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AI Labs · updated 2026-06-03 · methodology v2.1

Finding on 'Q003 Probe' for Claude Sonnet 4.6 with web search ON

RLB Citation ID: RLB-H-INT-BIS-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-Q003-Sonnet46
What the RLB Specialist Panel found

Finding on 'Q003 Probe' for Claude Sonnet 4.6 with web search ON

  • Question (paraphrased to protect IP): A head of liquidity risk at a major derivatives CCP wants a briefing covering the PFMI Principle 15 requirements for liquid net assets funded by equity — the minimum level, how it is calculated, and what qualifies — together with what the November 2025 CPMI-IOSCO assessment found about FMI compliance with this standard, and what changes the FIA and ISDA proposed in their response to the associated CPMI-IOSCO consultation.
  • AI's response: "The six-month operating expense floor is in KC2, which requires LNAFE to cover 'potential general business losses' and sets a minimum of six months of current operating expenses."
  • Regulator's text: KC3 (Annex A): At a minimum, an FMI should hold liquid net assets funded by equity equal to at least six months of current operating expenses.
  • Why the AI went wrong: The model located the correct quantitative threshold but attributed it to Key Consideration 2 instead of Key Consideration 3. The error is a cross-reference mis-assignment — the model's description of KC2's function ("potential general business losses") is drawn from the correct Key Consideration, but when it located the six-month floor it attached it to the wrong KC number. For a compliance team using this response to draft internal policy, the mis-assignment directs them to review and cite the wrong provision of the PFMI framework, with material consequences for regulatory engagement accuracy. The model also cited a third-party regulatory commentary source as a basis for this section of its response.
  • Cited source(s):
  • https://www.regulationtomorrow.com/2025/11/cpmi-iosco-papers-on-management-of... — Pretextual
Impact for this audience

This failure implicates the model's cross-reference resolution within the PFMI Principle 15 Key Consideration list: the correct threshold was located but attributed to KC2 instead of KC3. The subsystem gap is structured-document KC-number-to-provision linkage in training data — the model's Annex A representation does not reliably bind specific quantitative requirements to their correct KC identifier. The Pretextual citation (third-party commentary) used as a sourcing basis for this section of the response compounds the error.

References — raw findings (per AI model)
This finding also affects
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Cite this finding

Each finding has a stable Citation ID (RLB-F-… for aggregated case-study findings, RLB-H-… for raw per-model hallucinations) — like a DOI, the ID always resolves to the canonical finding even if URLs change.

RLB Citation ID: RLB-H-INT-BIS-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-Q003-Sonnet46
Plain text Download 
RegLeg Specialist Panel (2026). "Finding on 'Q003 Probe' for Claude Sonnet 4.6 with web search ON — AI Labs." Citation ID: RLB-H-INT-BIS-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-Q003-Sonnet46. RegLegBrief AI Hallucination Research, published 2026-06-03. https://reglegbrief.com/regulators/j1/int/bis-cpmi/cpmi-iosco-pfmi-l3-general-business-risk-2025/whitepaper/finding/INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-003--sonnet-46-websearch/
APA 7th edition Download 
RegLeg Specialist Panel. (2026). Finding on 'Q003 Probe' for Claude Sonnet 4.6 with web search ON [Hallucination finding RLB-H-INT-BIS-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-Q003-Sonnet46]. RegLegBrief AI Hallucination Research. https://reglegbrief.com/regulators/j1/int/bis-cpmi/cpmi-iosco-pfmi-l3-general-business-risk-2025/whitepaper/finding/INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-003--sonnet-46-websearch/
Bluebook / OSCOLA (US + UK legal) Download 
RegLeg Specialist Panel, Finding on 'Q003 Probe' for Claude Sonnet 4.6 with web search ON [RLB-H-INT-BIS-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-Q003-Sonnet46], RegLegBrief AI Hallucination Research (June 03, 2026), https://reglegbrief.com/regulators/j1/int/bis-cpmi/cpmi-iosco-pfmi-l3-general-business-risk-2025/whitepaper/finding/INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-003--sonnet-46-websearch/.
BibTeX Download 
@misc{reglegbrief_RLB_H_INT_BIS_CPMI_IOSCO_PFMI_L3_GENERAL_BUSINESS_RISK_2025_Q003_Sonnet46,
  author    = {RegLeg Specialist Panel},
  title     = {Finding on 'Q003 Probe' for Claude Sonnet 4.6 with web search ON},
  year      = {2026},
  publisher = {RegLegBrief AI Hallucination Research},
  note      = {Hallucination finding Citation ID: RLB-H-INT-BIS-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-Q003-Sonnet46},
  url       = {https://reglegbrief.com/regulators/j1/int/bis-cpmi/cpmi-iosco-pfmi-l3-general-business-risk-2025/whitepaper/finding/INT-BIS-CPMI-INT-001-CPMI-IOSCO-PFMI-L3-GENERAL-BUSINESS-RISK-2025-v1-003--sonnet-46-websearch/}
}
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