# Issuer Onboarding Guide ### Issuer Onboarding Guide **Tokenization Onboarding · 9 Stages · Board Resolution to CEDEX Trading** End-to-end onboarding guide for issuers tokenizing assets through Groovy Company, Inc.'s **RWA Tokens** platform. The platform supports three asset classes through three production modules: * **Module 1 — Equities.** OTC microcap (OTCQB, OTCID, Expert Market), NASDAQ, AMEX, TSX, and global exchange-listed equities. * **Module 2 — Real Estate.** Commercial buildings, multifamily portfolios, real-estate funds, and basin-attached real-property assets. * **Module 3 — CORECM.** Carbon Ore, Rare Earth, and Critical Minerals — basin assets and mining concessions issuing under SEC Reg D, Reg S, and Reg CF exemptions. This document covers corporate prerequisites, Empire Stock Transfer custody, on-chain token creation, offering mechanics, and secondary-market activation across all three modules. Stages 1–9 are the standard onboarding flow; module-specific variations are called out in §16. *** #### Table of Contents 1. ​Overview​ 2. ​Prerequisites​ 3. ​Stage 1 — Application​ 4. ​Stage 2 — Due Diligence​ 5. ​Stage 3 — Legal Documentation​ 6. ​Stage 4 — Empire Custody Agreement​ 7. ​Stage 5 — Asset Deposit​ 8. ​Stage 6 — Reg D / Reg S / Reg CF Filing​ 9. ​Stage 7 — Token Minting​ 10. ​Stage 8 — CEDEX Listing​ 11. ​Stage 9 — Live Trading​ 12. ​Post-Launch Operations​ 13. ​Costs and Timeline​ 14. ​Technical Requirements for Issuer Counsel​ 15. ​Frequently Asked Questions​ 16. ​Module-Specific Onboarding Variations *** #### 1. Overview **What Happens** The issuer authorizes the asset that will back the ST22 tokens, deposits the underlying instrument with Empire Stock Transfer under irrevocable custody, and the platform mints 1:1 ST22 Digital Securities tokens on Solana. The tokens trade 24/7 on CEDEX (cedex.market) with all 42 Transfer Hook security controls enforced on every trade. The same nine-stage flow applies across all three modules. The asset class differs — Common Class B equity for Module 1, single-asset real-property entity for Module 2, basin-asset entity for Module 3 — but the onboarding architecture, custody, oracle attestation, Transfer Hook enforcement, and CEDEX listing are identical. **Division of Responsibility** Issuer ResponsibilityPlatform / Empire Responsibility Board resolution authorizing tokenized class Due-diligence review State filing (Certificate of Designation, single-asset entity charter, or basin-asset entity charter) Technical tokenization infrastructure Asset deposit to Empire custody 42 Transfer Hook controls deployed Reg D / Reg S / Reg CF offering documents CEDEX listing and Global Pool seeding Ongoing reporting (10-K, 10-Q, NAV reappraisal, classification refresh) Real-time custody oracle and compliance monitoring **What Issuers Do Not Provide** Issuers do not need blockchain expertise, smart-contract development capability, market makers, liquidity providers, or exchange-listing fees. The platform handles all technical infrastructure. Issuers provide the corporate authorization and the underlying assets — the platform provides the technology. **End-to-End Flow** Copy ``` Board Resolution → State Filing → Empire Custody Deposit → Asset Identifier Assignment (CUSIP / Property ID / Basin ID) → Oracle Integration → ST22 Mint Creation → Transfer Hook Attached (IRREVERSIBLE) → SecurityConfig Initialized → Reg D / Reg S / Reg CF Offering → Empire Investor Onboarding (KYC/KYB/AML) → Stablecoin Settlement (USDC / PYUSD) → Token Delivery → Holding Period Enforcement (Control 24) → CEDEX Pool Creation (protocol-controlled, LP burned) → 24/7 Secondary Trading on cedex.market ``` *** #### 2. Prerequisites **Corporate Prerequisites** RequirementDetailWho Prepares Active corporate entity Must be in good standing with state of incorporation Issuer Board of Directors Authorized to approve the tokenized share or interest class Issuer Charter documentation Certificate of Incorporation or LLC operating agreement, current with Secretary of State Issuer counsel SEC reporting (if applicable) Current 10-K / 10-Q filings (Module 1 only; not required for all OTC tiers) Issuer Transfer-agent relationship Empire Stock Transfer engagement Platform coordinates No disqualifying events Bad-actor check for officers, directors, and 20%+ beneficial owners Legal Counsel reviews Module-specific entity Single-asset entity (Module 2); basin-asset entity (Module 3) Issuer counsel **What Issuer Counsel Prepares** DocumentPurposeFiled With Board Resolution Authorizes creation and issuance of the tokenized class Corporate records Charter Filing Certificate of Designation (Module 1), single-asset entity charter (Module 2), or basin-asset entity charter (Module 3) Secretary of State of issuer's jurisdiction Shareholder Approval (if required) Approval for new share class creation per articles Corporate records Tripartite Agreement Issuer + Groovy Company, Inc. + Empire Stock Transfer custody and service agreement All three parties Reg D / Reg S / Reg CF offering documents Subscription agreement, investor questionnaire, risk disclosures, PPM SEC (Form D within 15 days of first sale; Form C for Reg CF) Module 2 NAV documentation Independent appraisal report from licensed appraiser Tripartite filing Module 3 classification documentation USGS classification, DOE Critical Materials Strategy alignment, mineral rights and chain of title Tripartite filing **Technical Prerequisites (Platform Provides)** ComponentStatus at Onboarding Solana Mainnet-Beta programs Deployed and audited Transfer Hook program Live — 42 controls operational Empire custody oracle Ed25519 attestation active (\~400ms cadence) CEDEX trading venue Live at cedex.market Global Unified CEDEX Liquidity Pool Funded, LP burned, permanently locked Investor onboarding portal Empire Stock Transfer dashboard active