Coast Guard has set precedent that states an approved PFD must be "readily accessible." Stuffing it in the hull does not satisfy the law. However, breaking the law is not protestable under the rules. For example, read the NOR for the upcoming F18 event. Under the rules, the US SAILING prescription to RRS 40 is removed, making it impossible to protest someone wearing a CE vest. However, if you're stopped by the Coasties and they decide to read the label on your vest, you'll get a ticket.