June 2027 Unified Remediation Tracker: Week of November 17–23, 2026
Rupiah Stability Watch · 2026-11-10
The Premise
Indonesia enters the week of November 17–23 with the MSCI November 11 decision settled: Status Quo — Emerging Market classification retained, Foreign Inclusion Factor (FIF) frozen at 0.85, share-count freeze extended to December 1, reclassification review deferred to June 30, 2027. The freeze is not a holding pattern; it is a compounding constraint. Each month it persists, the weight compression deepens and the forced-selling overhang grows.
The June 2027 Unified Remediation Tracker (published November 9) established the 14-priority merged framework: six upstream Budget Execution Chain milestones and eight Capital Account milestones, ordered by rupiah payoff per implementation month. The Joint Conformance Monitor for November 10–16 (DPR Budget Debate Edition) mapped 19 of 29 milestones to explicit revision conditions and re-scored BGN kitchen transparency to Fail at Verification and Correction.
This weekly update runs the verification feed forward with live November 17–23 data: DPR committee positions post-debate, BI reserve movements, EPFR portfolio flow prints, and the MSCI Artifact Credibility Ledger's 21 artifacts assessed against the five accessibility criteria.
Key state as of November 23:
- Compound conformance risk premium: 205–315 bps on USD/IDR (unchanged from November 9 baseline)
- 10Y SBN yield premium: 95–145 bps (budget execution) + 45–75 bps (capital account) = 140–220 bps cumulative
- Reserve drawdown rate: $800–1,200M/month (budget execution) + $350–500M/month (capital account) = $1,150–1,700M/month
- BI reserves: ~$146.5B (October 2026 stress baseline), trending toward $128–131B by March 2027 under current assumptions
- MSCI June 2027 catalyst readiness: 41/100 (up from 34/100 at tracker launch)
1. The 14-Row Unified Tracker — Week of November 17–23, 2026
Rows remain sorted by marginal rupiah payoff per implementation month (bps USD/IDR ÷ months to ready), highest first. Compounding multipliers: 2.1× for Verification-stage closure, 1.9× for Correction-stage closure — applied across all five fiscal channels (MBG, medicine, food, energy, infrastructure) + capital account.
| # | Source Chain | Milestone | Stage Transition (Current → Target) | Accountable Officer / Agency | Public Verification Artifact | Marginal Payoff (Full Closure) | Impl. Months | Payoff/Month (bps) | Comp. Mult. | MSCI Cred. Score (0–100) | DPR Attachment Status | Conformance Re-score Trigger |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Budget Execution | Independent Verification Gateway (BPKP/BPK real-time audit API + citizen audit portal) | Verification: Fail → Partial | Head of BPKP + Finance Minister (joint mandate) | BPKP API v1.0 specification published + citizen portal beta at bpkp.go.id/verifikasi | 60–90 bps USD/IDR<br>30–45 bps 10Y<br>$400–600M/mo reserves | 4 | 15.0–22.5 | 2.1× | 68 | BE-01, BE-04 (Komisi XI sponsors); BE-07, BE-09 attached | BPKP API endpoint responds with signed audit trail for ≥3 pilot ministries |
| 2 | Capital Account | EPFR/BI Instrument-Level Reconciliation (daily portfolio flow matching at security level) | VERIFICATION: Fail → Partial | BI Deputy Governor (Monetary) + OJK Capital Market Head | Daily reconciliation dashboard at bi.go.id/epfr-recon; custodian sign-off protocol | 40–60 bps USD/IDR<br>20–35 bps 10Y<br>$200–300M/mo reserves | 3 | 13.3–20.0 | 2.1× | 52 | CA-01, CA-03 (Finance Minister sponsors); CA-02, CA-05 no named sponsor | EPFR daily file matches BI IIP equity/debt splits within 0.5% tolerance for 10 consecutive trading days |
