# Offering Legal Documentation

See the validated list of legal documents the issuer must prepare for a Security Token Offering (STO).

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## For Registered Offerings

*(e.g., Public Offerings under SEC, FCA, BaFin, FINMA, etc.)*

### Prospectus (Offering Memorandum)

* Required for public offerings. Includes full financial, legal, risk, and project disclosures
* Submitted to the relevant regulator for approval

### Board of Directors Resolution

* Official corporate approval of the token issuance
* Confirms purpose, use of company resources, and governance authorization

### Amended Articles of Association / Corporate Charter

* Legally enables the company to issue tokenized securities
* May define token holder rights (voting, dividends, governance)

### Token Issuance Specification (TIS)

* Defines technical and legal parameters of the token (supply, rights, redemption, etc.)

### Terms of Use

* Legal agreement governing user participation, liability limits, and platform terms

### Privacy Policy

* Details how investor data is collected, processed, and protected (GDPR/CCPA compliance)

### AML/KYC Policy

* Explains investor vetting procedures, recordkeeping, and reporting practices

### Risk Disclosure and Liability Statement

* Lists material risks, including investor assumption of risk and limitation of issuer liability

## Legal Opinion <a href="#legal-opinion" id="legal-opinion"></a>

* Issued by a licensed law firm confirming token classification and legal compliance

***

### For Exempt Offerings <a href="#for-exempt-offerings" id="for-exempt-offerings"></a>

*(e.g., Regulation D, Regulation S, Small Offers, Qualified Investor Exemptions)*

#### Private Placement Memorandum (PPM) <a href="#private-placement-memorandum-ppm" id="private-placement-memorandum-ppm"></a>

* Provides disclosures required in lieu of a full prospectus
* Includes company background, risk factors, and use of proceeds

#### Subscription Agreement <a href="#subscription-agreement" id="subscription-agreement"></a>

* A Contract confirming the investor’s participation and obligations
* May incorporate or refer to the STPA

#### Security Token Purchase Agreement (STPA) <a href="#security-token-purchase-agreement-stpa" id="security-token-purchase-agreement-stpa"></a>

* Main investment contract outlining payment, token delivery, rights, restrictions, and disclaimers

#### Simple Agreement for Future Tokens (SAFT) *(if used)* <a href="#simple-agreement-for-future-tokens-saft-if-used" id="simple-agreement-for-future-tokens-saft-if-used"></a>

* Used in early rounds where tokens are delivered later upon launch or regulatory clearance

#### Accredited / Qualified Investor Certification <a href="#accredited-qualified-investor-certification" id="accredited-qualified-investor-certification"></a>

* Document verifying investor eligibility under the exemption framework

#### Lock-Up Agreement / Transfer Restriction Notice <a href="#lock-up-agreement-transfer-restriction-notice" id="lock-up-agreement-transfer-restriction-notice"></a>

* Establishes holding periods or resale limitations (e.g., 12 months under Rule 144)

#### All General Corporate Documents <a href="#all-general-corporate-documents" id="all-general-corporate-documents"></a>

* Board Resolution
* Amended Articles of Association (if needed)
* Token Issuance Specification (TIS)
* AML/KYC Policy
* Terms of Use
* Privacy Policy
* Risk Disclosure Statement
* Legal Opinion

***

### Summary Table – Legal Documents by Offering Type <a href="#summary-table-legal-documents-by-offering-type" id="summary-table-legal-documents-by-offering-type"></a>

| Document                           | Registered Offering | Exempt Offering | Required or Optional          |
| ---------------------------------- | ------------------- | --------------- | ----------------------------- |
| Prospectus (Offering Memorandum)   | Yes                 | No              | Required for registration     |
| Private Placement Memorandum (PPM) | No                  | Yes             | Required in private sales     |
| Security Token Purchase Agreement  | Yes                 | Yes             | Always required               |
| Subscription Agreement             | No                  | Yes             | Required in exempt offerings  |
| SAFT (if applicable)               | No                  | Yes             | Optional in early rounds      |
| Board Resolution                   | Yes                 | Yes             | Required                      |
| Amended Articles of Association    | Yes                 | Optional        | Recommended                   |
| Token Issuance Specification (TIS) | Yes                 | Yes             | Required                      |
| Terms of Use                       | Yes                 | Yes             | Required                      |
| Privacy Policy                     | Yes                 | Yes             | Required                      |
| AML/KYC Policy                     | Yes                 | Yes             | Required                      |
| Risk Disclosure Statement          | Yes                 | Yes             | Required                      |
| Legal Opinion                      | Yes                 | Yes             | Required / Highly recommended |
| Investor Eligibility Forms         | No                  | Yes             | Required for exemptions       |
| Lock-Up / Transfer Restrictions    | No                  | Yes             | Required under Reg D, Reg S   |

***


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