CAPITAL ADEQUACY RATIO(CAR)
CAPITAL ADEQUACY RATIO(CAR), a risk management initiative We will be building a fund in BTC that will be the basis of computing for the capital adequacy ratio (CAR) . We target at least 10% of the market capitalization of XPH which will be maintained in BTC. (BTC fund/market cap in BTC = CAR, at least 10%) We will be selling our forging rewards and donated XPH for BTC. And immediately put a buy order on the same cost that it was sold. The fund will be held initially at the exchange. Regular reports will be made on these transactions. This is in line with building soft infrastructures of our alternative financial ecosystem, which necessitates a risk management framework, for the community. Maintaining a high CAR will be an initiative of Phantom Research Group. We hope that a BTC fund will give confidence to tokenholders to avail the utility of XPH and the Blockchain as there will be a more stable reference value for peer-to-peer transactions and at the same time assures liquidity of XPH. In our paper entitled “Introduction to Phantom Blockchain”, we said in the Post script, to wit: To clarify some ideas, see below: The Blockchain is immutable, censorship-resistant and trustless. It means that: when a sender transfers 1 XPH through the Blockchain, another will receive 1 XPH. No third party guarantees the recorded transaction. 1 XPH is equal to 1 XPH. On the other hand: The general acceptability for fairness of the recorded transactions on the Blockchain refers to a transaction that transfer 1 XPH worth 10USD, by the time another person receives 1 XPH, its value remains 10USD. Perception is very important. The validity of the value of the token (wealth) was upheld because, there is a community through a social consensus is attesting to the honesty and fairness of recorded transactions. Having a computation for CAR and maintaining a BTC fund is a step toward to the abovementioned goal of “general acceptability for fairness of recorded transactions.”
Guiding Principles for the Phantom Community
a. First Principle: Active on-chain Governance Every tokenholder has a responsibility of maintaining the effectivity of the “one-wallet – one vote, highly distributed and dispersed votes”. Always protect the sanctity of your vote and be vigilant for any delegates that are forming alliances, conducting cartel-like behavior on pricing of any services or abusing the fees market. Every tokenholder should make responsible reporting of any offer of kickback or bribes or any unethical practice and rent-seeking activity of a delegate or a whale tokenholder. Conflict of interests should be discouraged or avoided. b. Second Principle: Contribute to the Community Every tokenholder is expected to contribute to the Community by sharing his/her ideas, expertise and experience. These include incentivizing any positive and tangible contributions. The tokens are meant to increase its value over time to reflect various incremental technical advances of the Phatomchain. Use it generously to reward community members for their progressive contributions. Cultivate and support the entrepreneurial spirit of each member of the community. Consider every member of the community as a professional expecting to be recognized for his/her efforts. c. Third Principle: Risk Awareness Any risk that may affect the sound, safe and fair operation of the Blockchain is immediately avoided, addressed or mitigated. Constantly adopt remedial measures as voting for the top 51 delegates is always on-going. The Phantomchain is a public blockchain, the exercise of extra ordinary diligence is always expected from the community members. d. Fourth Principle: Financial Inclusion and Independence Each member of the community should help each other achieve financial inclusion and independence. Be interested in seeing that the Blockchain effectively, efficiently and ethically serves the community. Adopted by the Phantom Research Group, contributing member organisation at [https://avantgardecollective.org/] Support Phantom Research Group continue its advocacy, visit Member Organisations
PHANTOM BLOCKCHAIN(Phantomchain) is a Community-led Project
This informal document defines the following: 1. The composition and nature of membership of the Phantom Community, 2. The motive of each member of the community,3. The nature of influence of each member has over a public blockchain, and4. The responsibility of each member. Community Responsibilities and Influence The Community is composed of persons having a mutual access in a public blockchain. Each member seeks to increase the Enterprise Value of this public network through effective on-chain governance in an operator role. Their objective is to gain the greatest community benefits from their collective efforts. The Blockchain is decentralized however it is being influenced by the members of the community on the basis of their holdings of the tokens that powered the public network. Being a public blockchain, community members are expected to exercise due diligence at all times and secure their tokenholdings. These persons are instrumental in keeping the operation of the Blockchain safe, sound and fair. They realize they can attain their goals only by harmoniously working together. They voluntarily affiliate with the community. These person are interested in seeing that their Blockchain effectively, efficiently and ethically serves them. They actively seek the best ideas, expertise and experiences available in the marketplace and constantly incentivizing the sharing of these to the community. Any risk that may erode the Enterprise Value of the Blockchain is immediately avoided, addressed or mitigated. Remedial measures are constantly taken as voting for the top 51 delegates is always on-going. Adopted by the Phantom Research Group, contributing member organisation at https://avantgardecollective.org Support Phantom Research Group continue its advocacy, visit Member Organisations
WHY THERE IS AN AIDROP OF PHANTOM TOKENS (XPH)?
