Vertalo orchestration for the Innovation Exemption · Release 34-106402
Tokenizers
Release 34-106402 lets a venue trade your token of a listed stock without the company's cooperation. In return the venue must verify that your token carries the same rights as the share. You must make proxy materials available to holders at no cost to the company or its shareholders. Vertalo runs the record behind your programs, so the venue has its evidence and the company has its answer.
A broker-dealer, an asset manager or a crypto firm that wraps listed stock.
Somebody holds the shares, somebody verifies the count, and somebody gets dividends and votes to every holder. The order says what must be true and names nobody to keep the record that shows it.
Each program records where the shares behind the token are held and in whose name, the token's contract and chain, and the supply in circulation.
Token supply is reconciled against the custodied position on a schedule agreed at kickoff. The position is read from the company's register where its transfer agent runs on Vertalo, and otherwise from the custodian's and the agent's statements. Every divergence found is recorded and reported to you.
A dated attestation of supply against the custodied position for each program, in the form a venue's Notice item i describes. (III)
The rights pass-through: each dividend and each proxy mailing followed through to every position in your custodial sub-ledger, with a delivery record for each. (II.E)
The custodial sub-ledger of your holders' positions, kept on the Vertalo platform as the record the statements, look-through and pass-through are read from.
list_holdings_by_investor · list_holdings_by_security · get_holding
You mint your own token by default, and Vertalo attests to supply against the position. If you would like Vertalo to mint and administer it, that is the optional Tokenization Service, priced per program.
setup_security_token · deploy_security_token · mint_security_tokens
Your custodian holds the shares. Your offering's registration or exemption, your disclosures and your relationship with your holders stay yours. (II.E)
From go-live, Vertalo's team runs the orchestration for you on your records, with the console you can walk today on sample data at innovation.vertalo.com. Fees start when your service goes live.
The license year starts on go-live, the day Vertalo confirms your first program is reconciled and attested.
innovation.vertalo.com is a working model of the whole arrangement on sample data: a listed company's stock, tokenized by a firm unaffiliated with the company and traded on a Tokenized Securities Venue. Six seats read one record: the transfer agent, the issuer, the tokenizer, the venue, the token holder and the examiner. Every provision the model runs is quoted word for word at innovation.vertalo.com/order.
Agree the first programs: the stock, the custodian, the chain and the venues you intend to approach.
Arrange for your custodian to give Vertalo a daily statement of the shares it holds for each program.
Vertalo records each program: the position, the token contract and chain, and your holders' custodial sub-ledger.
Supply is reconciled against the position for each program, and any divergence is resolved with you.
Vertalo confirms the first program is reconciled and issues its first attestation. The license year starts.
For each venue you approach: the attestation, the pass-through record and the reconciliation history its rights verification reads.
No. You mint your own token by default and Vertalo attests to supply against the custodied position. Minting by Vertalo is an option you can take per program.
You choose the chain. For each chain, the method Vertalo uses to read supply from the public ledger is agreed at kickoff.
The venue that sent the notice cannot make your token available for trading. The objection runs to that venue, not to your wrapping of the stock. (II.D)
No. There are no fees on transfers, deposits, withdrawals, re-attestation or traded volume. The license, the holder tier and corporate actions above the allowance are the whole invoice.