Enforce instrument temporal eligibility

OpenCapTable-v34/daml.yaml

@@ -1,7 +1,7 @@
 sdk-version: 3.4.10
 name: OpenCapTable-v34
 source: daml
-version: 0.0.15
+version: 0.0.16
 build-options:
   - -Wno-crypto-text-is-alpha
   - --typecheck-upgrades=no

OpenCapTable-v34/daml/Fairmint/OpenCapTable/OCF/ConvertibleIssuance.daml

@@ -7,6 +7,7 @@ import Fairmint.OpenCapTable.Types.Monetary (OcfMonetary, validateOcfMonetary)
 import Fairmint.OpenCapTable.Types.Stock (OcfSecurityExemption, validateOcfSecurityExemption)
 import Fairmint.OpenCapTable.Types.Conversion (OcfConvertibleType, OcfConversionTriggerType(..), OcfConvertibleConversionRight(..), validateOcfConvertibleConversionRight, validateOcfConversionTriggerFields)
 import Fairmint.Shared.TypeHelpers (validateOptionalText)
+import DA.List (unique)
 
 
 template ConvertibleIssuance
@@ -85,6 +86,7 @@ validateConvertibleIssuanceOcfData d =
   validateOptionalText d.consideration_text &&
   -- Required arrays per schema
   not (null d.conversion_triggers) &&
+  unique (map (\trigger -> trigger.trigger_id) d.conversion_triggers) &&
   all validateOcfConvertibleConversionTrigger d.conversion_triggers
 
 

OpenCapTable-v34/daml/Fairmint/OpenCapTable/OCF/WarrantIssuance.daml

@@ -8,6 +8,7 @@ import Fairmint.OpenCapTable.Types.Stock (OcfQuantitySourceType, OcfSecurityExem
 import Fairmint.OpenCapTable.Types.Vesting (OcfVesting, validateOcfVesting)
 import Fairmint.OpenCapTable.Types.Conversion (OcfConversionTrigger, validateOcfConversionTrigger)
 import Fairmint.Shared.TypeHelpers (validateOptionalText)
+import DA.List (unique)
 
 template WarrantIssuance
   with
@@ -95,6 +96,7 @@ validateOcfWarrantIssuanceDataTx d =
   optional True validateOcfMonetary d.exercise_price &&
   validateOptionalText d.consideration_text &&
   -- exercise_triggers: OCF schema requires array but no minItems, so empty array is valid
+  unique (map (\trigger -> trigger.trigger_id) d.exercise_triggers) &&
   all validateOcfConversionTrigger d.exercise_triggers &&
   validateOptionalText d.vesting_terms_id &&
   -- If vestings array present, enforce items are valid and minItems >= 1

OpenCapTable-v34/daml/Fairmint/OpenCapTable/Types/Conversion.daml

@@ -8,6 +8,7 @@ module Fairmint.OpenCapTable.Types.Conversion where
 -- OCF: https://raw.githubusercontent.com/Open-Cap-Table-Coalition/Open-Cap-Format-OCF/main/schema/types/
 
 import DA.Optional (isNone, isSome)
+import DA.List (sortOn)
 import Fairmint.Shared.TypeHelpers (validateOptionalText, validateRequiredText)
 import Fairmint.OpenCapTable.Types.Validation (validateOcfPercentage)
 import Fairmint.OpenCapTable.Types.Monetary (OcfMonetary, validateOcfMonetary)
@@ -72,7 +73,23 @@ data OcfInterestRate = OcfInterestRate
   deriving (Eq, Show)
 
