4.4. Guidelines for Submission of Approval Requests

An application for the approval as SPV Operator shall be submitted via a change proposal of the Adopted Guidance following the process described in Change Process for the Adopted Guidance. The change proposal shall aim to add the SPV Operator to Contact Information of Currently Approved SPV Operators.

Before submitting its application, the SPV Operator shall publish a KYC report via appropriate channels, as well as appropriate proof that the requirements set forth in Obligations of SPV Operators are met:

• Certified copies of the commercial register and/or trade register and/or register of companies or alike, proving that the company was duly incorporated in the jurisdiction it is providing its services from.

• Proof of who the ultimate beneficial owners (UBO) of the company are, including proof for negative politically exposed persons (PEP) / sanctions check.

• Certified copies of all required official licenses required to operate the business and to provide the services outlined in the Adopted Guidance and in the contractual agreements where the SPV Operator is a party to.

• A legally binding declaration that no insolvency, bankruptcy or similar/comparable proceedings are currently pending or to be anticipated in the foreseeable future in relation to the company.

• Proof that the company is minimally affiliated (via its shareholders) with or (practically) controlled by any Validator and/or Minter named as permissioned actor in the Adopted Guidance. When there is some level of affiliation, relevant evidence of appropriate corporate governance shall be presented.

• A legally binding declaration, as long as objectively and legally possible, to set up its business activities in regards to the services and contractual relationships as outlined in the Adopted Guidance.

• A legally binding commitment, as long as objectively and legally possible, to amend its contractual relationships reflecting potential mandatory changes of the Adopted Guidance.

Where confidentiality concerns emerge, the M^0 Foundation can step under Non-Disclosure Agreements to analyze the required documentation and provide a qualified public opinion to the ecosystem.