4.2. Eligibility Criteria for Approved SPV Operators

SPV Operators shall fulfill the following minimum requirements:

• Be a duly incorporated entity in an Approved Jurisdiction.

• Minimum affiliation (via its shareholders) with or (practically) control by any Validator and/or Minter, or the affiliates of any Validator or Minter. To the extent that the SPV Operator has overlapping stakeholders with other Actors within the ecosystem, it is the duty of the SPV Operator to provide evidence of appropriate corporate governance and liability separation in dealing with collateral.

• It has obtained and maintained all necessary licenses, authorisations and consents for the performance of its obligations under the mandatory agreements it needs to enter into with other ecosystem participants according to the Adopted Guidance.

• It maintains a contractual relationship with the SPV that under no circumstance endangers the status of that SPV to be considered as such in its Approved Jurisdiction, as outlined in Approved Jurisdictions.

• It has meaningful equity to sustain its business.

• It has developed and can provide upon request a business plan for the following 3 years of operations.