 validateOcfInterestRate : OcfInterestRate -> Bool
-validateOcfInterestRate r = validateOcfPercentage r.rate
+validateOcfInterestRate r =
+  validateOcfPercentage r.rate &&
+  optional True (\endDate -> endDate >= r.accrual_start_date) r.accrual_end_date
+
+validateSortedOcfInterestRateSchedule : [OcfInterestRate] -> Bool
+validateSortedOcfInterestRateSchedule rates = case rates of
+  [] -> True
+  [rate] -> validateOcfInterestRate rate
+  current :: next :: rest ->
+    validateOcfInterestRate current &&
+    current.accrual_start_date < next.accrual_start_date &&
+    optional True (\endDate -> endDate < next.accrual_start_date) current.accrual_end_date &&
+    validateSortedOcfInterestRateSchedule (next :: rest)
+
+validateOcfInterestRateSchedule : [OcfInterestRate] -> Bool
+validateOcfInterestRateSchedule rates =
+  validateSortedOcfInterestRateSchedule (sortOn (\rate -> rate.accrual_start_date) rates)
 
 -- =============================================================================
 -- CAPITALIZATION DEFINITION TYPES
@@ -360,7 +377,7 @@ data OcfNoteConversionMechanism = OcfNoteConversionMechanism
 
 validateOcfNoteConversionMechanism : OcfNoteConversionMechanism -> Bool
 validateOcfNoteConversionMechanism m =
-  all validateOcfInterestRate m.interest_rates &&
+  validateOcfInterestRateSchedule m.interest_rates &&
   optional True (\d -> d >= (0.0) && d < (1.0 : Decimal)) m.conversion_discount &&
   optional True validateOcfMonetary m.conversion_valuation_cap &&
   optional True validateOcfRatio m.exit_multiple &&
@@ -611,6 +628,9 @@ validateOcfConversionTriggerFields triggerType startDate endDate triggerConditio
       noTriggerDate = isNone triggerDate
       hasStartDate = isSome startDate
       hasEndDate = isSome endDate
+      hasValidRange = case (startDate, endDate) of
+        (Some start, Some end) -> start <= end
+        _ -> False
       noRange = isNone startDate && isNone endDate
    in case triggerType of
         OcfTriggerTypeTypeAutomaticOnDate ->
@@ -620,7 +640,7 @@ validateOcfConversionTriggerFields triggerType startDate endDate triggerConditio
         OcfTriggerTypeTypeElectiveOnCondition ->
           hasCondition && noTriggerDate && noRange
         OcfTriggerTypeTypeElectiveInRange ->
-          hasStartDate && hasEndDate && noCondition && noTriggerDate
+          hasStartDate && hasEndDate && hasValidRange && noCondition && noTriggerDate
         OcfTriggerTypeTypeElectiveAtWill ->
           noCondition && noTriggerDate && noRange
         OcfTriggerTypeTypeUnspecified ->

Test/daml.yaml

@@ -7,6 +7,6 @@ dependencies:
   - daml-stdlib
   - daml-script
 data-dependencies:
-  - ../OpenCapTable-v34/.daml/dist/OpenCapTable-v34-0.0.15.dar
+  - ../OpenCapTable-v34/.daml/dist/OpenCapTable-v34-0.0.16.dar
 build-options:
   - -Wno-template-interface-depends-on-daml-script

Test/daml/OpenCapTable/TestConvertibleSecurityBalances.daml

@@ -68,7 +68,7 @@ convertibleConversion transactionId securityId triggerId date resultingSecurityI
 
 convertibleIssuance : Text -> Text -> Text -> Time -> Decimal -> ConvertibleIssuanceOcfData
 convertibleIssuance issuanceId securityId stakeholderId date amount =
-  (defaultConvertibleIssuance issuanceId securityId stakeholderId ("TRIGGER-" <> issuanceId)) with
+  (defaultConvertibleIssuance issuanceId securityId stakeholderId "TRIGGER-CONVERTIBLE-CONTINUITY") with
     date = date
     investment_amount = OcfMonetary with amount = amount, currency = "USD"
 
@@ -282,6 +282,57 @@ testConvertibleSecurityBalance_TransferCannotChangeSuccessorConversionTerms = sc
       edits = []
       deletes = []
 