Module 2 NAV oracle infrastructure NAV relay service operational Module 3 Classification oracle infrastructure USGS / DOE feed monitoring operational *** #### 3. Stage 1 — Application **Process** The issuer submits an application via the Issuer Portal at **rwatokens.net/issuers**. **Application Information Required** FieldExamplePurpose Company legal name ACME Corporation Issuer identification State of incorporation Delaware Determines charter-filing jurisdiction CIK number (if SEC reporting) 0001234567 EDGAR data integration for Layer 9 IDOS off-chain compliance Module Module 1 (Equities), Module 2 (Real Estate), or Module 3 (CORECM) Determines onboarding workflow OTC tier (Module 1 if applicable) OTCQB / OTCID / Expert Market Market context Authorized shares / interest units 100,000,000 Common (Module 1); 1,000,000 LLC units (Module 2); 1,000,000 basin-asset units (Module 3) Capital structure review Proposed tokenized authorization 10,000,000 Common Class B / 100% LLC units / 100% basin-asset units Tokenization scope Primary contact CEO / CFO / General Counsel Onboarding coordination Issuer website acme-corp.com Due-diligence baseline **Module-Specific Application Information** **Module 1 (Equities):** OTC tier, 15c2-11 status, last 10-K filing date, Caveat Emptor flags, market-maker presence. **Module 2 (Real Estate):** Property address, square footage, NAV (most recent appraisal), property type (commercial, multifamily, retail, industrial), occupancy and revenue history, single-asset entity formation. **Module 3 (CORECM):** Mineral basin location, USGS classification (rare earth, critical mineral, etc.), DOE Critical Materials Strategy alignment, mineral-rights chain of title, basin-asset entity formation, any current federal contracts or supply-chain commitments. **Platform Response** Application is acknowledged within 2 business days. Issuer Services assigns a primary contact. Due-diligence process is initiated. *** #### 4. Stage 2 — Due Diligence **Diligence Scope** Diligence AreaWhat Is ReviewedSource Corporate standing Good standing, articles of incorporation, bylaws Secretary of State records SEC filings (Module 1, if reporting) 10-K, 10-Q current status, EDGAR filing history SEC EDGAR (Layer 9 IDOS scoring) Shareholder structure Outstanding shares, beneficial ownership, control persons Transfer-agent records Officers and directors Identity verification, background, bad-actor check SEC EDGAR, public records OTC Markets status (Module 1) Current tier, 15c2-11 compliance, Caveat Emptor flags OTC Markets Group Litigation / enforcement Pending SEC actions, ongoing litigation PACER, SEC EDGAR, public records Financial condition Going-concern opinions, auditor status Most recent 10-K / audited financials **Module 2:** Property documentation Title, valuation, occupancy, environmental disclosures Title insurer, appraiser, Phase I / II reports **Module 3:** Mineral rights Title chain, lease terms, classification, federal contracts County records, USGS, DOE contract registry **IDOS Score (Module 1 — Layer 9)** The platform's Layer 9 off-chain compliance system generates an Issuer Distress and Opportunity Score (IDOS) for Module 1 applicants, scoring tokenization readiness across EDGAR filing data, OTC Markets tier status, market-maker presence, trading volume, and shareholder concentration. The score informs onboarding priority — it does not determine eligibility. **Module 2 Real Estate Diligence** In addition to corporate standing, Module 2 due diligence reviews property-specific documents: independent appraisal, title insurance, occupancy and lease history, environmental Phase I (and Phase II if triggered), real-estate tax history, and operating expense schedules. The single-asset entity must be properly formed in a jurisdiction acceptable to Empire Stock Transfer (Delaware, Wyoming, and Nevada are pre-approved for single-asset LLCs). **Module 3 CORECM Diligence** Module 3 due diligence adds a federal-classification review: USGS Critical Minerals List status, DOE Critical Materials Strategy alignment, Section 232 sensitivity, Defense Production Act Title III applicability, and any current or pending federal contracts. Mineral rights chain of title is independently verified through county records and the relevant state oil-gas-and-minerals registry. **Due-Diligence Timeline** ModuleTypical DurationComplex-Situation Range Module 1 5–10 business days 15–30 business days Module 2 10–15 business days 25–45 business days (environmental escalation) Module 3 15–25 business days 30–60 business days (federal-classification review) **Outcome** ResultNext Step Approved Proceed to Stage 3 — Legal Documentation Conditionally approved Specific issues identified for remediation; re-review upon resolution Declined Written explanation provided; may re-apply after conditions addressed *** #### 5. Stage 3 — Legal Documentation **5.1 Board Resolution** The issuer's Board of Directors passes a resolution authorizing: * Creation of the tokenized share or interest class (Common Class B for Module 1; LLC units for Module 2; basin-asset units for Module 3). * Deposit of the tokenized class with Empire Stock Transfer under irrevocable custody. * Tokenization as ST22 Digital Securities through the RWA Tokens platform. * Appointment of Empire Stock Transfer as qualified custodian. * Authorization of Reg D, Reg S, and (if applicable) Reg CF offerings. The board resolution is a corporate action of the issuer — not a platform document. The platform provides a template; issuer counsel customizes it for the specific corporate-governance requirements of the issuer. **5.2 Charter Filing** The state filing depends on the module: **Module 1 — Certificate of Designation.