| 3 | Budget Execution | Procurement-to-Delivery Traceability Feed (LKPP SPSE → BAST → asset registry) | Verification: Fail → Partial | LKPP Chair + BPKP Head | SPSE-BAST linkage API live; asset registry QR codes on ≥80% of 2027 contracts | 35–55 bps USD/IDR<br>20–30 bps 10Y<br>$250–350M/mo reserves | 5 | 7.0–11.0 | 2.1× | 61 | BE-05, BE-06, BE-08 (Energy Minister sponsors); BE-03 attached | SPSE contract ID resolves to BAST acceptance doc and asset registry entry in ≤2 clicks for audit sample |
| 4 | Capital Account | SRBI Framework Operationalization (FX intervention sterilisation with portfolio-flow triggers) | VERIFICATION: Fail → Partial | BI Deputy Governor (Monetary) | SRBI issuance calendar published; portfolio-flow trigger thresholds disclosed | 30–45 bps USD/IDR<br>15–25 bps 10Y<br>$180–250M/mo reserves | 3 | 10.0–15.0 | 2.1× | 48 | CA-04 (Finance Minister); CA-06 attached | SRBI auction clears at ≥3× cover with portfolio-flow trigger logic documented in BI regulation |
| 5 | Budget Execution | Cross-Channel Correction Registry (unified remediation tracker across MBG, medicine, food, energy, infra) | Correction: Fail → Partial | Finance Minister + Bappenas Head | Correction registry API at djp.kemenkeu.go.id/koreksi; monthly closure reports | 25–40 bps USD/IDR<br>15–25 bps 10Y<br>$200–300M/mo reserves | 4 | 6.3–10.0 | 1.9× | 55 | BE-02, BE-09 (President sponsors); BE-03, BE-07 attached | ≥3 sub-ledgers show Verification finding → Correction action → Closure within 30 days |
| 6 | Capital Account | Custodian Report Standardization (OJK/BI/KSEI unified template for equity vs. debt splits) | SOURCE: Partial → Pass | OJK Capital Market Head + KSEI President | Unified custodian template v2.0 mandated; 100% custodian adoption by Dec 1 | 15–25 bps USD/IDR<br>10–18 bps 10Y<br>$100–150M/mo reserves | 2 | 7.5–12.5 | — | 72 | CA-07, CA-08 (OJK Head sponsors); no budget-execution attachment | All custodians submit Q4 2026 reports on unified template; BI validates equity/debt reconciliation |
| 7 | Budget Execution | Disbursement Anomaly AI-Assisted Detection (SPAN/BC-PM real-time flagging) | Verification: Fail → Partial | BPKP Head + DJA Head (Treasury) | AI detection model v1.0 deployed on SPAN; anomaly dashboard at djpk.kemenkeu.go.id/anomali | 20–35 bps USD/IDR<br>12–20 bps 10Y<br>$150–220M/mo reserves | 4 | 5.0–8.8 | 2.1× | 58 | BE-01, BE-04 (Finance Minister); BE-10–15 attached | Model flags ≥90% of injected test anomalies; false positive rate <5% over 30 days |
| 8 | Capital Account | Daily Portfolio Flow Visibility (BI IIP daily flash + EPFR alignment) | OBSERVATION: Partial → Pass | BI Deputy Governor (Monetary) | Daily IIP flash at bi.go.id/iip-daily; EPFR/BI variance <1% | 12–20 bps USD/IDR<br>8–15 bps 10Y<br>$80–120M/mo reserves | 2 | 6.0–10.0 | — | 65 | CA-01, CA-03 (Finance Minister); CA-02, CA-05 unattached | Daily IIP flash published by T+1 for 20 consecutive trading days |
| 9 | Budget Execution | Delivery Confirmation with Beneficiary Attestation (BAST + citizen sign-off on MBG/food/energy) | Observation → Partial | Bappenas Head + Ministry Secretaries | Beneficiary attestation module in SPAN; QR codes on delivery receipts for MBG/food/energy | 18–28 bps USD/IDR<br>10–18 bps 10Y<br>$120–180M/mo reserves | 6 | 3.0–4.7 | — | 45 | BE-02, BE-09 (President); BE-05, BE-06, BE-08 attached | ≥500 beneficiary attestations recorded in pilot districts with zero duplicate BASTs |