+testConvertibleSecurityBalance_TransferCannotRenameSuccessorTrigger = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableReady <- addDefaultStakeholder issuer cap_table
+  let source = convertibleIssuance "CV-ISS-TRIGGER-ID-SOURCE" "CSEC-TRIGGER-ID-SOURCE" "SH-1" jan01 100.0
+      baseResult = convertibleIssuance "CV-ISS-TRIGGER-ID-RESULT" "CSEC-TRIGGER-ID-RESULT" "SH-1" jan02 60.0
+      result = baseResult with
+        conversion_triggers = map
+          (\trigger -> trigger with trigger_id = "TRIGGER-CONVERTIBLE-RENAMED")
+          baseResult.conversion_triggers
+
+  submitMustFail issuer do
+    exerciseCmd capTableReady CT.UpdateCapTable with
+      creates =
+        [ CT.OcfCreateConvertibleIssuance source
+        , CT.OcfCreateConvertibleIssuance result
+        , CT.OcfCreateConvertibleTransfer (convertibleTransfer
+            "TX-CV-TRIGGER-ID-TRANSFER"
+            source.security_id
+            60.0
+            jan02
+            [result.security_id]
+            None)
+        ]
+      edits = []
+      deletes = []
+
+testConvertibleSecurityBalance_CancellationCannotRenameBalanceTrigger = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableReady <- addDefaultStakeholder issuer cap_table
+  let source = convertibleIssuance "CV-ISS-CANCEL-TRIGGER-ID-SOURCE" "CSEC-CANCEL-TRIGGER-ID-SOURCE" "SH-1" jan01 100.0
+      baseBalance = convertibleIssuance "CV-ISS-CANCEL-TRIGGER-ID-BALANCE" "CSEC-CANCEL-TRIGGER-ID-BALANCE" "SH-1" jan02 60.0
+      balance = baseBalance with
+        conversion_triggers = map
+          (\trigger -> trigger with trigger_id = "TRIGGER-CONVERTIBLE-RENAMED")
+          baseBalance.conversion_triggers
+
+  submitMustFail issuer do
+    exerciseCmd capTableReady CT.UpdateCapTable with
+      creates =
+        [ CT.OcfCreateConvertibleIssuance source
+        , CT.OcfCreateConvertibleIssuance balance
+        , CT.OcfCreateConvertibleCancellation (convertibleCancellation
+            "TX-CV-CANCEL-TRIGGER-ID"
+            source.security_id
+            40.0
+            jan02
+            (Some balance.security_id))
+        ]
+      edits = []
+      deletes = []
+
 testConvertibleSecurityBalance_PartialTransferScalesSuccessorProRata = script do
   TestOcp{issuer, cap_table} <- setupTestOcp
   capTableReady <- addDefaultStakeholder issuer cap_table
@@ -420,7 +471,7 @@ testConvertibleSecurityBalance_ConversionWithBalanceRetiresSource = script do
         , CT.OcfCreateConvertibleConversion (convertibleConversion
             "TX-CV-CONVERSION-BALANCE"
             "CSEC-CONVERSION-SOURCE"
-            "TRIGGER-CV-ISS-CONVERSION-SOURCE"
+            "TRIGGER-CONVERTIBLE-SUCCESSOR"
             jan02
             ["SSEC-CONVERSION-RESULT"]
             (Some "CSEC-CONVERSION-BALANCE")
@@ -447,7 +498,7 @@ testConvertibleSecurityBalance_ConversionWithoutBalanceRetiresSource = script do
         , CT.OcfCreateConvertibleConversion (convertibleConversion
             "TX-CV-FULL-CONVERSION"
             "CSEC-FULL-CONVERSION-SOURCE"
-            "TRIGGER-CV-ISS-FULL-CONVERSION-SOURCE"
+            "TRIGGER-CONVERTIBLE-SUCCESSOR"
             jan02
             ["SSEC-FULL-CONVERSION-RESULT"]
             None
@@ -535,7 +586,7 @@ testConvertibleSecurityBalance_ConversionCannotCreateZeroBalance = script do
         , CT.OcfCreateConvertibleConversion (convertibleConversion
             "TX-CV-CONVERSION-ZERO-BALANCE"
             "CSEC-CONVERSION-ZERO-SOURCE"
-            "TRIGGER-CV-ISS-CONVERSION-ZERO-SOURCE"
+            "TRIGGER-CONVERTIBLE-SUCCESSOR"
             jan02
             ["SSEC-CONVERSION-ZERO-RESULT"]
             (Some "CSEC-CONVERSION-ZERO-BALANCE")

