4.3. Obligations of SPV Operators

SPV Operators are expected to enter into a Minter-SPV Operator Agreement with every Minter they provide services to. Today, these agreements are considered part of the Mandatory Contracts as defined in the Adopted Guidance. In case of any change to the Mandatory Contracts, the Minter and SPV Operator, as any other Actor, are expected to amend the Minter-SPV Operator Agreement accordingly without delay.

The mandate of the SPV Operator to manage the collateral is intended to have the main objective be to protect the stability of M under all possible circumstances. For this reason, the Adopted Guidance suggests prudence in adopting technological innovation (e.g. in the form of tokenized securities) at this level of the stack.

To that end, the duties of the SPV Operator can be divided into two groups:

1. Obligations in the Normal Course of Business

2. Obligations outside of the Normal Course of Business

The Normal Course of Business generally refers to the scenario where the Minter operates in accordance with the Protocol rules and is fully capable of doing so. As a consequence, outside the Normal Course of Business refers to all scenarios where the Minter is, for example, non-compliant with the rules of the Protocol, enters into insolvency, or is incapacitated or unwilling to fulfill its obligations for other reasons.