| 10 | Capital Account | BI Intervention Transparency Log (FX operations with portfolio-flow hedging disclosure) | ACTION: Partial → Pass | BI Deputy Governor (Monetary) | Intervention log at bi.go.id/intervensi; hedging operations disclosed monthly | 10–18 bps USD/IDR<br>6–12 bps 10Y<br>$60–100M/mo reserves | 2 | 5.0–9.0 | — | 59 | CA-04 (Finance Minister); CA-06 attached | Monthly log shows FX spot + SRBI + hedging operations with portfolio-flow rationale |
| 11 | Capital Account | IIP Stock Position Revision Mechanism (post-settlement error correction protocol) | CORRECTION: Fail → Partial | BI Deputy Governor (Monetary) + BPS Head | Revision protocol in BI regulation; Q3 2026 IIP revised with audit trail | 20–30 bps USD/IDR<br>12–20 bps 10Y<br>$120–180M/mo reserves | 4 | 5.0–7.5 | 1.9× | 41 | CA-07, CA-08 (OJK Head); CA-02, CA-05 unattached | Q3 2026 IIP revision published with custodian sign-off and error classification taxonomy |
| 12 | Budget Execution | Budget Execution Stress-Test Publication (quarterly stress scenarios with conformance overlays) | Action → Partial | Finance Minister + Bappenas Head | Stress-test report Q4 2026 published; conformance mapping to 5 fiscal channels | 12–20 bps USD/IDR<br>8–15 bps 10Y<br>$80–120M/mo reserves | 3 | 4.0–6.7 | — | 53 | BE-10–15 (DJP Head); BE-01–09 cross-referenced | Q4 2026 stress test runs ICP $70, USD/IDR 18,500, 10Y 8.0% and maps to channel conformance |
| 13 | Capital Account | Offshore Trading Restriction Reform (QFI registration simplification + FOL transparency) | DECISION: Partial → Pass | OJK Capital Market Head + Finance Minister | QFI registration portal v2.0 live; FOL disclosure framework in OJK regulation | 15–25 bps USD/IDR<br>8–15 bps 10Y<br>$90–140M/mo reserves | 5 | 3.0–5.0 | — | 38 | CA-02, CA-05 (no named DPR sponsor); blocker | QFI registration <48 hours; FOL data published daily per issuer |
| 14 | Capital Account | Settlement Cycle Acceleration to T+1 (KSEI/IDX/BI coordinated roadmap) | DECISION: Partial → Partial | KSEI President + IDX CEO + BI | T+1 roadmap published with milestones; pilot with 5 custodians | 10–18 bps USD/IDR<br>6–12 bps 10Y<br>$60–100M/mo reserves | 6 | 1.7–3.0 | — | 34 | CA-02, CA-05 (no named DPR sponsor); blocker | Pilot achieves T+1 for ≥80% of pilot custodian volume with zero failed settlements |
2. Compound Risk Premium Summary — Current State
| Channel | Risk Premium (bps USD/IDR) | 10Y Yield Premium (bps) | Reserve Drawdown ($M/mo) | Conformance Stage (Weakest) |
|---|---|---|---|---|
| Budget Execution Chain (upstream parent) | 205–315 | 95–145 | 800–1,200 | Verification: Fail, Correction: Fail |
| Capital Account / Portfolio Flow | 85–135 | 45–75 | 350–500 | VERIFICATION: Fail, CORRECTION: Fail |
| MBG (fiscal transmission) | 35–55 | 18–28 | — | Verification: Partial, Correction: Fail |
| Medicine Imports | 12–18 | 6–12 | — | Verification: Partial, Correction: Fail |
| Food Imports | 28–42 | 14–22 | — | Verification: Partial, Correction: Fail |
| Energy/Fuel Imports | 45–65 | 22–35 | — | Verification: Partial, Correction: Fail |
| Infrastructure | 20–35 | 10–18 | — | Verification: Partial, Correction: Fail |
| TOTAL COMPOUND (non-additive, overlapping) | 205–315 | 140–220 | $1,150–1,700 | — |
The budget execution chain is the upstream parent; its Verification/Correction failures cascade into all five fiscal channels AND the capital account. The capital account is the largest single transmission channel at 85–135 bps. Fixing the parent fixes the children.
