Evidence before issuance.

01 · Investor rights

Signed rights schedule, redemption obligor, dispute forum and insolvency treatment.

02 · Jurisdiction & permissions

Legal analysis for issuer, vault, investor domicile and distribution markets.

03 · Tax & reporting

Transaction-specific residence, characterisation and reporting assessment.

04 · Bullion title & provenance

Invoices, payment, chain of title, serials, fine weight and sourcing checks.

05 · Custody arrangements

Account designation, segregation, withdrawal authority, liens and subcustody.

06 · Insurance scope

Policy limits, exclusions, beneficiaries, valuation and recovery process.

07 · Reserve & liability reconciliation

Complete supply across networks, eligible assets, exceptions and evidence age.

08 · Independent assurance

Scope, effective date, tests, limitations and follow-up of discrepancies.

09 · Security & privileged controls

Deployed-version audit, role separation, recovery and upgrade procedures.

10 · Exit rehearsal

Size-specific dealing quotes and end-to-end cash or delivery test.

11 · Operating viability

Full recurring budget, setup funding and wind-down arrangements.

12 · Failure & replacement

Custodian, administrator and technology replacement with register recovery.