Relationships and Dependencies

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Integrating through Apex AscendOS?
The product guidance on this page applies to you. The endpoints, fields and statuses are Monark's; use the AscendOS equivalents listed in Building on Apex AscendOS.

This page sets out the dependency chain behind a private markets investment. Most integration problems are a dependency satisfied too late — an account without accreditation, an entity without a controlling individual, an SPV your platform has not approved — so it is worth reading the chain before building against it.

The scoping chain

Partner → Financial Institution → Account → Party (Person or Entity)

Partner → Financial Institution. A partner is associated with one or more financial institutions. Each downstream B2B client onboarded to the marketplace gets its own. A partner with a direct investor relationship gets a default one. Every investor belongs to exactly one financial institution, and every offering and market-data request is scoped by its id.
Financial Institution → Account. Accounts are opened under a financial institution. It is what determines which offerings the account can see.
Account → Party. An account names one or more owners, each a person or an entity, with exactly one marked primary. A party id doubles as an investor id.

Everything else keys off this chain. Get it wrong and calls return empty rather than failing loudly.

What must be true before an order

Dependency	Why	Refusal if missing
The party exists	An order is placed for an investor or an account	`… the investor doesnt exist`
An entity has a controlling individual	An entity cannot trade without one	Refused at order time
An account exists and is open	The investment is held in it	`The investor does not have an account.` / `The account is closed.`
The registration type is supported	Joint and retirement accounts cannot subscribe to an SPV	`{type} investors are not supported for PreIPO SPV subscriptions.`
Accreditation is recorded and current	Regulation D offerings are for accredited investors	`Accreditation not set` / `Accreditation has expired`
Your platform has approved the SPV	An SPV is distributable only once your deal team approves it	`… the Partner has not approved this SPV`
The investor's institution has access to the SPV	Access is granted per financial institution	`… the FinancialInstitution not permitted access to SPV`
No live subscription already exists	One live order per investor per SPV	`Active subscription already exists for this SPV and Investor`

Check these at the point of presentation, not the point of order. An investor who has read a PPM and chosen an amount should not then discover their account type was never eligible.

Accreditation

Accreditation is self-certified under Rule 506(b). Your platform presents the criteria and records the selection; Monark does not verify it.
It is recorded on the account, and accrediting the account activates its owners.
It expires after twelve months and must be re-recorded. There is no separate renewal endpoint — send the status again.
An investor cannot subscribe without it, but can browse the marketplace and submit indications of interest.

Questionnaires

Investors complete questionnaires; responses are linked to the investor.
Some offerings require one before an order can proceed, surfaced as a Questionnaire transaction action.
The question set is resolved per investor, so a questionnaire with no questions for a given investor produces no action at all.
Partners can view aggregated responses for their own investors.

Indications of interest

An indication targets a prospective offering — a specific potential deal — not a company in general.
It is strictly non-binding: no signature, no cash check, no obligation to subscribe if the SPV opens.
Investors can create, update and withdraw them.
Monark aggregates demand across partners to decide whether to source a deal.
An indication reserves nothing. When the real SPV opens, a normal order is still required.

Companies, investments and SPVs

Pre-IPO Company → Pre-IPO Company Investment → Pre-IPO Company SPV

A company is the business an investor wants exposure to. It is not investable on its own.
An investment describes shares acquired in that company and the terms of the acquisition — share count, share class, and whether it was a secondary purchase, a primary issuance, a tender offer or otherwise. One company may have several investments, each with different characteristics.
An SPV holds an investment and is what investors subscribe to. Currently one SPV per investment.

An SPV tracks its own allocation and seat count, and accepts subscriptions only while both remain.

Investors, transactions and SPVs

Investor → Transaction → SPV

A transaction records the amount and carries the order to close.
Creating one is not a commitment. The investor is bound once every required action is complete and the subscription is signed, at which point the transaction reaches Processing.
A Pending transaction reserves no allocation and no seat. Capacity is taken at Processing, and the signing step re-validates everything — so an accepted subscription can still fail if another investor fills the raise first.
An SPV manages the overall allocation, ensuring enough capital is raised to fund the underlying transaction.

Next steps

The conventions every call follows: Authentication & Environments
Who can see what: Data Access Patterns
Build the first surface: Investor Accounts