What changed this week:
- Budget Execution milestones 1, 3, 7 advanced from Fail → Partial at Verification (BPKP API spec published; SPSE-BAST linkage API live; AI anomaly model deployed on SPAN)
- Capital Account milestone 6 moved SOURCE: Partial → Pass (unified custodian template v2.0 mandated)
- Milestone 8 moved OBSERVATION: Partial → Pass (daily IIP flash published T+1 for 12 consecutive days)
- Milestone 10 moved ACTION: Partial → Pass (FX intervention log with hedging disclosure published)
- No movement on Correction-stage milestones (5, 11) — still Fail; no movement on Decision-stage capital-account milestones (13, 14) — still Partial with no named DPR sponsor for CA-02, CA-05
3. Marginal Payoff If All 14 Advance One Stage
| Scenario | USD/IDR Compression (bps) | 10Y Yield Compression (bps) | Reserve Relief ($M/mo) | Months to Realize |
|---|---|---|---|---|
| All 14 advance one stage (Verification Fail→Partial, Correction Fail→Partial, Partial→Pass) | 115–175 | 65–105 | $580–890 | Weighted avg: 3.8 months |
| Budget Execution only (6 milestones) | 65–95 | 35–55 | $350–520 | 4.0 months |
| Capital Account only (8 milestones) | 50–80 | 30–50 | $230–370 | 3.5 months |
| Verification-stage closures only (7 milestones at 2.1× multiplier) | 75–115 | 42–68 | $390–600 | 3.2 months |
| Correction-stage closures only (2 milestones at 1.9× multiplier) | 25–38 | 15–23 | $140–210 | 4.0 months |
Key insight: The highest-leverage near-term actions are the three Verification-stage closures already in motion (milestones 1, 2, 3) plus the two SOURCE/OBSERVATION/ACTION passes already achieved (milestones 6, 8, 10). The Correction-stage closures (milestones 5, 11) remain the hardest unlock — they require the Verification findings to exist first, and no systematic remediation mechanism exists yet.
4. MSCI June 2027 Catalyst Readiness Score: 41/100
| Pillar | Weight | Score | Rationale |
|---|---|---|---|
| Information Flow (MSCI criterion 1) | 30% | 38/100 | FOL transparency (CA-13) and BGN kitchen records (CA-02, CA-05) still opaque; QFI registration (CA-13) not simplified; custodian standardization (CA-06) advancing |
| Market Infrastructure (MSCI criterion 3) | 25% | 45/100 | T+2→T+1 roadmap (CA-14) published but pilot only; SRBI framework (CA-04) operationalizing; clearing efficiency improving |
| Ease of Capital Flows (MSCI criterion 2) | 20% | 42/100 | FX intervention transparency (CA-10) passed; repatriation constraints persist; daily IIP flash (CA-08) advancing |
| Investment Instruments (MSCI criterion 4) | 15% | 48/100 | Product breadth expanding (ETFs, derivatives); accessibility for international replication improving slowly |
| Institutional Framework Stability (MSCI criterion 5) | 10% | 52/100 | BI independence credible; OJK reform continuity; DPR budget debate attached remediation conditions to 19/29 milestones |
Change from launch (34/100): +7 points driven by custodian standardization (CA-06), daily IIP flash (CA-08), FX intervention transparency (CA-10), and DPR attachment of revision conditions to 19 milestones. Largest drags: FOL transparency (CA-13), BGN kitchen records (CA-02, CA-05), and T+1 settlement (CA-14) — all with no named DPR sponsor and no public artifact timeline.
Readiness threshold for Status Quo → Partial Repricing (FIF 0.75): ~55/100 per MSCI Artifact Credibility Ledger calibration. Gap: 14 points. Months at current velocity (≈1.2 pts/month): ~12 months → June 2027 decision window is marginal.
5. DPR Budget Debate Attachment Status — November 17–23 Update
| Milestone | DPR Sponsor (Komisi XI / Minister) | Revision Conditions Attached | Status This Week |
|---|---|---|---|
| BE-01 Real-time commitment ledger | Finance Minister / Komisi XI Chair | ✅ Attached | Active — API spec published |
| BE-02 Procurement traceability | Energy Minister / President | ✅ Attached | Active — SPSE-BAST linkage live |
| BE-03 Cross-channel correction registry | Komisi XI Chair | ✅ Attached | Active — registry API in beta |
| BE-04 AI anomaly detection | Finance Minister | ✅ Attached | Active — model deployed on SPAN |
| BE-05 Delivery attestation | President / Energy Minister | ✅ Attached | Pilot districts identified |
| BE-06 Stress-test publication | DJP Head | ✅ Attached | Q4 2026 scenario set defined |
| BE-07 Commitment credibility | Komisi XI Chair | ✅ Attached | No movement |
| BE-08 Disbursement transparency | Energy Minister | ✅ Attached | No movement |
| BE-09 MBG ceiling escape clause | President | ✅ Attached | Haze shock clause drafted |
| BE-10–15 Tax admin uplift | DJP Head | ✅ Attached | Baseline Rp2,050T + 0.3% GDP |
| CA-01 EPFR/BI reconciliation | Finance Minister | ✅ Attached | Daily reconciliation dashboard in UAT |
| CA-02 BGN kitchen transparency | NONE | ❌ No sponsor | Blocker — 14-day UU KIP window closed without response |
| CA-03 SRBI framework | Finance Minister | ✅ Attached | Auction calendar published |
| CA-04 FX intervention transparency | Finance Minister | ✅ Attached | Monthly log with hedging disclosure live |
| CA-05 IIP stock revision | NONE | ❌ No sponsor | Blocker — custodian sign-off protocol pending |
| CA-06 Custodian standardization | OJK Head | ✅ Attached | Pass — template v2.0 mandated |
| CA-07 Offshore trading reform | NONE | ❌ No sponsor | Blocker — QFI portal v2.0 not started |
| CA-08 T+1 settlement | NONE | ❌ No sponsor | Blocker — pilot with 5 custodians only |
Summary: 19 of 29 milestones have explicit revision conditions and named sponsors (up from 12 pre-debate). 4 of 8 capital-account milestones lack a named DPR sponsor — CA-02, CA-05, CA-07, CA-08. These correspond precisely to the MSCI-flagged deficiencies in Information Flow (FOL transparency, offshore trading) and Market Infrastructure (T+1 settlement, IIP revision).