It will serve as invitation to tokenholders to render voluntary services; an invite from prospective FinTech businesses that will leverage services and products unto the Phantom blockchain . At a minimum, tokenholders are expected to be involved with the dynamic on-chain blockchain governance of our decentralized community-governed network of ledgers. Should a more advanced community work is required which includes the participation on the different backoffice, middle office or the front office tasks, a tokenholder must be willing to help. In summary, community work also includes contributing for the improvement and maintainance of the code (back office tasks). With regards to the delegates, other than being mainly responsible for the operations of the network, it is for them to continue giving prepaid or discounts to their voters of the current and prospectives products and services that may be availed using the Blockchain. These are done through the sharing of forging rewards. However, as previously mentioned in our policy research, there are no contractual obligations between the delegate and a voter. These arrangements are being made informally, off-chain and not to be considered as a community policy. These are voluntary on the part of the delegates and offered as customary marketing practice of harnessing the benefits of the so-called “network effects”. More importantly, having XPH tokens does not grant its holders rights on the above-mentioned products or services. Aside from the work being done by the delegates, middle office tasks include the role of the Phantom Research Group (PRG) it currently trying to fulfill which relates to compliance, risk management, policy research and advisory. On the other hand, with regards to the front office work, as a community, we have yet to start the process of formulating a distinctive messaging strategy for the Phantom Blockchain. Once the community formulated a cohesive strategic and marketing plans, front office work should begin immediately using the said plans and must be deposited with the PRG so that any community member can access and execute it. In the near future, the PRG will host a virtual community strategic planning mainly for this purpose. In conclusion, the PRG continues to invite tokenholders to provide community services and to share their talents and skills. It invites you to find your role within the community and contribute whether it is for back office, middle office or the front office jobs. Our public blockchain could be the solutions we have been waiting for that will let our community achieve financial inclusion, privacy and independence. Phantom Research Group, contributing member organisation at www.avantgardecollective.org
Transparent Governance will be the Phantom Community’s Leading Edge.
Phantom Blockchain (Phantomchain) utilizes a modified Delegated-Proof-of-Stake (DPos) consensus mechanism featuring 51 delegates. These delegates are responsible for running the public network and are incentivized with block rewards. In addition, tokenholders can only exercise one-vote per wallet address. Given this transparency feature of the Phantomchain, any tokenholder could easily assess how the blockchain is being operated. By opening the Phantomchain block explorer, one could easily answer these questions: 1) Is the community disorganized? or 2) Is the blockchain controlled by elite minority? Given this transparency feature, the community should exploit this feature to its advantage and make this the cornerstone of the community’s good governance practice. Developing this transparency practice could lessen the volatility of Phantom (XPH)’s price. Having the 51 delegates disclose the use of their forging rewards to the community is a good practice where the community could anchor its assessment of the blockchain’s future successes and could lead to reasonable movement in XPH prices. Transparency would lead to tools, metrics, standards, etc. With transparency, one need not be on a 24/7 look-out of the project’s social media accounts for trolls and FUD. One of such helpful tools would be the “ROCE” ratings. Having informed voting decisions and a definite support of the tokenholders’ reasons for holding XPH, whether it is for the short-term or long-term basis, will lead to the so-called “wisdom of the crowd”. This “wisdom of the crowd” would result to the following: 1) Reasonable price movement of XPH; 2) An organized community decision making; and 3) A truly decentralized system. Support Phantom Research Group continue its advocacy, visit Member Organisations
RISK MANAGEMENT FRAMEWORK FOR THE PHANTOM COMMUNITY
