Sourced provisions
Every rule below was parsed from operative text with a recorded hash. Where a provision is quoted in the development, it is quoted verbatim with elisions marked.
Fiat-referenced tokens
| Rule | Content | Role in the system |
|---|---|---|
| 19A.2 | white paper, published before issuance | a gate on launch |
| 19A.3.1 | issuer restricted from non-incidental regulated activities | why the issuer may not run the venue |
| 19A.3.2 | no dirham denomination | an outright prohibition |
| 19A.4.1 | redemption at par, no later than T+2 | why the payment leg has no queue |
| 19A.5.2 | reserves in a client account or non-objected reserve accounts | reserves are not protocol capital |
| 19A.5.3 | par-currency denomination | |
| 19A.6.1 | segregation per token | |
| 19A.7.1 | reserve value ≥ outstanding claims, at all times | the full-backing invariant |
| 19A.7.2 | valuation each day | the operational duty on top |
| 19A.8 | annual liquidity stress testing, large-scale redemptions | the environment's run scenario is of this class |
| 19A.9, 19A.10 | monthly attestation, annual audit | ongoing conditions |
| 19A.11.4 | liquidation order, holders first at par | the waterfall contract |
Funds
The qualified-investor route: private placement, professional clients, a minimum subscription, ongoing maintenance of those conditions, custody of fund property with an eligible custodian, and management per constitution and prospectus.
Market infrastructure
A recognition order is the gate for operating a venue, with capital, fair-and-orderly rules, free negotiability of admitted instruments, access criteria and custody arrangements as ongoing obligations. Free negotiability is the one whose protocol-side prerequisite the transfer machinery already provides.