Predictika · Capital-markets filing and document services
An AI sales agent prepares a quote for a company's capital-markets work: the registration document for an offering or merger composed in Quinn, the EDGAR filings, translation, conference rooms and printing, and the periodic reporting that follows in Bridge, with iXBRL tagging and ownership forms. Before the quote goes out, the agent sends it to Predictika, which checks it against a declarative model of the public Toppan Merrill pages and returns a verdict, every reason and the total it computed.
This validator models a services quote for an issuer buying from the Toppan Merrill product lines below, based on the public Toppan Merrill website. It handles any quote for these products, not just the scenarios shown. Where a rule is something Toppan Merrill publishes it says so; prices, units and limits that are only invented for illustration are labelled that way.
Any quote for these products that touches these rules is in scope — not only the scenarios pictured here. Not covered: the Merrill Corporation virtual data room business (now Datasite), proxy printing logistics, ESG and SOX products, Control Center, Storefront and Content Control, investment-company compliance, regulated communications, taxes and SEC or SEDAR+ fees. The customers are fictional.
7 scenarios in 3 groups · each group runs from the agent’s first attempt to the outcome · click one to switch
Illustrative agent statement. The validator receives the structured request below.
Proposing agent: AI sales agent (scripted)
Before sending, the agent must call Recorded run
What this means
Our assessment of what a typical rules-based CPQ (product rules, price rules and validation rules, as in Salesforce CPQ) does with the same cases. It is a judgment about effort and reliability, not a claim that nothing can be built.
| What the validator caught | Typical rules-based CPQ | Predictika |
|---|---|---|
| Forms that depend on the issuer's status | Only with workarounds Forms S-1 and S-4 are for domestic issuers and F-1 and F-4 for foreign private issuers; 10-K, 10-Q and 8-K are domestic and 20-F, 6-K and 40-F are not. A CPQ pick list shows every form to every customer, so each form needs its own rule against an issuer field, and the rule fires only for the form that was added. | Issuer status is a request field and every form on the quote is checked against it on every call. |
| Tagging that must cover every periodic filing | Only with workarounds Every 10-K, 10-Q and 20-F in the quote needs iXBRL tagging, so adding one filing means adding one tagging unit. A CPQ has no count of filings to compare the tagging quantity with, so it needs a custom field and a rule, and the shortfall shows only after the filing is added. | Tagged filings are compared with the filings that need them on every call, so a missing or surplus unit is reported together with everything else. |
| A taxonomy tied to the issuer and to ESEF | Only with care A U.S. domestic issuer tags to US GAAP and an ESEF report needs the IFRS-based taxonomy. A pick list can carry either choice with every product unless a rule hides it. | The taxonomy is a request field and the ESEF and issuer rules are both checked against it. |
| Reporting that only some issuers owe | Only with care Section 16 reporting and proxy statements apply to U.S. domestic issuers and not to foreign private issuers. A quote tool will happily price them for anyone unless a rule keeps them apart. | The issuer is checked against each ownership and proxy product on every call. |
| A deadline against the turnaround chosen | Only with workarounds A Form 8-K is due within four business days, and a short due date rules out standard turnaround. A CPQ has no due date to compare with the service level, so someone adds a field and a rule per form. | The due date and the turnaround are request fields, and the 8-K and lead-time rules fire together. |
| Translation: languages, words and the 14-language limit | Only with care Translation is priced per language and per thousand words, and the service covers 14 languages. The quantity limit and the pairing of languages with a word count are easy to leave unchecked. | Languages and words are compared with each other and with the limit on every call. |
| A stated total that has to agree with the quote | Only with workarounds Per-page, per-seat and per-filing prices come from many lines, and the total typed on the quote can drift from them without anyone noticing. | The first-year total is computed from the choices and compared with the total the quote states. |
| Every problem returned in one answer | Only with workarounds Rules tend to fire as the quote is saved or a step is completed, so a person often fixes one error and meets the next. | All findings come back together, whatever order the choices arrived in. |
Every rule is checked on every call, in any order the choices arrive; one problem never hides another. Blocking findings stop the quote; approval findings need a person to sign off; everything else is computed.