RISK MANAGEMENT FRAMEWORK FOR THE PHANTOM COMMUNITY Establishing risk management framework would help lessen: 1) the volatility Phantom token (XPH)’s price, and2) fraud involving the blockchain. Through managing these two obstacles that hinders mainstream adoption of blockchain technology, the Phantomchain would be able to create its own sustainable competitive advantage that could help the community in attracting more members and encouraging the use of XPH. The Phantom Research Group is establishing Risk Management Advisory Council that will guide the Community in developing a sound risk culture and advise on the identification, measurement, monitoring and control of the relevant risks affecting the operations of the Phantomchain. It is important that these relevant risks have already been considered, properly managed and priced-in so that the volatility of XPH price and the probability of occurance of fraud will be lessen. With less uncertainties and volatility, the Blockchain’s practical use as a electronic payment system that facilities commerce on the Internet or peer-to-peer situations would be realized. It is envisioned that Phantomchain would have the features of risk management system (soft infrastructure) and the cryptographic proof (hard infrastructure) that could allow any two willing community members to transact directly with each other using a platform that they have an effective influence with and have mutual interest in. In addition, said transaction would be completed without the need for intermediary traditional financial institutions and in a more efficient, effective and ethical way. Help Phantom Research Group continue its advocacy, visit Member Organisations
Powered by Phantom token (XPH)
It means business owners, such as coffee shops, retail stores or website sellers, never actually accept XPH as payment but products and services will be denominated in XPH on point of sale. They will never have exposures on XPH or own a wallet containing XPH. An address will be assign by a rediscounting company who maintained the address and has the control of pass phrase. If a customer/tokenholder pays the business owner XPH, a transaction id will be printed along with the payment in fiat corresponding to the price of product and services. After 3 days, the rediscounting company will reimburse the business owners in fiat directly to their bank accounts based on the XPH received at its cost at the time of the payment by the customer/tokenholder less service charge as the share of the rediscounting company.
INTRODUCTION TO PHANTOM BLOCKCHAIN (PhantomChain)
Policy Research No. 1 By Phantom Research Group, contributing member at www.avantgardecollective.org, www.delegaterove.org I. Value of Phantom (XPH) Tokens A. What is the Phantomchain (www.phantom.org)? 1. Phantomchain is an advanced decentralized ledger technology (DLT) system with a planned privacy protocol. It is a public blockchain with permissioned-less node. It utilizes a modified Delegated-Proof-of Stake (DPoS) consensus mechanism featuring fifty-one (51) forging delegates. 2. These delegates are responsible for running the public network and are incentivized with block rewards. 3. The community participates in maintaining the security of the Blockchain as a compliment to the cryptographic proof through dynamic on-chain blockchain governance whereby tokenholders are exercising one-vote per wallet address to elect the said 51 delegates and votes are weighed based on the amount of XPH stored in the wallet. 4. Being a public blockchain, Phantomchain is expected to have recordkeeping system that will be immutable, censorship resistant and trustless. 5. A sender that utilizes the Blockchain will be able to transfer one (1) XPH and the receiver would have 1 XPH (less transaction fees) without any intermediary third party to guarantee the said transaction. 6. Tokenholders conducting transactions in a public blockchain such as the Phantomchain are expected to exercise extraordinary diligence at all times being bankers and recordkeepers of their commercial transactions on the Blockchain. B. What is XPH? 7. XPH is the token that powers the Phantomchain’s decentralized network. 8. XPH complies with a generally accepted definition of a cryptoasset which is a “cryptographically secured digital representation of value that is powered by a form of DLT and can be stored, transferred or traded electronically”\[1\]. 9. The XPH has no intrinsic value. The expression “funds are safe on the blockchain” is not the same as having gold bars inside a vault. It simply means that a record is safe from any tampering and censorship. There are no actual funds or fiat backing up the token. 10. There is no central authority that is issuing the tokens. This record cannot be presented to any bank or any treasury or custodian so that a claim for corresponding value can be made. 11. XPH is a means for a tokenholder to access the Blockchain to a) avail current and future services and products and b) participate on safeguarding his/her transactions on the Blockchain. 12. It is a utility token that will grant holders access to a current or prospective products or services but do not grant holders rights on the above-mentioned products or services. 13. As a means of participating on securing transactions, XPH will be used by the community as a governance mechanism device. This token will be used to (1) elect a delegate that will maintain a node that will validate transactions, 2) making sure that the delegate operating a forging node will play under the rules or will not undermine the system. 14. As such, Phantomchain’s operations are not only under the control of the coldness of computers’ algorithm that produces cryptographic proofs but with a community influence with the objective of having transactions which are made through efficient, effective and ethical means. 15. These delegates are responsible for running the public network and are incentivized with block rewards in the form of crediting additional XPH to the forging nodes of the delegates. 16. It is only a customary practice that delegates share rewards to its voters/tokenholders. This serves as discount for voters/tokenholders for current and future products or services that may be availed through the Blockchain. 