Special Purpose Vehicle (SPV) Formation Checklist
Transaction[●]
SPV Name[●]
Jurisdiction[●]
Entity Type[Corporation / LLC / LP / Trust / Other]
Transaction Lead[●]
Target Closing Date[●]
Purpose
This Special Purpose Vehicle (SPV) Formation & Compliance Checklist (the "Checklist") is intended to assist in the formation, organization, regulatory compliance and transaction readiness of an SPV established in connection with a proposed securities offering, digital asset issuance, or real world asset tokenization transaction.
This Checklist is intended as an internal transaction management document and should be tailored to the specific requirements of the applicable jurisdiction, transaction structure and regulatory framework.
1SPV Formation
| No. | Item | Status | Remarks |
|---|---|---|---|
| 1.1 | Determine jurisdiction of incorporation or formation | ||
| 1.2 | Select legal entity type (Corporation, LLC, LP, Trust or other) | ||
| 1.3 | Confirm proposed entity name availability | ||
| 1.4 | Reserve entity name (if applicable) | ||
| 1.5 | Prepare formation/incorporation documents | ||
| 1.6 | File formation documents with the applicable authority | ||
| 1.7 | Obtain Certificate of Incorporation/Formation | ||
| 1.8 | Obtain certified copies of organizational documents | ||
| 1.9 | Prepare Articles, Charter or Operating Agreement, as applicable | ||
| 1.10 | Establish registered office | ||
| 1.11 | Appoint registered agent (if applicable) | ||
| 1.12 | Obtain organizational identification number |
2Corporate Organization & Governance
| No. | Item | Status | Remarks |
|---|---|---|---|
| 2.1 | Appoint directors, managers or trustees | ||
| 2.2 | Appoint officers or authorized signatories | ||
| 2.3 | Hold organizational meeting | ||
| 2.4 | Adopt constitutional documents | ||
| 2.5 | Approve corporate governance framework | ||
| 2.6 | Issue founder shares or membership interests | ||
| 2.7 | Prepare capitalization table | ||
| 2.8 | Establish statutory registers | ||
| 2.9 | Prepare board resolutions authorizing the transaction | ||
| 2.10 | Prepare incumbency certificate (if required) |
3Regulatory Registrations
| No. | Item | Status | Remarks |
|---|---|---|---|
| 3.1 | Obtain Tax Identification Number (TIN/EIN or equivalent) | ||
| 3.2 | Register for applicable taxes (if required) | ||
| 3.3 | Obtain business licenses (if applicable) | ||
| 3.4 | Register with applicable regulatory authorities (if required) | ||
| 3.5 | Assess ongoing reporting obligations | ||
| 3.6 | Confirm regulatory exemptions applicable to the transaction |
4Banking & Financial Operations
| No. | Item | Status | Remarks |
|---|---|---|---|
| 4.1 | Open the SPV's primary bank account | ||
| 4.2 | Complete bank KYC requirements | ||
| 4.3 | Appoint authorized banking signatories | ||
| 4.4 | Establish accounting policies and financial reporting procedures | ||
| 4.5 | Select accounting software or service provider | ||
| 4.6 | Determine capitalization requirements | ||
| 4.7 | Receive initial capital contribution(s) | ||
| 4.8 | Establish internal approval and payment controls | ||
| 4.9 | Appoint external accountant or auditor (if applicable) | ||
| 4.10 | Establish document retention and recordkeeping procedures |
5Compliance (KYC / AML / Sanctions)
| No. | Item | Status | Remarks |
|---|---|---|---|
| 5.1 | Determine applicable securities law exemption(s) | ||
| 5.2 | Determine offering jurisdictions | ||
| 5.3 | Adopt KYC procedures | ||
| 5.4 | Adopt AML procedures | ||
| 5.5 | Establish sanctions screening procedures | ||
