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    • Adopted Guidance
      • Adopted Guidance v1.30
        • 1. Description of the Adopted Guidance
          • 1.1. Purpose of the Adopted Guidance
          • 1.2. Change Process for the Adopted Guidance
        • 2. Ecosystem Description
          • 2.1. Actors
          • 2.2. Mandatory Contracts
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          • 2.4. Core Operational Flows
            • 2.4.1. Update Collateral Process
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        • 3. Eligible Collateral
          • 3.1. Criteria for Eligible Collateral
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          • 3.4. Approved Jurisdictions
            • 3.4.1. Bankruptcy Remoteness
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        • 4. SPV Operators
          • 4.1. Contact Information of Currently Approved SPV Operators
          • 4.2. Eligibility Criteria for Approved SPV Operators
          • 4.3. Obligations of SPV Operators
            • 4.3.1. Obligations in the Normal Course of Business
            • 4.3.2. Obligations Outside of the Normal Course of Business
              • 4.3.2.1. Amicable Wind Down Process
              • 4.3.2.2. Non-Amicable Wind Down Process
              • 4.3.2.3. Minter Insolvency
              • 4.3.2.4. Unauthorized Termination of Minter – SPV Operator Agreement
            • 4.3.3. Operational Obligations of SPV Operators
              • 4.3.3.1. Co-signature of the SPV for significant payments
              • 4.3.3.2. Cooperation with Validators
              • 4.3.3.3. Maintenance of Administrative Buffer
              • 4.3.3.4. No Wire Back Instructions
          • 4.4. Guidelines for Submission of Approval Requests
        • 5. Validators
          • 5.1. Contact Information of Currently Permissioned Validators
          • 5.2. Eligibility Criteria for Permissioned Validators
          • 5.3. Obligations of Validators
          • 5.4. Guidelines for Submission of Permissioning Requests
        • 6. BD Minters and Minters
          • 6.1. Contact Information of Currently Permissioned Minters
          • 6.2. Eligibility Criteria for Permissioned Minters
          • 6.3. Obligations of Minters
          • 6.4. BD Minter and Minter Compliance Requirements
          • 6.5. Guidelines for Submission of Permissioning Requests
        • Adopted Guidance PDF Version
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        • Adopted Guidance PDF Version
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Copyright 2025 M0 Foundation

On this page
  1. Core Documentation
  2. Adopted Guidance
  3. Adopted Guidance v1.30
  4. 4. SPV Operators

4.3. Obligations of SPV Operators

What are the 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 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.

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Last updated 2 months ago