4. SPV Operators

An SPV Operator is the Actor managing the portfolio of collateral in the SPV on behalf of the SPV but for the benefit of a Minter’s business operation. The SPV Operator also acts as selling agent in the context of a wind down (as described in Obligations Outside of the Normal Course of Business) and can even wind down a Minter in cases where the Minter is unable or unwilling to comply with the Protocol rules.

Adopted Guidance indicates the entities that should be considered as appropriate to act as SPV Operators in the M^0 ecosystem.