| 5.6 | Verify beneficial ownership information | ||
| 5.7 | Determine Politically Exposed Person (PEP) screening requirements | ||
| 5.8 | Complete investor identity verification procedures | ||
| 5.9 | Determine ongoing compliance monitoring requirements | ||
| 5.10 | Confirm privacy and data protection compliance |
6Asset Acquisition & Due Diligence
| No. | Item | Status | Remarks |
|---|---|---|---|
| 6.1 | Identify the underlying asset(s) | ||
| 6.2 | Verify ownership of the underlying asset(s) | ||
| 6.3 | Review title and ownership documentation | ||
| 6.4 | Conduct legal due diligence | ||
| 6.5 | Conduct financial due diligence | ||
| 6.6 | Conduct technical or operational due diligence (if applicable) | ||
| 6.7 | Obtain independent valuation (if required) | ||
| 6.8 | Review existing liens, encumbrances or security interests | ||
| 6.9 | Confirm insurance coverage | ||
| 6.10 | Obtain all required third-party consents and approvals | ||
| 6.11 | Confirm transferability of the underlying asset | ||
| 6.12 | Complete acquisition or transfer of the asset to the SPV (if applicable) |
7Tokenization Readiness
| No. | Item | Status | Remarks |
|---|---|---|---|
| 7.1 | Confirm the tokenization structure | ||
| 7.2 | Determine the rights attached to the digital asset or token | ||
| 7.3 | Define the token economics | ||
| 7.4 | Select the blockchain network | ||
| 7.5 | Finalize the smart contract specifications | ||
| 7.6 | Complete smart contract development | ||
| 7.7 | Complete smart contract testing and audit | ||
| 7.8 | Determine custody arrangements | ||
| 7.9 | Establish wallet management procedures | ||
| 7.10 | Define token issuance procedures | ||
| 7.11 | Define transfer restrictions (if applicable) | ||
| 7.12 | Confirm token minting readiness |
8Transaction Documents
| No. | Item | Status | Remarks |
|---|---|---|---|
| 8.1 | Terms Sheet finalized | ||
| 8.2 | Subscription Agreement finalized | ||
| 8.3 | Token Purchase Agreement finalized | ||
| 8.4 | Investor Questionnaire finalized | ||
| 8.5 | Offering Memorandum / Private Placement Memorandum finalized (if applicable) | ||
| 8.6 | Tokenization Services Agreement executed | ||
| 8.7 | Asset Transfer Agreement executed (if applicable) | ||
| 8.8 | Custody Agreement executed (if applicable) | ||
| 8.9 | Escrow Agreement executed (if applicable) | ||
| 8.10 | Other transaction documents completed |
9Closing
| No. | Item | Status | Remarks |
|---|---|---|---|
| 9.1 | All conditions precedent satisfied or waived | ||
| 9.2 | Board approvals obtained | ||
| 9.3 | Investor approvals obtained (if required) | ||
| 9.4 | Regulatory approvals obtained (if required) | ||
| 9.5 | Subscription funds received | ||
| 9.6 | Asset transferred to the SPV (if applicable) | ||
| 9.7 | Digital assets or tokens issued | ||
| 9.8 | Registers and ownership records updated | ||
| 9.9 | Closing binder or transaction file completed | ||
| 9.10 | Transaction closed |
10Post-Closing & Ongoing Compliance
| No. | Item | Status | Remarks |
|---|---|---|---|
| 10.1 | Maintain statutory records | ||
| 10.2 | Maintain accounting records | ||
| 10.3 | Complete periodic tax filings | ||
| 10.4 | Complete annual corporate filings | ||
| 10.5 | Maintain ongoing AML/KYC records | ||
| 10.6 | Monitor regulatory compliance | ||
| 10.7 | Monitor compliance with transaction documents | ||
| 10.8 | Maintain token holder records (if applicable) | ||
| 10.9 | Conduct periodic governance reviews | ||
| 10.10 | Archive transaction documents and closing records |