** Filed with the Secretary of State of the issuer's jurisdiction of incorporation. Specifies Common Class B shareholder rights: TermIssuer DecisionExample Voting rights Per share or aggregate 1 vote per Common B share Dividend rights Pari passu with Common A, or specified Equal to Common A dividends Liquidation preference Pro rata or specified Pro rata with all common shares Conversion rights Convertible to Common A, or not 1:1 conversion at holder election Protective conversion triggers Standard or customized Bankruptcy, SEC enforcement, loss of Empire (Controls 35–38) Anti-dilution Standard or broad-based Standard Redemption At issuer option, holder option, or none None **Module 2 — Single-Asset Entity Charter.** Filed with the entity's jurisdiction of formation. The single-asset entity owns the underlying real-property asset directly. The entity's operating agreement specifies token-holder economic rights, NAV reappraisal cadence, and protective-conversion triggers tied to property events (default, condemnation, environmental order). **Module 3 — Basin-Asset Entity Charter.** Filed with the basin-asset entity's jurisdiction of formation. The basin-asset entity owns the underlying mineral basin or mining concession directly. The entity's operating agreement specifies token-holder economic rights, classification refresh cadence, and protective-conversion triggers tied to federal action (Executive Order, Section 232 order, DPA Title III order, USGS classification change, court order). The platform does not dictate these terms. Each issuer designates governance terms appropriate to the asset structure and investor base. Charter documents are public — filed with the state, verifiable by any party. **5.3 Tripartite Agreement** Three-party agreement between the issuer, Groovy Company, Inc., and Empire Stock Transfer establishing: * Custody terms (irrevocable, perpetual). * Oracle attestation authorization (Empire signs Ed25519 every Solana block). * Fee structure (5% on all ST22 transactions). * Compliance obligations (ongoing reporting, cooperation with regulatory inquiries). * Termination provisions (protective conversion triggers). * Module-specific oracle responsibilities (NAV reappraisal cadence for Module 2; classification refresh cadence for Module 3). *** #### 6. Stage 4 — Empire Custody Agreement **Empire Stock Transfer's Dual Role** Empire Stock Transfer serves two distinct functions for every ST22 issuance, regardless of module: 1. **Qualified Custodian.** SEC §17A-registered transfer agent holding the underlying asset (Common Class B shares for Module 1; single-asset entity equity for Module 2; basin-asset entity equity for Module 3) in irrevocable custody. 2. **Sole Investor Onboarding Authority.** KYC, KYB, AML risk scoring (Chainalysis KYT and TRM Labs), OFAC and SDN screening, and wallet verification for all ST22 investors. **Custody Agreement Terms** TermSpecification Custody type Irrevocable — assets cannot be withdrawn by the issuer Custody duration Perpetual — no expiration Recordkeeping Empire Master Securityholder File — the authoritative shareholder record DLT integration Category 1 Model B — DLT used in official shareholder records per the January 28, 2026 Joint Staff Statement Oracle authorization Issuer authorizes Empire to sign Ed25519 custody attestations every Solana block Asset identifier assignment Empire coordinates CUSIP assignment (Module 1), property identifier (Module 2), or basin identifier (Module 3) Regulatory compliance Empire maintains Rules 17Ad-2 through 17Ad-13 compliance Protective conversion Empire executes conversion upon trigger events per the charter document **Empire Credentials** CredentialDetail SEC registration Section 17A of the Securities Exchange Act of 1934 Operating since 2006 Companies served 530+ publicly traded companies Geographic scope Operations across five continents **Conflict-of-Interest Disclosure** Patrick Mokros serves as Chief Operating Officer of Groovy Company, Inc. and Founder of Empire Stock Transfer. This dual role is material to the platform's operating structure and is disclosed to every issuer at Stage 4. The Audit Committee of Groovy Company's Board reviews and approves all Empire-related transactions under the platform's Related Party Transactions Policy. The dual relationship is the structural mechanism that delivers tight integration between custody attestations and on-chain enforcement (\~400ms Ed25519 cadence) — but it is mitigated by independent Audit Committee oversight, independent annual audit, and the irrevocability of custody (which limits any party's ability to act unilaterally). *** #### 7. Stage 5 — Asset Deposit **Module 1 — Common Class B Share Deposit** Copy ``` 1. CUSIP assigned to Common Class B share class (Empire coordinates) 2. Issuer executes irrevocable share transfer to Empire custody 3. Empire records deposit in the Master Securityholder File 4. Platform configures custody oracle for the new mint: - Empire Ed25519 public key registered on chain - CustodyOracle PDA created: [b"custody-oracle", mint] - Oracle relay service begins per-block attestation 5. 1:1 verification confirmed before any tokens are minted ``` **Module 2 — Single-Asset Entity Deposit** Copy ``` 1. Property identifier assigned (Empire coordinates with title insurer) 2. Issuer executes irrevocable transfer of single-asset LLC equity to Empire custody 3. Empire records deposit in the Master Securityholder File 4. Independent appraisal performed by licensed appraiser; NAV recorded 5. Platform configures custody oracle and NAV oracle for the new mint: - CustodyOracle PDA: [b"custody-oracle", mint] - NAVOracle PDA: [b"nav-oracle", mint] - NAV relay service begins; first appraisal published on chain 6. 