| 1 | Translation into 10 languages is confirmed by a translation lead before the quote is sent. |
| 2 | The quote has 5,000 printed copies; print runs of 5,000 or more are confirmed by a production manager before the quote is sent. |
| 3 | The quote includes no Toppan Merrill service, so there is nothing to price. |
| 4 | The quote is for periodic reporting only, but it includes transaction services (document pages, Quinn seats, project management, EDGAR submissions, translation, conference days or printing); choose the offering, merger, proxy statement or circular they are for. |
| 5 | The quote is for a transaction document but has no pages to compose and EDGARize; the page count sets the size of the work. |
| 6 | The quote is for a transaction document but includes no EDGAR submission or SEDAR+ filing to file it. |
| 7 | The quote uses Form F-1 or Form F-4 for a U.S. domestic issuer; those forms are for foreign private issuers, and a domestic issuer registers on Form S-1 or Form S-4. |
| 8 | The quote includes a proxy statement for an issuer that is not a U.S. domestic issuer; foreign private issuers are exempt from the U.S. proxy rules. |
| 9 | The quote includes a Management Information Circular, which is a Canadian document, for an issuer that is not a Canadian issuer. |
| 10 | The quote includes 2 SEDAR+ filings for an issuer that is not a Canadian issuer; SEDAR+ is the Canadian filing system. |
| 11 | The quote includes a Management Information Circular but no SEDAR+ filing; the circular is filed on SEDAR+. |
| 12 | The quote includes Quinn Smart Sync, which links Excel financial data to documents, but no Quinn seats. |
| 13 | The quote asks for translation into 15 languages, and Global Translations covers 14. |
| 14 | The translation is incomplete; it needs both a number of languages and a word count per language, and the quote has only one of them. |
| 15 | The quote includes Form 10-K, 10-Q or 8-K filings for an issuer that is not a U.S. domestic issuer; those are U.S. domestic forms, and the validator expects a foreign private issuer to file Form 20-F and Form 6-K. |
| 16 | The quote includes Form 20-F or Form 6-K filings for a U.S. domestic issuer; those are foreign private issuer forms, and a domestic issuer files Form 10-K, 10-Q and 8-K. |
| 17 | The quote includes Form 40-F, which is for Canadian issuers under the multijurisdictional disclosure system, for an issuer that is not a Canadian issuer. |
| 18 | The quote has periodic filings that Bridge prepares and files, but no Bridge seats. |
| 19 | The quote has iXBRL tagging for 3 filings, and the Form 10-K, 10-Q and 20-F filings in the quote need tagging for 4. |
| 20 | The quote has iXBRL tagging for 5 filings, which is more than the 4 periodic filings it includes. |
| 21 | The quote tags a U.S. domestic issuer to the IFRS taxonomy; a U.S. domestic issuer reports under U.S. GAAP and tags to the US GAAP taxonomy. |
| 22 | The quote includes 1 ESEF annual report, which are tagged to the IFRS-based ESEF taxonomy, and the quote is tagged to the US GAAP taxonomy. |
| 23 | The quote includes Section 16 reporting for 5 insiders of an issuer that is not a U.S. domestic issuer; foreign private issuers are exempt from Section 16. |
| 24 | The quote includes 2 Form 8-K filings on standard turnaround; a Form 8-K is due within four business days, so it needs expedited turnaround. |
| 25 | The first filing is due in 9 days, and standard turnaround needs at least 10 days. |
| 26 | The first filing is due in 2 days, and even expedited turnaround needs at least 3 days. |
| 27 | Expedited turnaround with the first filing due in 3 days is confirmed by a filing consultant before the quote is sent. |
| 28 | The quote has 40 Quinn seats; deal teams of 40 or more seats are confirmed by a delivery manager before the quote is sent. |
| 29 | The document runs 800 pages; documents of 800 pages or more are confirmed by a composition lead before the quote is sent. |
| 30 | A discount of $6,856 on a list price of $73,200 is more than 8 percent and needs a manager to approve it. |
| 31 | A discount of $11,980 on a list price of $73,200 is more than the 15 percent limit. |
| 32 | The quote states a first-year total of $73,199, but the prices and discount give $73,200. |
The recorded result of the validator for each scenario on this page: the request the AI agent sent, the verdict, and every finding, in the order they appear above.
The agent's request. Please quote an initial public offering on Form F-1 for a U.S. domestic issuer. The document runs 640 pages with 7 EDGAR submissions. Services are 24 Quinn seats with Smart Sync, Project Management, translation into 15 languages of 40,000 words each, 12 days of conference facilities and 3,500 printed copies. For periodic reporting the quote has Bridge with 6 seats for 1 Form 20-F filing and 6 Form 6-K filings and iXBRL tagging for 1 filing, tagged on the IFRS taxonomy. Through SEC Connect the quote has Section 16 reporting for 12 insiders and 4 Form 144 filings. Turnaround is standard and the first filing is due in 45 days. The discount is $16,000. The quote states a first-year total of $316,990. It is ready to send.