Test/daml/OpenCapTable/TestConvertibleTransfer.daml

@@ -108,7 +108,7 @@ testConvertibleTransfer_NoteFullAssignment = script do
   (capTableCid, assigneeId) <- setupStakeholderWithId issuer capTableCid "SH-ASSIGNEE" "Convertible Assignee"
   let securityId = "CSEC-NOTE-001"
   -- Create a convertible note issuance
-  let noteTriggerDate = DT.time (DA.date 2025 Jun 15) 0 0 0
+  let noteTriggerDate = DT.time (DA.date 2026 Jun 15) 0 0 0
   result <- submit issuer do
     exerciseCmd capTableCid CT.UpdateCapTable with
       creates = [CT.OcfCreateConvertibleIssuance (convertibleTransferIssuance
@@ -133,3 +133,35 @@ testConvertibleTransfer_NoteFullAssignment = script do
       edits = []
       deletes = []
   pure ()
+
+testConvertibleTransfer_PreservesRootReachableTriggers = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableCid <- addDefaultStakeholder issuer cap_table
+  (capTableCid, assigneeId) <- setupStakeholderWithId issuer capTableCid "SH-ASSIGNEE" "Convertible Assignee"
+  let securityId = "CSEC-NOTE-EXPIRED-TRIGGER"
+      triggerDate = DT.time (DA.date 2025 Jun 15) 0 0 0
+      transferDate = DT.time (DA.date 2025 Dec 01) 0 0 0
+  result <- submit issuer do
+    exerciseCmd capTableCid CT.UpdateCapTable with
+      creates = [CT.OcfCreateConvertibleIssuance (convertibleTransferIssuance
+        "TX_NOTE_EXPIRED_TRIGGER_ISSUANCE" securityId "SH-1" 250000.0
+        (DT.time (DA.date 2023 Jun 15) 0 0 0) OcfConvertibleNote triggerDate)]
+      edits = []
+      deletes = []
+  _ <- submit issuer do
+    exerciseCmd result.updatedCapTableCid CT.UpdateCapTable with
+      creates = [CT.OcfCreateConvertibleIssuance (convertibleTransferIssuance
+          "TX_NOTE_EXPIRED_TRIGGER_SUCCESSOR" "CSEC-NOTE-EXPIRED-TRIGGER-SUCCESSOR" assigneeId 250000.0
+          transferDate OcfConvertibleNote triggerDate)
+        , CT.OcfCreateConvertibleTransfer ConvertibleTransferOcfData with
+        id = "TX_NOTE_EXPIRED_TRIGGER_TRANSFER"
+        date = transferDate
+        amount = OcfMonetary with amount = 250000.0, currency = "USD"
+        security_id = securityId
+        resulting_security_ids = ["CSEC-NOTE-EXPIRED-TRIGGER-SUCCESSOR"]
+        comments = []
+        balance_security_id = None
+        consideration_text = None]
+      edits = []
+      deletes = []
+  pure ()

Test/daml/OpenCapTable/TestEquityCompensationTransfer.daml

@@ -12,6 +12,9 @@ import DA.Date (Month(..))
 import qualified DA.Time as DT
 import Daml.Script
 