1:1 verification confirmed; NAV initial value verified ``` **Module 3 — Basin-Asset Entity Deposit** Copy ``` 1. Basin identifier assigned (Empire coordinates with USGS data and county records) 2. Issuer executes irrevocable transfer of basin-asset entity equity to Empire custody 3. Empire records deposit in the Master Securityholder File 4. USGS Critical Minerals List classification verified; DOE Critical Materials Strategy alignment confirmed 5. Platform configures custody oracle and Classification oracle for the new mint: - CustodyOracle PDA: [b"custody-oracle", mint] - ClassificationOracle PDA: [b"classification-oracle", mint] - Classification relay service begins; initial USGS / DOE classification published on chain 6. 1:1 verification confirmed; classification status verified; federal-action monitoring activated ``` **On-Chain Oracle Activation** Once assets are deposited, the custody oracle begins attesting on every Solana block. The oracle operates continuously from this point — even before tokens are minted. This ensures the 1:1 backing verification is active before the first investor receives tokens. Copy ``` Empire API → Ed25519 signature → CustodyOracle account updated custodied_balance: [deposit amount] token_supply: 0 (no tokens minted yet) ratio: N/A (supply = 0) ed25519_verified: true discrepancy_detected: false ``` *** #### 8. Stage 6 — Reg D / Reg S / Reg CF Filing **Offering Framework** ST22 offerings are conducted under three SEC offering exemptions, depending on investor base: * **Reg D** — US accredited investors (17 CFR §§ 230.501–506). * **Reg S** — non-US investors, offshore-transaction safe harbor (17 CFR §§ 230.901–905). * **Reg CF** — US retail crowdfunding (17 CFR §§ 227.100–504). The issuer selects the exemption(s) that match the offering's investor base. A single offering may use Reg D and Reg S in parallel (US accredited plus non-US); Reg CF is typically conducted as a separate offering under the integration safe harbors. **Form D Filing (Reg D and Reg S)** RequirementDetail Filing deadline Within 15 calendar days of first sale Filed with SEC (electronically via EDGAR) Content Issuer identity, offering amount, exemption claimed, sales commissions Amendment Annual amendments as required, or upon material changes Prepared by Issuer counsel (platform provides template guidance) **Form C Filing (Reg CF)** RequirementDetail Filing deadline Before any offer is made Filed with SEC (electronically via EDGAR) Content Form C disclosure statement, financial statements (audited or reviewed depending on offering size), risk factors Conducting platform A FINRA-registered funding portal must conduct the offering Prepared by Issuer counsel **Investor Eligibility** Investor TypeVerificationHolding PeriodEnforced By US accredited (Reg D) Empire KYC plus accreditation verification 6 months (Rule 144) Transfer Hook Control 24 Non-US (Reg S) Empire KYC plus non-US person verification 12 months (Reg S compliance period) Transfer Hook Control 24 US retail (Reg CF) Empire KYC plus Reg CF investor-cap verification 12 months (Reg CF) Transfer Hook Control 24 Non-eligible **Not eligible** — Transfer Hook rejects (Error 6007) **Settlement** All ST22 purchases settle via GENIUS Act-compliant stablecoins: * **USDC** (Circle) — primary. * **PYUSD** (PayPal / Paxos) — secondary. Settlement is atomic with token delivery — stablecoin transfer and ST22 token delivery execute in a single Solana transaction with full Transfer Hook enforcement. **Issuer receives:** 95% of subscription proceeds (5% platform fee deducted). The platform fee is paid in USDC; settlement to issuer is wired to the issuer's designated USD bank account. *** #### 9. Stage 7 — Token Minting **Mint Creation — Irreversible** The ST22 mint is created on Solana using SPL Token-2022 with the Transfer Hook extension. Once created, the Transfer Hook is permanently attached — it cannot be removed, disabled, or changed. **Technical Process** Copy ``` Step 1: Create SPL Token-2022 mint with Transfer Hook extension → Hook program: platform Transfer Hook → Token program: TokenzQdBNbLqP5VEhdkAS6EPFLC1PHnBqCXEpPxuEb → PERMANENT — cannot be removed after creation Step 2: Initialize SecurityConfig PDA → Seeds: [b"security-config", mint] → Default parameters: max_wallet_percent: 499 (4.99%) circuit_breaker_threshold: 3000 (30%) circuit_breaker_cooldown: 86400 (24h) price_impact_max_bps: 200 (2%) twap_window_secs: 1800 (30 min) holding_period_enabled: true → Module-specific extensions populated: Module 2: nav_deviation_max_bps, nav_reappraisal_max_age_secs Module 3: classification_max_age_secs, federal_action_freeze_enabled Step 3: Initialize ExtraAccountMetaList → Registers all oracle and holding-period PDAs for Token-2022 resolution Step 4: Initialize CustodyOracle PDA → Seeds: [b"custody-oracle", mint] → Links to Empire Ed25519 public key → Oracle relay begins per-block attestation Step 5 (Module 2): Initialize NAVOracle PDA → Seeds: [b"nav-oracle", mint] → First appraisal published Step 5 (Module 3): Initialize ClassificationOracle PDA → Seeds: [b"classification-oracle", mint] → Initial USGS / DOE classification published → Federal-action monitoring activated Step 6: Mint ST22 tokens 1:1 with deposited assets → Managed via Ledger Enterprise (HSM-backed key management) → Mint amount must equal Empire-custodied amount exactly → CustodyOracle verifies: token_supply == custodied_balance Step 7: Verify all 42 controls operational → Test transfer on devnet (or controlled mainnet test) → Confirm Controls 1–42 execute; error codes respond correctly → Confirm Control 24 holding-period enforcement active ``` **Token Characteristics** AttributeValue Token standard SPL Token-2022 (Solana) Transfer Hook Platform Transfer Hook — 42 controls, permanently attached Decimals 9 (standard) Supply Exactly 1:1 with Empire-custodied units Mint authority Controlled — new minting requires Empire custody deposit first Freeze authority Empire permanent delegate (emergency-freeze capability) Metadata On chain: issuer name, symbol, asset identifier, charter reference **What the Issuer