AIPC Specification

{
  "disclosures": [
    {
      "id": "past-performance",
      "text": "Past performance is not indicative of future results.",
      "verbatim": true,
      "scope": ["payload.returns.*"],
      "placement": "adjacent",
      "priority": "required",
      "language": "en",
      "translations": {
        "es": "El rendimiento pasado no es indicativo de resultados futuros.",
        "fr": "Les performances passées ne préjugent pas des performances futures."
      }
    },
    {
      "id": "data-delay",
      "text": "Market data delayed by at least 15 minutes.",
      "verbatim": true,
      "scope": ["payload.price", "payload.volume"],
      "placement": "before",
      "priority": "required"
    },
    {
      "id": "risk-warning",
      "text": "Investing involves risk including the possible loss of principal.",
      "verbatim": false,
      "paraphrase_constraints": {
        "must_include_concepts": ["risk", "loss of principal", "investment objectives"],
        "max_words": 40,
        "tone": "cautionary"
      },
      "scope": ["payload.fund_info"],
      "placement": "after",
      "priority": "required"
    }
  ]
}

{
  "display_rules": [
    {
      "scope": ["payload.returns.*"],
      "label": {
        "text": "Total Return",
        "verbatim": true
      },
      "format": {
        "type": "percentage",
        "precision": 2,
        "rounding": "half-even",
        "sign": "always"
      },
      "context_required": [
        "payload.returns.period",
        "payload.returns.as_of_date"
      ],
      "never_show_without": [
        "disclosures.past-performance"
      ]
    },
    {
      "scope": ["payload.price.current"],
      "label": {
        "text": "Last Price",
        "verbatim": false,
        "alternatives": ["Current Price", "Last Traded Price"]
      },
      "format": {
        "type": "currency",
        "currency_field": "payload.price.currency",
        "precision": 2
      }
    },
    {
      "scope": ["payload.ratings.overall"],
      "format": {
        "type": "ordinal_scale",
        "min": 1,
        "max": 5,
        "unit": "stars",
        "display_as": "★"
      },
      "suppress_if": {
        "field": "payload.ratings.count",
        "operator": "lt",
        "value": 10
      }
    }
  ]
}

{
  "attribution": {
    "required": true,
    "text": "Data provided by Morningstar, Inc.",
    "verbatim": true,
    "placement": "global",
    "link": {
      "url": "https://morningstar.com",
      "display": "when_possible"
    },
    "modality_overrides": {
      "voice": {
        "text": "according to Morningstar",
        "placement": "inline"
      }
    }
  }
}

{
  "freshness": {
    "generated_at": "2026-02-16T14:30:00Z",
    "valid_until": "2026-02-16T14:45:00Z",
    "stale_behavior": "warn",
    "stale_warning": "This data may be outdated. Last updated: {generated_at}.",
    "expired_behavior": "suppress",
    "cache_policy": "no-store",
    "refresh_endpoint": "https://api.morningstar.com/v2/quote/AAPL?refresh=true"
  }
}

{
  "tone": {
    "framing": "neutral",
    "prohibited_framings": [
      "recommendation",
      "advice",
      "prediction"
    ],
    "prohibited_phrases": [
      "you should buy",
      "this is a good investment",
      "guaranteed returns",
      "risk-free"
    ],
    "required_framing": {
      "trigger": "comparison",
      "instruction": "When comparing this fund to benchmarks, always note different risk profiles."
    },
    "editorial_restrictions": {
      "no_superlatives": true,
      "no_urgency_language": true,
      "no_personalized_advice": true
    }
  }
}

{
  "conditional_rules": [
    {
      "id": "high-risk-disclosure",
      "condition": {
        "field": "payload.fund_info.risk_rating",
        "operator": "gte",
        "value": 4
      },
      "then": {
        "add_disclosure": {
          "id": "high-risk-warning",
          "text": "This fund has an above-average risk rating.",
          "verbatim": true,
          "placement": "before",
          "priority": "required"
        }
      }
    },
    {
      "id": "negative-return-context",
      "condition": {
        "field": "payload.returns.ytd",
        "operator": "lt",
        "value": 0
      },
      "then": {
        "add_disclosure": {
          "id": "negative-return-note",
          "text": "This fund has experienced negative returns.",
          "verbatim": false,
          "placement": "adjacent",
          "priority": "recommended"
        }
      }
    },
    {
      "id": "jurisdiction-disclosure",
      "condition": {
        "context": "user.jurisdiction",
        "operator": "in",
        "value": ["EU", "UK"]
      },
      "then": {
        "add_disclosure": {
          "id": "mifid-notice",
          "text": "This information does not constitute a personal recommendation under MiFID II.",
          "verbatim": true,
          "placement": "global",
          "priority": "required"
        }
      }
    }
  ]
}

{
  "fail_behavior": "suppress"
}

// Options:
// "suppress" - Do not present any data
// "warn"     - Present with compliance warning
// "partial"  - Present compliant fields only
// "log"      - Present normally, log violation