You need to read the Protocol 26 (ii)
It states the HULL needs to be built in country of challange my my reading of it is that the other 'bits' are not covered by this.
(ii) for the avoidance of doubt, the fabrication, acquisition or use of any component, materials or resources used to...
Well I reckon the Kiwis (ie. the great unwashed non-sailors) need to choose either help fund a home defence or shut the fuck up.
As I have said on the forums and the FP (perhaps too many times), if they aren't matching the R&D of the challengers (and that costs real bucks) to produce a...
Nationality Rules would bar them I would think. Hard to place Societe Nautiqe de Geneve as from an "Emerging Nation".
Besides it would be difficult for them to get there with the COVID restrictions - they were in New Zealand the night of the Sailor of the Year Awards