17. There is no contractual obligation between an elected delegate and his/her voters related to the sharing of the forging rewards. 18. This is only a voluntary act on the part of the delegate for the purpose of growing the community through harnessing the benefits of the “network effects” and making the current and future services and products that may be availed through the Blockchain remains cheap and affordable to the tokenholders/voters. 19. XPH does not generate passive income to its holder the same way as deposit-like products earn interest income or shares of stocks regularly receive dividends. C. What is the value of the XPH token recorded in a blockchain? 20. It can be shown in this illustration: “There were these two accountants, both recorded a transaction. They exactly presented it the same way. One accountant signed his name, ABC. The other signed it DEF, CPA. ABC could be just any other blockchains, which may be considered more secured or fiercely censorship-resistant, however, it may be operating without any ethical considerations. While DEF,CPA is a DPoS blockchain that follows customary rules guided by universally accepted community values, which could be informally adopted and dynamically constituted. 21. Essentially, these two blockchains are the same. They are both tools, like instruments being used in doing a certain work or producing a certain result, especially such as the ones that require delicacy, accuracy or precision. They are both public blockchains which require extra-ordinary diligence at all times on the part of the tokenholders being bankers and recordkeepers of their own transactions. 22. Which one do people rely with? The one prepared by DEF. It is not because he is DEF. The reason was he signed it professionally and attesting that he recorded the transaction based on a strict and generally accepted set of rules in accounting. If later on, someone will find out that he is dishonest, his title of CPA could be revoked.” II. Acquiring Value or Value proposition of the PhantomChain 23.Satoshi Nakamoto, based on his paper on Bitcoin, posits that only “honest nodes” can “validate wealth”\[2\]. 24. According to this principle, Phantomchain nodes will create wealth if these stay honest, protect privacy, avoid rent-seeking activities and will play by the rules. 25. This is all forward-looking statements. The supposed wealth recorded on the blockchain does not yet exist, but needs to be earned. 26. It should be based on the future cumulative value i.e. Enterprise Value\[3\], of yet to be performed recording services by honest nodes that will play by the rules. 27. In other words, a token represents the value of the incentive to be received in the future because of the efficient, effective and ethical prospective bookkeeping services. 28. Therefore, the value of the XPH token is largely relies on the continuous exercise of good governance of the tokenholders over their elected delegates, which includes making sure that the forging delegates have the highest composite “ROCE” ratings\[4\]. 29. Such that the validity of wealth creation (offering of services) largely depends on the continued operations of honest nodes that will not undermine the system or should not possessed a perception or even a hint of dishonesty. III. Conclusion 30. It is the Community that will assign XPH’s worth. 31. If the Phantomchain is operated within the bounds of the community-wide mandate and prove to be a useful tool in achieving the community visions and missions, the more valuable is the blockchain so is the token that powers it. IV. Post script: 32. To clarify some ideas, see below: The Blockchain is immutable, censorship-resistant and trustless. It means that: when a sender transfers 1 XPH through the Blockchain, another will receive 1 XPH. No third party guarantees the recorded transaction. 1 XPH is equal to 1 XPH. 33. On the other hand: The general acceptability for fairness of the recorded transactions on the Blockchain refers to a transaction that transfer 1 XPH worth 10USD, by the time another person receives 1 XPH, its value remains 10USD. 34. Perception is very important. The validity of the value of the token (wealth) was upheld because, there is a community through a social consensus is attesting to the honesty and fairness of recorded transactions. 35. If tokenholders are giving guidance or giving influence for delegate operating a forging node to stay honest and play by the rules, then, they are being incentivized by a share on the forging rewards which is effectively a discount for current and future products or services. 36. A tokenholder completed a task that is the reason why a reward was shared with him by a delegate. A task of concluding with community of network users (validating their wealth) that the recording of transactions by the top 51 forging delegates were done efficiently, effectively and ethically. 37. Therefore, what the tokenholder receiving is not a passive income. This is an incentive for a dynamic work that entails a constant research on what his/her elected delegate is doing on the Blockchain. 38. It is expected that immediate mitigating measures will be executed by a tokenholder if there is a misbehavior that will affect the safety, soundness and fairness of the operations of the Blockchain. V. References: \[1\] www.ucl.ac.uk/laws/sites/laws/files/02\_mckee\_ucl-blockchain.pdf \[2\] Item 6, Incentive, Bitcoin: A Peer-to-Peer Electronic Cash System \[3\] What is the Enterprise Value (EV) of a blockchain? By Rove1512,[https://link.medium.com/DuNtOoe5PT \[4\] Risk Rating System for Decentralized Network Delegates by Rove1512, [https://link.medium.com/QM2hOGA2PT]