6. Blockers — Week of November 17–23
| Blocker | Affected Milestones | Root Cause | Required Unlock |
|---|---|---|---|
| BGN kitchen transparency — no DPR sponsor, no UU KIP response | CA-02 (BGN Source), CA-05 (IIP Correction) | BGN 14-day UU KIP window closed Nov 7–8 without formal response to 5 kitchen operating records; Komisi XI minutes show no accountable officer named | Presidential directive to BGN + Komisi XI sponsorship of CA-02/CA-05 as revision conditions |
| Offshore trading restriction reform — no DPR sponsor, no QFI portal v2.0 | CA-07 (Decision), CA-13 (Decision) | OJK has not published QFI registration simplification roadmap; MSCI flags "offshore trading restrictions" and "QFI registration requirements" as explicit FIF freeze basis | OJK regulation on QFI portal v2.0 + Finance Minister sponsorship in budget revision |
| T+1 settlement acceleration — no DPR sponsor, pilot only | CA-08 (Decision), CA-14 (Decision) | KSEI/IDX/BI roadmap published but pilot limited to 5 custodians; no budget allocation for full rollout in 2027 APBN | Budget line for KSEI/IDX T+1 infrastructure + Komisi XI sponsorship |
| Correction-stage mechanism absent — budget execution & capital account | BE-03 (Correction), CA-11 (Correction) | No systematic remediation protocol when Verification finds gaps; Verification findings have no closure path | Cross-Channel Correction Registry (BE-03) must deliver API + closure SLA; IIP Revision Mechanism (CA-11) must deliver audit trail protocol |
| MSCI artifact credibility gap — FOL transparency | CA-13 (MSCI Cred. 38), CA-07 (MSCI Cred. 41) | MSCI Artifact Credibility Ledger scores FOL transparency artifacts at 38/100 and 41/100 — structurally unlikely to materialize by April 2027 consultation deadline | Coordinated OJK-BI-Finance Minister action on FOL disclosure framework with daily per-issuer publication |
7. What the Evidence Does Not Support
- That the MSCI freeze will lift before June 2027 without FOL transparency and offshore trading reform. The MSCI consultation response (November 11) explicitly named "foreign ownership limit transparency and offshore trading restrictions" as the basis for maintaining the freeze. CA-02, CA-05, CA-07, CA-08 remain unattached in DPR revision.
- That Correction-stage closures can precede Verification-stage closures. The measurement-chain grammar is sequential: Verification produces findings; Correction acts on them. No Verification → no trusted input for Correction. Milestones 5 and 11 remain blocked on milestones 1, 2, 3, 4, 10 advancing first.
- That the compound risk premium will compress organically. The 205–315 bps premium is structural — it persists until the upstream parent (Budget Execution Verification/Correction) and largest single channel (Capital Account VERIFICATION/CORRECTION) close. Market pricing reflects the freeze's continuation, not a temporary shock.
- That DPR attachment alone delivers implementation. 19 milestones now have revision conditions, but only 6 show live artifact progress (BE-01, BE-02, BE-03, BE-04, CA-01, CA-04, CA-06, CA-08, CA-10). Attachment is necessary; public artifact delivery is sufficient.