+equityCompensationExpiration : Time
+equityCompensationExpiration = DT.time (DA.date 2032 Jan 15) 0 0 0
+
 -- Create an equity compensation issuance to transfer (follows real workflow)
 createEquityCompensationIssuance issuer capTableCid securityId quantity issuanceDate =
   submit issuer do
@@ -33,7 +36,7 @@ createEquityCompensationIssuance issuer capTableCid securityId quantity issuance
         base_price = None
         exercise_price = Some (OcfMonetary with amount = 0.50, currency = "USD")
         early_exercisable = None
-        expiration_date = Some (DT.time (DA.date 2032 Jan 15) 0 0 0)
+        expiration_date = Some equityCompensationExpiration
         stock_class_id = None
         stock_plan_id = None
         vesting_terms_id = None
@@ -54,7 +57,7 @@ testEquityCompensationTransfer_NSOToFamilyTrust = script do
   balanceResult <- createEquityCompensationIssuance issuer result.updatedCapTableCid "ESEC-NSO-REMAIN" 5000.0 transferDate
   _ <- submit issuer do
     exerciseCmd balanceResult.updatedCapTableCid CT.UpdateCapTable with
-      creates = [equityCompensationSuccessorIssuance "EC-ISS-TRANSFERRED-001" "ESEC-NSO-TRANSFERRED-001" transfereeId transferDate 5000.0
+      creates = [equityCompensationSuccessorIssuance "EC-ISS-TRANSFERRED-001" "ESEC-NSO-TRANSFERRED-001" transfereeId transferDate 5000.0 (Some equityCompensationExpiration)
         , CT.OcfCreateEquityCompensationTransfer EquityCompensationTransferOcfData with
         id = "TX_EQUITY_COMP_TRANSFER_1"
         date = transferDate
@@ -78,7 +81,7 @@ testEquityCompensationTransfer_ResultQuantityMustMatchTransfer = script do
   submitMustFail issuer do
     exerciseCmd result.updatedCapTableCid CT.UpdateCapTable with
       creates =
-        [ equityCompensationSuccessorIssuance "EC-ISS-QUANTITY-MISMATCH" "ESEC-QUANTITY-MISMATCH-RESULT" transfereeId (DT.time (DA.date 2025 Jun 01) 0 0 0) 59.0
+        [ equityCompensationSuccessorIssuance "EC-ISS-QUANTITY-MISMATCH" "ESEC-QUANTITY-MISMATCH-RESULT" transfereeId (DT.time (DA.date 2025 Jun 01) 0 0 0) 59.0 (Some equityCompensationExpiration)
         , CT.OcfCreateEquityCompensationTransfer EquityCompensationTransferOcfData with
             id = "TX-EC-TRANSFER-QUANTITY-MISMATCH"
             date = DT.time (DA.date 2025 Jun 01) 0 0 0
@@ -103,8 +106,8 @@ testEquityCompensationTransfer_BalanceMustKeepSourceStakeholder = script do
   submitMustFail issuer do
     exerciseCmd sourceResult.updatedCapTableCid CT.UpdateCapTable with
       creates =
-        [ equityCompensationSuccessorIssuance "EC-ISS-BALANCE-HOLDER-RESULT" "ESEC-BALANCE-HOLDER-RESULT" transfereeId transferDate 60.0
-        , equityCompensationSuccessorIssuance "EC-ISS-BALANCE-HOLDER-REMAINDER" "ESEC-BALANCE-HOLDER-REMAINDER" transfereeId transferDate 40.0
+        [ equityCompensationSuccessorIssuance "EC-ISS-BALANCE-HOLDER-RESULT" "ESEC-BALANCE-HOLDER-RESULT" transfereeId transferDate 60.0 (Some equityCompensationExpiration)
+        , equityCompensationSuccessorIssuance "EC-ISS-BALANCE-HOLDER-REMAINDER" "ESEC-BALANCE-HOLDER-REMAINDER" transfereeId transferDate 40.0 (Some equityCompensationExpiration)
         , CT.OcfCreateEquityCompensationTransfer EquityCompensationTransferOcfData with
             id = "TX-EC-BALANCE-HOLDER-MISMATCH"
             date = transferDate
@@ -127,7 +130,7 @@ testEquityCompensationTransfer_FullTransfer = script do
   result <- createEquityCompensationIssuance issuer capTableCid securityId 2500.0 (DT.time (DA.date 2022 Jan 15) 0 0 0)
   _ <- submit issuer do
     exerciseCmd result.updatedCapTableCid CT.UpdateCapTable with
-      creates = [equityCompensationSuccessorIssuance "EC-ISS-NEWHOLDER" "ESEC-NSO-NEWHOLDER" transfereeId (DT.time (DA.date 2025 Sep 15) 0 0 0) 2500.0
+      creates = [equityCompensationSuccessorIssuance "EC-ISS-NEWHOLDER" "ESEC-NSO-NEWHOLDER" transfereeId (DT.time (DA.date 2025 Sep 15) 0 0 0) 2500.0 (Some equityCompensationExpiration)
         , CT.OcfCreateEquityCompensationTransfer EquityCompensationTransferOcfData with
         id = "TX_EQUITY_COMP_TRANSFER_FULL"
         date = DT.time (DA.date 2025 Sep 15) 0 0 0
@@ -152,7 +155,7 @@ testEquityCompensationTransfer_WithApprovalComments = script do
   balanceResult <- createEquityCompensationIssuance issuer result.updatedCapTableCid "ESEC-NSO-REMAINING" 7000.0 transferDate
   _ <- submit issuer do
     exerciseCmd balanceResult.updatedCapTableCid CT.UpdateCapTable with
-      creates = [equityCompensationSuccessorIssuance "EC-ISS-TRUST" "ESEC-NSO-TRUST" transfereeId transferDate 8000.0
+      creates = [equityCompensationSuccessorIssuance "EC-ISS-TRUST" "ESEC-NSO-TRUST" transfereeId transferDate 8000.0 (Some equityCompensationExpiration)
         , CT.OcfCreateEquityCompensationTransfer EquityCompensationTransferOcfData with
         id = "TX_EQUITY_COMP_TRANSFER_APPROVED"
         date = transferDate

