From room setup to evidence export, in six gated phases.
Each phase writes to the audit trail, so the process stays evidence-ready without adding manual work for the syndicate desk. Nothing advances on someone remembering to click.
What does an investor pass through before a page renders?
Five ordered checks, evaluated in this order every time, each logged pass or fail with the input that decided it and the rule id from the pinned pack.
Consent
E-delivery consent, captured and versioned before anything renders.
Country
Self-certified, cross-checked against geo-IP. A lookup failure denies.
Category
QIB, professional client or the category the pinned pack allows.
Stage
Is the deal at a stage where this research may be read? Outside the window, access is refused.
Disclaimer
The exact rendered text, hashed on acceptance. A new version forces re-acceptance.
Evaluated in this order, every time. Each step is logged pass or fail with the input that decided it and the rule id from the pinned pack. Every failure path denies — there is no state in which an error opens the page.
What happens in each phase of a live deal?
Configure the room
Before any document is uploaded, the deal team sets the rules: rule packs by jurisdiction, investor-type eligibility, disclaimer language by stage, and the checklist items that must be complete before the room can go live.
Build the distribution list
Import or curate the buy-side invite list. Every row is validated — address format, in-file and cross-file duplicates, ISO 3166-1 country, eligible category, approved-domain list. A test send previews exactly what investors will receive.
Go live on schedule
Once every mandatory checklist item is complete, the room releases at the scheduled time. If any required item is still open at the scheduled time, the room does not open, and the deal team is told which item is outstanding. Investors then pass the five-step gate before they see a page.
Manage the active room
Respond to access requests, watch engagement by investor and document, recall a document with a reason, publish a disclaimer update that forces re-acceptance, and suspend the whole room at once if you need to.
Restriction window and post-pricing
When the restriction starts (for India, at pricing, under SEBI RA Reg. 18), the room stops distributing on its own and the disclaimer switches to its post-pricing version. Historical access stays visible to admins.
Export the evidence
Every view, certification and admin action, the pinned rule-pack versions and every disclaimer version export as CSV and a signed PDF, ready for compliance or a regulator.
Why are rules held as data rather than written into the product?
Because rules change on dates, and a deal has to be judged by the rules in force when it ran. FCA PS26/16 took effect on 5 August 2026 and SEBI's ICDR consolidated text was last amended on 21 March 2026 — a July deal and a September deal are not the same deal.
Versioned, with an effective date
Each pack version carries the date from which it applies. Overlapping versions for one jurisdiction are rejected outright.
Pinned at go-live and kept
The deal takes an immutable snapshot of the pack when it goes live. A later global edit never retroactively changes a live deal.
Counsel sign-off is part of the pack
A pack carries its sign-off status and an override register with reasons. A pack whose parameters are unverified stays in draft and cannot be pinned.
Law and firm policy are labelled differently
Where a desk applies a day count that is practice rather than law — the Hong Kong 14 days, a post-PS26/16 UK delay — the pack carries it as a firm-policy overlay, labelled as policy in the room and in the audit record.
What happens if something goes wrong mid-deal?
What happens if the checklist is not complete at the scheduled go-live time?
The release does not fire. The deal team is notified with the first incomplete item. Nothing is ever released by a partially complete checklist, and the aborted transition is itself an audited event.
Can the restriction window move?
Yes. It is anchored to the event the rule pack names — for India, the pricing date — so moving the event in the deal timetable moves the window and logs the change. The pack cites the provision behind each window, so a compliance officer can see whether a block came from law or from your own firm policy.
Can an investor download anything?
No. The reader is view-only with a server-composited dynamic watermark.
What happens if we need to stop everything?
An emergency suspend terminates every live session on the deal and is recorded with the person who triggered it and the reason. It is reversible only by compliance.
Last reviewed 5 October 2026
Walk through a deal with us.
We will take one of your deal shapes and show how it configures, gates and exports — including the parts we have not built yet.