Sees** The issuer does not interact with Solana, Rust, or smart contracts. The technical process is executed by the platform's engineering team. The issuer receives: * ST22 mint address (Solana public key). * CEDEX trading-pair URL (cedex.market/trade/SYMBOL). * SecurityConfig confirmation (42 controls active; parameters verified). * CustodyOracle health dashboard (real-time 1:1 attestation status). * Module 2: NAV oracle dashboard (current NAV; reappraisal countdown). * Module 3: Classification oracle dashboard (USGS / DOE status; federal-action monitor). *** #### 10. Stage 8 — CEDEX Listing **Pool Creation** The platform creates a CEDEX trading pool for the ST22 token. Pool creation is protocol-controlled — only the platform can initialize pools. Third parties cannot create pools, which prevents the unauthorized-LP-creation attack class observed in beta deployments. Copy ``` Pool initialization: → PDA: [b"pool", mint] → Initial SOL reserve: seeded from the Global Unified CEDEX Liquidity Pool → Initial token reserve: ST22 tokens allocated for secondary market → LP tokens: BURNED at initialization — withdrawal impossible → CPMM formula: x × y = k (constant product) → Fee: 5% per trade (500 bps) ``` **Fee Distribution (Per Trade)** RecipientRatePurpose Issuer treasury 2.00% Revenue to issuer — withdrawable GROO staking pool 1.50% Distributed to GROO stakers Protocol operations 1.06% Infrastructure, oracles, development Global Pool 0.44% **Permanently locked** — pool deepening **Total** **5.00%** The issuer earns 2% of every secondary trade on CEDEX. This is automatic, on chain, and requires no action from the issuer. Revenue accrues to the issuer's designated treasury wallet. **Listing Checklist** Copy ``` [ ] ST22 mint created with Transfer Hook [ ] SecurityConfig initialized and verified [ ] CustodyOracle active and fresh (within 1 slot) [ ] ExtraAccountMetaList initialized [ ] CEDEX trading pool created (LP burned) [ ] Token metadata published (symbol, name, asset identifier) [ ] Issuer treasury wallet configured for 2% fee revenue [ ] Empire investor onboarding portal active for this issuer [ ] Test trade executed and verified (all 42 controls passed) [ ] (Module 2) NAV oracle initialized and within configured deviation [ ] (Module 3) Classification oracle initialized; federal-action monitoring confirmed live [ ] Issuer approval for go-live ``` *** #### 11. Stage 9 — Live Trading **What Happens at Launch** Copy ``` 1. CEDEX listing goes live at cedex.market/trade/SYMBOL 2. Empire investor onboarding portal opens for this issuer's offering 3. Investors complete Empire KYC / KYB / AML / OFAC verification 4. Verified investors purchase ST22 tokens via stablecoin (USDC / PYUSD) 5. Token delivery triggers HoldingPeriodAccount creation: - PDA: [b"holding-period", mint, investor_wallet] - jurisdiction: US (Reg D, 6 months), Non-US (Reg S, 12 months), or Reg CF (US retail, 12 months) - purchase_timestamp: Solana runtime clock at delivery - is_locked: true 6. Holding period begins — Control 24 enforces on every transfer attempt 7. After holding period elapses: - is_locked transitions to false - Investor can sell on the CEDEX secondary market - All 42 controls still execute on every trade ``` **24/7 Trading** CEDEX operates 24 hours a day, 7 days a week, 365 days a year. No market hours. No geographic restrictions beyond OFAC and jurisdictional sanctions enforcement. Any Empire-verified eligible investor worldwide can trade. **What the Issuer Sees Post-Launch** Dashboard FeatureDescription Real-time price Current CPMM price from the CEDEX pool Trading volume 24-hour, 7-day, 30-day volume in SOL and USD Holder count Number of unique wallets holding ST22 tokens Custody status Real-time 1:1 attestation from the Empire oracle Fee revenue Cumulative 2% issuer share of trading fees Holding-period status Count of locked versus unlocked positions Circuit-breaker status Active or normal Module 2: NAV vs. price Current price deviation from latest appraisal; reappraisal countdown Module 3: Classification status Current USGS / DOE classification; federal-action monitoring status *** #### 12. Post-Launch Operations **Ongoing Issuer Obligations** ObligationFrequencyModule ScopeConsequence of Non-Compliance SEC reporting (10-K, 10-Q) Annual / quarterly (if applicable) Module 1 Control 37 may trigger — issuer-eligibility lapse halts ST22 transfers Cooperate with regulatory inquiries As needed All Tripartite-agreement obligation Maintain corporate good standing Continuous All Charter validity depends on good standing Update material information As events occur All Investors rely on accurate disclosure Notify platform of material changes Immediately All Board changes, enforcement actions, M\&A, bankruptcy NAV reappraisal Per tripartite cadence (typically annual) Module 2 NAV-deviation breaker pauses mint until fresh appraisal Classification refresh Continuous monitoring Module 3 Federal-action freeze triggers automatically on detected action Property reporting (rent rolls, occupancy) Quarterly Module 2 Material misstatement may trigger PC-38 Mineral-rights reporting Quarterly Module 3 Material misstatement may trigger PC-38 **Protective-Conversion Triggers** If any of these events occur, the 42 Transfer Hook controls include automatic protective-conversion provisions (Controls 35–38): TriggerControlAction Bankruptcy filing PC-35 Tokenized class automatically converts to underlying physical security per the charter SEC enforcement action PC-36 Automatic conversion Criminal indictment (officer or director) PC-36 Automatic conversion Loss of Empire Stock Transfer services PC-37 Automatic conversion Material breach of tripartite agreement PC-38 Conversion at platform plus Empire discretion Module 3 adds an additional implicit trigger: a federal action that effectively prohibits operation of the