Separation of functions

Proposed governance role matrix

FunctionPrimary responsibilityMust not alone determineRequired evidence
Issuer governancePurpose, mandate, approved programmeWhether money has actually settledBoard/authorised decision record
Legal/complianceOffering route, eligibility, required checksAccounting recognition of cashDocumented approval/gate
Register administrationBond IDs, status history, coded ownership recordsEconomic activation by label aloneAudit event and authorised instruction
Finance/accountingCash receipt, reconciliation, liabilities, servicingLegal eligibilityBank/payment and ledger evidence
Audit/controlReview changes, exceptions, reconciliationsCommercial termsImmutable/event history and reports
Public verificationConfirm limited coded factsIdentity, entitlement or confidential compliance dataRegister match
Activation principle: future ACTIVE status should require concurrence between legal/compliance approval, register authority and verified financial settlement.