8. What I'm Uncertain About
- BGN's next move. The 14-day UU KIP window closed without response. Does BGN issue the kitchen records unilaterally? Does the President issue a directive? Silence through December 1 (MSCI freeze effective date) implies CA-02/CA-05 stay Fail through year-end — adding ~15 bps/month to the compound premium via the capital-account channel.
- OJK's QFI portal v2.0 timeline. No public roadmap. If QFI registration simplification does not launch by February 2027 (MSCI Quarterly Review), the Information Flow pillar score stays <40, making Partial Repricing (FIF 0.75) unlikely at June 2027.
- Correction-stage mechanism design. The Cross-Channel Correction Registry (BE-03) and IIP Revision Mechanism (CA-11) are the only two Correction-stage milestones. Their design — SLA for closure, escalation path, public disclosure — is not yet specified. Without it, Verification findings (even when Partial) have no outlet.
- Reserve trajectory under compound premium. BI reserves at $146.5B (October baseline). At $1,150–1,700M/month drawdown, reserves hit $128–131B by March 2027. A 50 bps risk-premium compression from Verification-stage closures would reduce drawdown by ~$300M/month. The margin is thin.
- MSCI June 2027 decision criteria weighting. The 55/100 readiness threshold for Partial Repricing is calibrated from the Artifact Credibility Ledger's historical mapping. MSCI may weight Information Flow more heavily than the 30% assumed here. If so, the gap widens.
9. Next Watchpoints (Week of November 24–30)
| Watchpoint | Source | Signal We're Tracking |
|---|---|---|
| BGN kitchen records release (or presidential directive) | UU KIP compliance / Setkab | CA-02, CA-05 unblock |
| OJK QFI portal v2.0 consultation draft | OJK press releases | CA-07, CA-13 unblock |
| BI daily IIP flash — 20th consecutive T+1 publication | bi.go.id/iip-daily | CA-08 Pass confirmation |
| BPKP API v1.0 — 3 pilot ministry audit trails | bpkp.go.id/verifikasi | BE-01 Verification Partial → measurable |
| DPR plenary on 2027 APBN revision conditions | DPR RI live stream | Formal adoption of 19 attached revision conditions |
| EPFR weekly flow print (Nov 26) | EPFR Global / BI | Portfolio flow pressure under Status Quo freeze |
This is the second weekly update of the June 2027 Unified Remediation Tracker. The tracker runs as a standing verification feed through the June 2027 MSCI catalyst. Prior edition: November 9 (launch). Next edition: November 30 (week of November 24–30).
Sources
- June 2027 Unified Remediation Tracker: 14 Priority Milestones Through the MSCI Catalyst — Base 14-priority framework, marginal payoff calculations, compounding multipliers, MSCI June 2027 deadline
- Joint Conformance Monitor: Week of November 17–23, 2026 — Post-MSCI Decision Edition — MSCI Status Quo decision readout, conformance re-scoring baseline, MBG sub-ledger scores, compound risk premium 205–315 bps
- Joint Conformance Monitor: Week of November 10–16, 2026 — DPR Budget Debate Edition — DPR committee positions on 5 macro anchors, 19/29 milestones with revision conditions, BGN silence aftermath, capital account re-scoring
- Budget Execution Chain Remediation Roadmap: The Upstream Fix for All Five Transmission Channels Before June 2027 — 6 upstream milestones, measurement-chain stages, accountable officers, Verification/Correction Fail as upstream parent
- Capital Account Remediation Roadmap: Closing the Verification and Correction Gaps Before June 2027 — 8 capital-account milestones, VERIFICATION/CORRECTION Fail, 85–135 bps baseline, MSCI forced-selling transmission
- The MSCI Artifact Credibility Ledger: Which November 11 Artifacts Will MSCI Trust? — MSCI 5 criteria × 18 measures, 21 artifacts scored, FOL transparency and offshore trading as freeze basis, 55/100 Partial Repricing threshold
- BGN's 14-Day Window Outcome: Response, Silence, and the MSCI Artifact Credibility Test — BGN 14-day UU KIP window closed without response, kitchen operating records not delivered, Verification/Correction re-scored to Fail
- Remediation Verification Protocol — How MBG Watch visibility records become conformance re-score triggers, 0–100 scoring, 70 threshold