underlying basin asset can result in PC-37 conversion via Empire's discretion under the basin-asset entity charter. **Oracle Monitoring** The issuer can monitor oracle health at any time via the platform's monitoring API: Copy ``` GET https://api.cedex.market/v1/oracle/{mint}/custody Response: { "custodied_balance": 10000000, "token_supply": 10000000, "ratio": 1.0, "ed25519_verified": true, "discrepancy_detected": false, "latency_ms": 145 } ``` A `discrepancy_detected: true` response halts all trading on the issuer's ST22 token until 2-of-3 oracle consensus resolves the discrepancy. This has never occurred across three beta issuers and over $7M of processed liquidity. Module 2 issuers can also query the NAV oracle: Copy ``` GET https://api.cedex.market/v1/oracle/{mint}/nav ``` Module 3 issuers can also query the Classification oracle: Copy ``` GET https://api.cedex.market/v1/oracle/{mint}/classification ``` *** #### 13. Costs and Timeline **Costs** CostAmountPaid ByWhen Minting fee $1,000–$25,000 (tiered by valuation) Issuer One-time at Stage 7 Legal documentation Varies (issuer counsel fees) Issuer Stages 3–6 Empire custody agreement Included in tripartite agreement Covered by platform fee Stage 4 CEDEX listing $0 No listing fee Stage 8 Module 2 appraisal (initial) $5,000–$25,000 (licensed appraiser) Issuer Stage 5 Module 2 appraisal (reappraisal) $3,000–$15,000 per reappraisal Issuer Per cadence in tripartite Module 3 classification verification $5,000–$20,000 (initial USGS / DOE confirmation) Issuer Stage 5 Ongoing platform fee 5% of trading volume (deducted per trade) Traders (not issuer) Continuous Ongoing custody Included in platform operations Covered by platform fee Continuous Market maker $0 — not required N/A N/A **Timeline** StageModule 1 DurationModule 2 DurationModule 3 Duration 1\. Application 1–2 business days 1–2 business days 1–2 business days 2\. Due Diligence 5–10 business days 10–15 business days 15–25 business days 3\. Legal Documentation 10–20 business days 15–25 business days 15–30 business days 4\. Empire Custody Agreement 5–10 business days 5–10 business days 5–10 business days 5\. Asset Deposit 3–5 business days 5–10 business days 5–15 business days 6\. Reg Filing 1–2 business days 1–2 business days 1–5 business days 7\. Token Minting 1–2 business days 1–2 business days 1–2 business days 8\. CEDEX Listing 1–2 business days 1–2 business days 1–2 business days 9\. Live Trading Immediate Immediate Immediate **Cumulative (typical)** **8–12 weeks** **10–14 weeks** **12–16 weeks** Primary variable across all modules: legal documentation preparation (Stage 3), which depends on issuer counsel responsiveness and corporate-governance complexity. Module 3 timeline is longer primarily due to USGS / DOE classification verification and federal-action review. **Comparison to Traditional Infrastructure** Cost CategoryTraditional Market InfrastructureRWA Tokens Platform Market-maker retainer $5,000–$20,000 / month $0 Exchange listing $50,000–$250,000 $0 Annual compliance $25,000–$75,000 Included in 5% platform fee Tokenization fee N/A $1,000–$25,000 (one-time) Time to market 6–12 months 8–16 weeks *** #### 14. Technical Requirements for Issuer Counsel **What Counsel Needs to Know** Issuer counsel does not need blockchain expertise. The technical infrastructure is the platform's responsibility. Counsel's role is limited to corporate governance and securities law: Counsel ResponsibilityTechnical Context Draft charter document Module 1 Certificate of Designation; Module 2 single-asset entity charter; Module 3 basin-asset entity charter. Filed with the issuer's state. Platform provides template; counsel customizes. Board resolution Authorizes tokenized class creation and Empire custody. Standard corporate action. Platform provides template. Reg D / Reg S / Reg CF compliance Standard private-placement and crowdfunding-exemption practice. Form D filing within 15 days; Form C filing before Reg CF offering. Empire handles investor verification — counsel reviews offering documents. Bad-actor check Disqualification verification for officers, directors, and 20%+ beneficial owners. Standard Reg D requirement. Tripartite-agreement review Three-party custody and service agreement. Counsel reviews terms on behalf of the issuer. Module 2 property documentation Title insurance, environmental reports, lease and tenant disclosures. Standard real-estate practice. Module 3 mineral rights Title chain verification, lease terms, USGS classification confirmation. Coordination with USGS/DOE counsel as needed. **What Counsel Does Not Need to Know** * Solana blockchain architecture. * SPL Token-2022 Transfer Hook implementation. * Smart-contract code (Rust, Anchor). * CPMM AMM mathematics. * Oracle attestation mechanics. * CEDEX trading-venue technology. **Key Legal Concepts for Counsel** ConceptExplanation Category 1 Model B SEC classification per the January 28, 2026 Joint Staff Statement. Issuer-sponsored tokenization with DLT in official shareholder records. Direct beneficial ownership; no counterparty risk. Release No. 33-11412 March 17, 2026 SEC release establishing the Digital Securities taxonomy. ST22 tokens are Category 5 Digital Securities. Transfer Hook Solana runtime mechanism enforcing 42 compliance controls on every token transfer. Cannot be bypassed, disabled, or overridden. Provides the structural compliance guarantee — not a policy commitment. Irrevocable custody Empire holds the underlying assets permanently. The assets cannot be withdrawn by the issuer. Custody is the basis for 1:1 token backing. Control 24 On-chain enforcement of Reg D (6 months), Reg S (12 months), and Reg CF (12 months) holding periods. Investors cannot sell before the period elapses regardless of any agreement or instruction. UCC Article 8 Each ST22 transfer on CEDEX constitutes an effective instruction to update Empire's Master Securityholder File under UCC §8-102(a)(8). Wyoming Digital Asset Statute (W\.S. 34-29-101 et seq.) provides additional statutory support. NAV-Deviation Breaker (Module 2) On-chain price-bounds enforcement against appraised NAV. Pauses trading if the price deviates beyond the configured threshold; resumes after fresh appraisal. Federal-Action Freeze (Module 3) Automatic Control 42 activation on detected federal actions (Executive Orders, Section 232 orders, DPA Title III orders, USGS classification changes). Coordinates with Empire under the basin-asset entity charter. *** #### 15. Frequently Asked Questions **Corporate** **Does tokenization change the issuer's corporate structure?