion lists, concentration limits, jurisdictional carve-outs, and side-letter terms resolve into the same compiled envelope at decision time. One source of truth, different operational behaviour per client, per fund, per business day, without parallel rulebooks drifting silently.
Every allocation decision is provenance-bound: which clause, which version, which signature authorised it. The audit row exists at the moment of the trade, not as a quarter-end reconstruction. Regulators get the answer in one query, not a six-week project.
// Draft copy, awaiting authoritative rewrite from Brendan