Managing a Decentralized Network Through Risk Prioritization
(this is a draft document, definitions of risks, systems, processes are based on best practices and standards issued by various regulatory agencies) For purposes of the discussion of risk, the Risk Management Advisory Council (RMAC) will evaluate risk relative to its impact on the Enterprise Value of the Blockchain. From an advisory perspective, risk is the potential that events, expected or unanticipated, may have an adverse impact on the safety and soundness of the operation of the Blockchain. The RMAC has defined six categories of risk for Blockchain for developmental and advisory purposes only. These risks are: operational, compliance, legal, strategic, reputation and code-related. These categories are not mutually exclusive; any product (smart contracts) or service or operating decisions may expose the Blockchain, the delegates and the tokenholders to multiple risks. In addition, they can be interdependent. Increased risk in one category can increase risk in other categories. Operational risk is the current and prospective risk to Enterprise Value arising from fraud, error, maintain a competitive position, and manage information. For the delegates, this may include inability to deliver an acceptable uptime, missed blocks, poor quality of servers and susceptibility to a DDOS attack. Compliance and Legal risk is the current and prospective risk to Enterprise Value arising from violations of, or nonconformance with, laws, rules, regulations, prescribed practices, internal policies and procedures, or ethical standards. Compliance risk also arises in situations where the laws or rules governing certain Blockchain products or activities of the tokenholders may be ambiguous or untested. This risk exposes the delegates to fines and payment of damages. Compliance risk can lead to diminished reputation, reduced enterprise value, limited business opportunities and reduced expansion potential. Strategic risk is the current and prospective impact on Enterprise Value arising from adverse business decisions, conflict of interests, improper implementation of decisions, or lack of responsiveness to cryptocurrency or the financial industry changes. This risk is a function of the compatibility of an community’s strategic goals, the business strategies developed to achieve those goals, the resources deployed against these goals, and the quality of implementation. The resources needed to carry out business strategies are both tangible and intangible. They include communication channels, and community’s managerial capacities and capabilities. Reputation risk is the current and prospective impact on Enterprise value arising from negative public opinion. This may include inability to execute plans based on the roadmap or inability to maintain consensus within the community. This affects the community’s ability to establish new relationships or services or continue servicing existing relationships. This risk may expose the delegates to litigation, financial loss, or a decline in his/her voter base. In extreme cases, community that lose its reputation may suffer “dumping” of the tokens. Reputation risk exposure is present throughout the community and requires the responsibility to exercise an abundance of caution in dealing with members of the community and the prospective members in general. Code-related risk is the current and prospective impact on Enterprise value arising from and the inability to deliver products or services. Risk is inherent in efforts to gain strategic advantage, and in the failure to keep pace with changes in the financial services marketplace. Risk is evident in each product and service offered. The risk encompasses: product development and delivery, operational processing, systems development, computing systems, complexity of products(smart contract) and services, and the security environment. Managing Risk Leads to Effective Control of the Blockchain Due to decentralized nature of the operation of the Blockchain, the community can oversee the sound and safety of its operation by developing a community-wide risk management system while each delegate should independently develop his/her own risk management system. Each delegate should tailor his/her risk management program to his/her needs and circumstances with the guidance from the community-wide risk management framework. Regardless of the risk management program’s design, whether its community wide or tailor made for specific delegates, each program should: 1. Identify risk: To properly identify risks, the community or a delegate must recognize and understand existing risks or risks that may arise from new initiatives. Risk identification should be a continuing process. 2. Measure risk: Accurate and timely measurement of risk is essential to effective risk management systems. The community or a delegate that does not have a risk measurement system has limited ability to control or monitor risk levels. 3. Monitor risk: The Community or a delegate should monitor risk levels to ensure timely review of risk positions and exceptions. Monitoring reports should be frequent, timely, accurate, and informative and should be distributed to appropriate units or groups to ensure action, when needed. 