** No. Module 1 tokenization creates a new share class (Common Class B) alongside existing shares. Existing common shareholders, board structure, and corporate governance are unchanged. Module 2 and Module 3 tokenization use a single-purpose entity that owns the underlying asset; the issuer's primary entity is unaffected. **Can the issuer control how many tokens are created?** Token supply is always exactly 1:1 with deposited assets. If the issuer deposits 10,000,000 Common Class B shares, exactly 10,000,000 ST22 tokens are created. The issuer controls supply by controlling the asset deposit. **What happens if the issuer wants to stop?** Assets are in irrevocable custody. They cannot be withdrawn. However, protective-conversion triggers (Controls 35–38) can convert ST22 tokens to the underlying physical security under defined conditions (bankruptcy, enforcement, loss of Empire). This is a feature protecting investors, not a limitation — it ensures shareholder rights survive issuer distress. **Financial** **What does the issuer earn from secondary trading?** 2% of every CEDEX trade flows automatically to the issuer's treasury wallet. On $1M of daily volume, the issuer earns $20,000/day in passive fee revenue. **Who pays the 5% fee?** Traders pay the fee — it is deducted from each CEDEX trade. Issuers do not pay the 5% trading fee. Issuers pay only the one-time minting fee and (for Module 2 and Module 3) appraisal or classification fees. **Does the issuer need a market maker?** No. The Global Unified CEDEX Liquidity Pool serves all issuers simultaneously. Protocol-owned. LP burned. No market maker required, no market-maker fees, no risk of market-maker withdrawal. **Regulatory** **What kind of offering is this?** ST22 tokens are Digital Securities under SEC Release No. 33-11412. Offerings are conducted under Reg D (US accredited), Reg S (non-US), and Reg CF (US retail) exemptions. Investors must be verified by Empire Stock Transfer. **Who handles investor verification?** Empire Stock Transfer is the sole investor onboarding authority. Empire handles KYC (individuals), KYB (entities), AML (Chainalysis KYT and TRM Labs), OFAC and SDN screening, and wallet verification. The platform does not perform investor onboarding. **What if SEC reporting lapses (Module 1)?** Transfer Hook Control 37 monitors issuer eligibility via the EDGAR oracle (Layer 6 off chain). If SEC registration lapses or an enforcement action is detected, ST22 transfers may be halted for the affected mint until the condition is resolved. **What if a federal action is issued against the basin asset (Module 3)?** The platform's federal-action monitoring service polls the Federal Register, DOE program announcements, and USGS classification updates on a 5-minute cadence. Detected federal actions matching a basin or mineral class associated with an issued mint trigger an automatic P0 incident. Legal Counsel and 3-of-5 multi-signature execute Control 42 (regulatory freeze) on each affected mint within 60 minutes per the Incident Response Playbook. **Technical** **Does the issuer need blockchain developers?** No. The platform handles all blockchain infrastructure. The issuer's technical involvement is zero — the issuer provides corporate authorization and the underlying asset; the platform provides the technology. **Can someone copy the issuer's token on another platform?** Not on CEDEX. ST22 token creation requires Empire Stock Transfer KYC / KYB verification and asset custody deposit. Copycat deployment is structurally impossible because token creation requires on-chain issuer verification. On external platforms, anyone can create a token with any name — this is why CEDEX is the only official venue. **What is the holding period?** US Reg D investors: 6 months under Rule 144. Non-US Reg S investors: 12 months. US Reg CF investors: 12 months. Enforced on chain by Transfer Hook Control 24. No early unlock. No exceptions. The timer starts at token delivery and is recorded in the investor's HoldingPeriodAccount PDA. *** #### 16. Module-Specific Onboarding Variations The nine-stage flow is identical across all three modules. Module-specific variations sit in three places: the asset class deposited at Stage 5, the additional oracles initialized at Stage 7, and the ongoing operational obligations at Stage 12. This section summarizes the distinguishing characteristics of each module. **16.1 Module 1 — Equities** **Asset class.** Common Class B equity in the issuer's existing corporate entity. The Class B shares are pari passu with Class A on dividends and liquidation preference, with conversion rights as specified in the Certificate of Designation. **Charter document.** Certificate of Designation, filed with the Secretary of State of the issuer's jurisdiction. **Asset identifier.** CUSIP, assigned by Empire Stock Transfer. **Additional oracle.** None beyond the standard custody oracle. **Off-chain integration.** EDGAR pipeline supplies issuer-disclosure intelligence to the Layer 9 IDOS off-chain compliance system. The IDOS scoring informs onboarding priority and ongoing monitoring. **Suitable issuers.