diff --git a/src/quant_platform_kit/risk/gate.py b/src/quant_platform_kit/risk/gate.py
index 4d61e69..869f2cf 100644
--- a/src/quant_platform_kit/risk/gate.py
+++ b/src/quant_platform_kit/risk/gate.py
@@ -196,7 +196,7 @@ def _normalized_weight_map(raw: Mapping[str, Any] | None) -> dict[str, float] |
             return None
         if number > 0.0:
             result[symbol] = float(number)
-    return result
+    return result or None
 
 
 def _portfolio_current_weights(
@@ -219,7 +219,7 @@ def _portfolio_current_weights(
             weights[symbol] = weights.get(symbol, 0.0) + float(market_value) / verified_nav
     except TypeError:
         return None
-    return weights
+    return weights or None
 
 
 def _resolve_small_account_hold_policy(
diff --git a/tests/test_risk_gate.py b/tests/test_risk_gate.py
index 3a05aa5..712cfc2 100644
--- a/tests/test_risk_gate.py
+++ b/tests/test_risk_gate.py
@@ -461,6 +461,22 @@ def test_small_account_hold_explicit_disable_rejects_overrun(self) -> None:
         self.assertEqual(result.positions, ())
         self.assertEqual(result.risk_flags, ("rejected:runtime_risk_limits",))
 
+    def test_small_account_hold_rejects_when_book_weights_unavailable(self) -> None:
+        """Empty derived book weights must not look like a zero book."""
+        result = apply_risk_gate(
+            _decision(positions=(PositionTarget(symbol="SOXL", target_weight=0.90),)),
+            max_single_weight=1.0,
+            max_total_exposure=1.0,
+            portfolio_snapshot=_portfolio_snapshot(),
+            capital_base=_capital_base(reported_equity=472.0),
+            capital_base_binding=_capital_base_binding(),
+            runtime_risk_limits=self._runtime_limits(),
+            current_portfolio_weights={},
+            cash_only_execution=True,
+        )
+        self.assertEqual(result.positions, ())
+        self.assertEqual(result.risk_flags, ("rejected:runtime_risk_limits",))
+
     def test_explicit_runtime_limits_reject_uncovered_budget_symbol(self) -> None:
         result = apply_risk_gate(
             StrategyDecision(