The distinction being tested
Governing means an output constrains the next action.
A system records when it stores what happened, and governs when it produces something the operator is obliged to act on before the next trade. Almost every narrow adoption of the architecture records superbly and governs not at all, which is not a criticism — an execution laboratory is supposed to explain rather than constrain. But it does mean the modes are not points on a single scale of completeness. They divide into those that close a control loop and those that do not, and the dividing line falls at a specific and identifiable set of four surfaces.
Four surfaces, each depending on the one before it. The loop is what makes the arrangement governance rather than record-keeping — remove any single step and the remaining three continue producing outputs that constrain nothing.