** OTC microcap (OTCQB, OTCID, Expert Market), NASDAQ, AMEX, TSX, and other exchange-listed issuers seeking 24/7 secondary-market liquidity for accredited and non-US investors. Transition from quarterly to continuous-market dynamics. **16.2 Module 2 — Real Estate** **Asset class.** Equity in a single-asset entity (typically a Delaware, Wyoming, or Nevada LLC) that owns the underlying real-property asset directly. **Charter document.** Single-asset entity charter and operating agreement, filed with the entity's jurisdiction. Operating agreement specifies token-holder economic rights, NAV reappraisal cadence, and protective-conversion triggers tied to property events (default, condemnation, environmental order). **Asset identifier.** Property identifier, coordinated by Empire with the title insurer. **Additional oracle.** NAV Oracle (per mint). Holds the most recent appraised NAV, the appraiser's signature, the last-reappraisal timestamp, the next-reappraisal target timestamp, and the deviation tolerance. **Additional SecurityConfig parameters.** `nav_deviation_max_bps` (price-versus-NAV deviation tolerance), `nav_reappraisal_max_age_secs` (maximum age before NAV is considered stale), `nav_circuit_breaker_enabled`. **On-chain enforcement.** Transfer Hook reads the NAV oracle during the price-impact circuit-breaker check (CB-21). When the on-chain price deviates from the NAV by more than the configured threshold, the affected mint is paused on the AMM until a fresh appraisal restores the price within bounds. **Operational cadence.** NAV reappraisal per tripartite cadence (typically annually, with quarterly between-cycle reviews triggered by market events). Property reporting (rent rolls, occupancy, operating expenses) submitted quarterly. **Suitable issuers.** Commercial real estate (offices, retail, multifamily, industrial), real-estate funds, single-asset entities issuing directly. A representative use case: a $4.5M commercial building converted from a Nevada LLC into a Nevada corporation with Common Class B authorization, fractionalized at 22% premium to NAV under NAV-deviation pricing. **16.3 Module 3 — CORECM (Carbon Ore, Rare Earth, and Critical Minerals)** **Asset class.** Equity in a basin-asset entity that owns the underlying mineral basin or mining concession directly. The basin-asset entity's primary asset is the mineral rights and the operational concession associated with the basin. **Charter document.** Basin-asset entity charter and operating agreement, filed with the entity's jurisdiction. Operating agreement specifies token-holder economic rights, classification refresh cadence, and protective-conversion triggers tied to federal action (Executive Order, Section 232 order, DPA Title III order, USGS classification change, court order). **Asset identifier.** Basin identifier, coordinated by Empire with USGS data and county records. **Additional oracle.** Classification Oracle (per mint). Holds the most recent USGS Critical Minerals List classification, DOE Critical Materials Strategy status, federal-action status, and the last-refresh timestamp. **Additional SecurityConfig parameters.** `classification_max_age_secs` (maximum age of Classification Oracle before staleness review), `federal_action_freeze_enabled` (whether automatic Control 42 freeze triggers on federal action). **On-chain enforcement.** Transfer Hook reads the Classification oracle on every transfer. If the federal-action status is non-null, Control 42 (regulatory freeze) is automatically activated through the platform's federal-action monitoring. Enhanced KYC depth (beneficial ownership to ultimate owner) is required for entity investors given federal-action sensitivity. **Federal frameworks tracked.** FrameworkTrigger Source USGS Critical Minerals List Annual list; emergency updates DOE Critical Materials Strategy Program announcements Section 232 (Trade Expansion Act of 1962) Presidential proclamation Defense Production Act Title III Executive Order; DOD contract action Inflation Reduction Act critical-minerals provisions IRS guidance; Treasury rulemaking Executive Order 14017 (supply-chain resilience) EO updates; agency reports Energy Act of 2020 DOE program updates **Operational cadence.** Continuous classification monitoring (24-hour cache). Quarterly mineral-rights reporting submitted by issuer. Federal-action incidents handled per the Incident Response Playbook §13 within 60-minute SLA from detection to Control 42 execution. **Suitable issuers.** US strategic-mineral basin operators, rare earth mining concessions, carbon-ore (DOE coal-derived REE recovery) operations, and other Module 3 asset classes aligned with the federal critical-minerals supply-chain priorities. *** #### Related Documentation * **Smart Contract Reference** — Program-by-program documentation including instruction signatures, account schemas, event emissions, and PDA registry. * **Transfer Hook Reference** — Standalone reference for the 42 controls, including module-aware extensions. * **Empire Stock Transfer Integration** — Custody architecture, Ed25519 attestation lifecycle, MSF, KYC/KYB/AML/OFAC, conflict-of-interest disclosure, module-aware custody coverage. * **Compliance Integration Guide** — Regulatory mapping, Category 1 Model B requirements, BSA/AML, OFAC, holding periods, module-specific compliance, federal-action coordination. * **Oracle Integration Guide** — Custody, OFAC, AML, TWAP, EDGAR, NAV (Module 2), Classification (Module 3) relay architecture. * **Tokenomics Deep Dive** — Pool economics, fee distribution, NAV mechanics, and protocol revenue. * **Security Model** — Threat model and investor-protection architecture. *** *RWA Tokens · Issuer Onboarding Guide · Groovy Company, Inc.* *Issuer Services contact: * --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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