Verdict: Blocked.
The agent's request. Please quote an initial public offering on Form S-1 for a U.S. domestic issuer. The document runs 640 pages with 7 EDGAR submissions. Services are 24 Quinn seats with Smart Sync, Project Management, translation into 9 languages of 40,000 words each, 12 days of conference facilities and 3,500 printed copies. For periodic reporting the quote has Bridge with 6 seats for 1 Form 10-K filing, 3 Form 10-Q filings and 6 Form 8-K filings and iXBRL tagging for 1 filing, tagged on the IFRS taxonomy. Through SEC Connect the quote has Section 16 reporting for 12 insiders and 4 Form 144 filings. Turnaround is standard and the first filing is due in 45 days. The discount is $16,000. The quote states a first-year total of $256,790. It is ready to send.
Verdict: Blocked.
The agent's request. Please quote an initial public offering on Form S-1 for a U.S. domestic issuer. The document runs 640 pages with 7 EDGAR submissions. Services are 24 Quinn seats with Smart Sync, Project Management, translation into 9 languages of 40,000 words each, 12 days of conference facilities and 3,500 printed copies. For periodic reporting the quote has Bridge with 6 seats for 1 Form 10-K filing, 3 Form 10-Q filings and 6 Form 8-K filings and iXBRL tagging for 4 filings, tagged on the US GAAP taxonomy. Through SEC Connect the quote has Section 16 reporting for 12 insiders and 4 Form 144 filings. Turnaround is expedited and the first filing is due in 45 days. The discount is $16,000. The quote states a first-year total of $333,150. It is ready to send.
Verdict: Allowed.
The agent's request. Please quote a Management Information Circular for a Canadian issuer. The document runs 220 pages with 2 EDGAR submissions. Services are 9 Quinn seats, Project Management, translation into 1 language of 70,000 words, 2 days of conference facilities and 1,200 printed copies. For periodic reporting the quote has Bridge with 3 seats for 3 Form 10-Q filings, 1 Form 40-F filing and 4 Form 6-K filings and iXBRL tagging for 1 filing, tagged on the US GAAP taxonomy. Through SEC Connect the quote has Section 16 reporting for 6 insiders. Turnaround is standard and the first filing is due in 40 days. The discount is $7,000. The quote states a first-year total of $121,770. It is ready to send.
Verdict: Blocked.
The agent's request. Please quote a Management Information Circular for a Canadian issuer. The document runs 220 pages with 2 EDGAR submissions. Services are 9 Quinn seats, Project Management, translation into 1 language of 70,000 words, 2 days of conference facilities and 1,200 printed copies. For periodic reporting the quote has Bridge with 3 seats for 1 Form 40-F filing and 4 Form 6-K filings and iXBRL tagging for 1 filing, tagged on the US GAAP taxonomy. It also has 3 SEDAR+ filings. Turnaround is standard and the first filing is due in 40 days. The discount is $7,000. The quote states a first-year total of $120,430. It is ready to send.
Verdict: Allowed.
The agent's request. Please quote periodic reporting services for a foreign private issuer. For periodic reporting the quote has Bridge with 5 seats for 1 Form 20-F filing, 1 Form 40-F filing and 8 Form 6-K filings, iXBRL tagging for 1 filing and 2 ESEF annual reports, tagged on the US GAAP taxonomy. Through SEC Connect the quote has 3 Schedule 13D or 13G filings and 2 Form D filings. Turnaround is standard and the first filing is due in 4 days. The discount is $7,800. The quote states a first-year total of $75,650. It is ready to send.
Verdict: Blocked.
The agent's request. Please quote periodic reporting services for a foreign private issuer. For periodic reporting the quote has Bridge with 5 seats for 1 Form 20-F filing and 8 Form 6-K filings, iXBRL tagging for 1 filing and 2 ESEF annual reports, tagged on the IFRS taxonomy. Through SEC Connect the quote has 3 Schedule 13D or 13G filings and 2 Form D filings. Turnaround is expedited and the first filing is due in 4 days. The discount is $7,800. The quote states a first-year total of $73,950. It is ready to send.
Verdict: Needs approval.
The text of the narrated walkthrough, step by step.