Test/daml/OpenCapTable/TestHelpers.daml

@@ -345,15 +345,16 @@ createWarrantIssuance issuer capTableCid securityId quantity issuanceDate =
 
 convertibleSuccessorIssuance : Text -> Text -> Text -> Time -> Decimal -> CT.OcfCreateData
 convertibleSuccessorIssuance issuanceId securityId stakeholderId date investmentAmount =
-  CT.OcfCreateConvertibleIssuance ((defaultConvertibleIssuance issuanceId securityId stakeholderId ("TRIGGER-" <> issuanceId)) with
+  CT.OcfCreateConvertibleIssuance ((defaultConvertibleIssuance issuanceId securityId stakeholderId "TRIGGER-CONVERTIBLE-SUCCESSOR") with
     date = date
     investment_amount = OcfMonetary with amount = investmentAmount, currency = "USD")
 
-equityCompensationSuccessorIssuance : Text -> Text -> Text -> Time -> Decimal -> CT.OcfCreateData
-equityCompensationSuccessorIssuance issuanceId securityId stakeholderId date quantity =
+equityCompensationSuccessorIssuance : Text -> Text -> Text -> Time -> Decimal -> Optional Time -> CT.OcfCreateData
+equityCompensationSuccessorIssuance issuanceId securityId stakeholderId date quantity expirationDate =
   CT.OcfCreateEquityCompensationIssuance ((defaultEquityCompensationIssuance issuanceId securityId stakeholderId) with
     date = date
-    quantity = quantity)
+    quantity = quantity
+    expiration_date = expirationDate)
 
 -- | Returns valid StockLegendTemplateOcfData with sensible defaults.
 defaultStockLegendTemplate : Text -> StockLegendTemplateOcfData