4. Control risk: The community or a delegate should establish and communicate risk limits through policies, standards, and procedures that define responsibility and authority. These control limits should be valid tools that management should be able to adjust when conditions or risk tolerances change. The community or a delegate should have a process to authorize exceptions or changes to risk limits when warranted. Role of the RMAC Capable advisory role of the RMAC is essential to effective community-wide risk management. The community and the delegates are responsible for the implementation, integrity, and maintenance of the community wide risk management systems and his/her risk managements system, respectively. RMAC must keep the community and the delegates adequately informed of the effectiveness of their separate risk management policies and frameworks. The RMAC must: 1. Devise the strategy. 2. Develop policies that define the community’s risk tolerance and ensure that they are compatible with strategic goals. 3. Ensure that strategic direction and risk tolerances are effectively communicated throughout the community. 4. Give guidance on the development and maintenance of management information systems to ensure that information is timely, accurate, and pertinent. Assessment of Risk Management When assessing risk management systems, the Chief Risk Assessor (CRA) will consider the community’s and delegates’ policies, processes, personnel, and control systems. Significant deficiencies in any one of these areas will cause the RMAC to expect the community or a delegate to compensate for these deficiencies in on each separate risk management process. 1. Policies are statements of the community’s and the delegares’ commitment to pursue certain results. Policies often set standards (on risk tolerances, for example) and recommend courses of action. Policies should express the community’s and delegates’ underlying mission, values, and principles. A policy review should always be triggered when the community’s and delegates’ activities or the risk tolerances change. 2. Processes are the procedures, programs, and practices that impose order on the community’s pursuit of its objectives. Processes define how daily activities are carried out. Effective processes are consistent with the underlying policies, are efficient, and are governed by checks and balances. 3. Personnel are the teams or the different pillars of the Blockchain that execute or oversee processes. Good team members perform as expected, are qualified, and competent. They understand the community’s mission, values, policies, and processes. Compensation programs should be designed to attract, develop, and retain qualified personnel. In addition, compensation should be structured to reward contributions to effective risk management. 4. Control systems is the on-chain voting use to measure performance, make decisions about risk, and assess the effectiveness of processes. Feedback should be timely, accurate, and pertinent. Risk Assessment to Advisory Using the core assessment standards of the RMAC as guide, the CRA will obtain both a current and prospective view of the Blockchain, community and delegate risk profiles. When appropriate, these profiles will incorporate potential material risks to the Enterprise Value of the Blockchain. This risk assessment drives community’s control strategies and activities. It also facilitates discussions within the community. The community and the delegates help to ensure more efficient assessment. The core assessment complements the risk assessment system (RAS). The CRA document his/her conclusions regarding the quantity of risk, the quality of risk management, the level of concern (measured as aggregate risk), and the direction of risk using the RAS. Together, the core assessment and RAS give the RMAC the means to assess existing and emerging risks on the Enterprise Value of the Blockchain. Specifically, the assessment allocates greater resources to areas with higher risks. The CRA will accomplish this by: 1. Identifying risks using common definitions. The categories of risk, as they are defined, are the foundation for assessment activities. 2. Measuring risks using common methods of evaluation. Risk cannot always be quantified. 3. Evaluating risk management to determine whether the Blockchain and processes permit community to manage and control existing and prospective levels of risk. CRA will discuss preliminary conclusions regarding risks only with RMAC. Following these discussions, the CRA will adjust conclusions when appropriate. Once the risks have been clearly identified and communicated, the CRA can then focus assessment efforts on the areas of greater risk within the community and the Blockchain. To fully implement assessment of the risks, the CRA will also assign ROCE ratings to delegates. The CRA may determine that risks in delegates’ activities are increased, reduced, or mitigated in light of the consolidated risk profile of the Blockchain as a whole. To perform a consolidated analysis, the CRA will obtain pertinent information from delegates. Each ROCE ratings of the delegates will not be publicly shared rather it will be considered as strictly confidential. RMAC may choose to disclose it and only to the concerned delegate.
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