# LEGAL DOCUMENTATION FOR CLYDESDALE DEAL ------------------------- ## Clydesdale Instruction Sets [Governance Design](https://forum.makerdao.com/t/mip65-clydesdale-governance-framework-setup/16565) The actions of the Trustee on behalf of the Trust are exclusively determined by Instruction sets. Each set are to be setup as Signal Requests for MKR vote and executed upon by Trustee given a positive vote and Maker Committee validation. ### Executed Instructions sets 1. [Ratification of Initial Setup](https://gateway.pinata.cloud/ipfs/QmZeCuuKw774Vzr76HFU6Jw1ZPyz44zeCoq35YNeJ5vUMW) 2. [Setup Transactional Third-party Relationships](https://gateway.pinata.cloud/ipfs/QmS73XxAfdVuBRRBsZDKr71D8FAmDbPYmQa6RwjDg7xFMo) * [Bank Sygnum Restriction Letter](https://gateway.pinata.cloud/ipfs/QmYrC3fNo5d8jKKW2wLmRWDGgsNc7nxuJDVfngJjYeRouT) 3. [Pilot Deployment (1M)](https://gateway.pinata.cloud/ipfs/QmVXbNHr4MKyw7EdSvpbq6VScqMJZ8Aad7Mzn7ev1kcRMz) 4. [Initial ETF Deployment (250M)](https://gateway.pinata.cloud/ipfs/QmStKYTLZTPZAtcPQkTXqNjWpKSGdHGhhw2pi3Ct5KbxeK) 5. [Second EFT Deployment based upon Asset Reallocation Vote (250M)](https://gateway.pinata.cloud/ipfs/QmeX5eKYvrraEv6L5NNEPKJEf3PfUb7N1sf32uPdn1cJ4p) 6. [QUARTERLY RETURN OF SURPLUS FUND](https://gateway.pinata.cloud/ipfs/Qmf7oGxgVoGKMGkzPi2T6nBSTLgrU5C7jmNqaefjJ52Zup) 7. [RATIFICATION OF MODIFIED SETUP](https://gateway.pinata.cloud/ipfs/QmNyfM8JhV2Mf5wxADAJvheZ2E7CCr6WxxgPaRuiQAKHz8?_gl=1*vj5gip*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) 8. [750M DEPLOYMENT INTO JAT2 SYGNUM BANK EXECUTION MANDATE](https://gateway.pinata.cloud/ipfs/QmZAeKiucY82awzirmFUh7qpX1rRtzg7oLiPhu2z64bg9T?_gl=1*1lx5t4o*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) 9. [BI-WEEKLY EVALUATION PROCESS & CAPITAL RETURN](https://gateway.pinata.cloud/ipfs/QmahKaWHBFrhHwtkiVKAMJWjPq7UeEkkNYpM54oBjY4kpp?_gl=1*1chtas0*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) ### Template Instruction sets These are templates and must be edited as required in an actual Signal Request. More templates may be produced as necessary * [Liquidation](https://docs.google.com/document/d/1RLTOVQAbKonVET9tOngp7TjXkH6AA9Oi/edit?usp=sharing&ouid=110828420241840553747&rtpof=true&sd=true) * [Emergency Shutdown](https://docs.google.com/document/d/1kvScMMENN3IGGKfEO719yE62aU1g3yv8/edit?usp=sharing&ouid=110828420241840553747&rtpof=true&sd=true) ## Key Clydesdale Legal Documents ### V1 of Documents (inception) * [James Asset Trust Declaration - Amended](https://gateway.pinata.cloud/ipfs/QmYXt7DAAadGS1xMoaRM39drnwWNZQJ72AGQ9W7KWAaq9m) * [Deed of Amendment and restatement](https://gateway.pinata.cloud/ipfs/QmRbUFayHtDwGNwoWYeNShowXkBFhwu8zvxZ6uJG3UdEmP) * [Trustee Resolution on Amendment](https://gateway.pinata.cloud/ipfs/QmYXRftAxLCH6v9ogvmWweyka5HVyLFYxd5TnHhx9c61GT) * [James Share Trust](https://gateway.pinata.cloud/ipfs/QmbhSZBtdsdDWxSmjYetRDzwXeXoXVZL6m9CpFJNFu6veK) * [James Asset (PTC) Limited](https://gateway.pinata.cloud/ipfs/QmZqNGUfeg92a4iteQY4vSzV11PnZj51FjCNtZPU1uqBVX) ### V2 of Documents (amended, and added to, at DC increase) * [JAT 1 Deed of Amendment and Restatement](https://gateway.pinata.cloud/ipfs/QmX8Y1yjy8xj7jc3pLjeXBKp4sDJCpEocdztFsSjiWqcoC?_gl=1*b5xz5r*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMzU1MC4yOC4wLjA.) * [JAT 1 Amended Deed Poll](https://gateway.pinata.cloud/ipfs/QmYRLwQ2Qne6qXKhWjLPmYm7LkDWtn3XPXYndFfziDBDFA?_gl=1*18bk3p3*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) * [JAT 1 & Monetalis Reporting Agreement](https://gateway.pinata.cloud/ipfs/Qme5m5Hjc2DB7GX5q3NA17azfFpBy7Mr1LDuz5iZXxmkeG?_gl=1*1i2741q*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) * [JAT 2 Deed Poll](https://gateway.pinata.cloud/ipfs/QmQjyDzqV1jryZhqiwH5PTm4B2RjGi8cgnEBB3dF1rpLCM?_gl=1*1ge2aty*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) * [JAT 2 & Monetalis Reporting Agreement](https://gateway.pinata.cloud/ipfs/QmdMv5o2JevnRGUwJXiAq3Ttc4bpH1mZqE6ckhDRzVCBev?_gl=1*hfr9pq*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) ## External Memo's on Clydesdale * [Memo on BVI VASP Act - Appleby](https://gateway.pinata.cloud/ipfs/QmSzLRPw1KqSQiGQ7GfgQ4qGaLXeiyi1qyLaoiHrniHXDk?_gl=1*j838tv*_ga*MjMyNzA5Mzk5LjE2Nzg0NzU0MDM.*_ga_5RMPXG14TE*MTY3ODQ3NTQwMi4xLjEuMTY3ODQ3NTQxNC40OC4wLjA.) * [Reed Smith - Structure Memo](https://gateway.pinata.cloud/ipfs/QmfEuoL8D6mFm1RwMmJDmiJa4NjdusXas5wnUmANdfZWfK?_gl=1*tmbhl3*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMzU1MC4yOC4wLjA.) * [Appleby Memo on Trust](https://gateway.pinata.cloud/ipfs/QmaNP3oh3NhPXxsnWFZKNsE1XkhgtvFoFXbHEoQKQajosZ?_gl=1*1dv98yz*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY4MDI4NDI2OC40LjEuMTY4MDI4NDU5MS41OC4wLjA.) ------------------------- # ORIGINAL FORUM THREAD FOR EXTRA CONTEXT. THE BELOW POSTS CONTAIN THE ABOVE LINKS ## Source: https://forum.makerdao.com/t/mip65-monetalis-clydesdale-documentation-hq/17923 ------------------------- Allan_Pedersen | 2023-06-21 05:03:42 UTC | #1 ![image|690x446](upload://6v7mEdJbXJ4EacOBiT1KrSauibt.jpeg) This post assembles all documentation for Clydesdale (originally MIP65 pre-Endgame) in one place for community convenience. We expect to keep this updated going forward. ### [Link to Clydesdale on Makerburn](https://makerburn.com/#/collateral/RWA007-A) ## Proposals & MKR Votes |Request|Vote| |---|:---:| |[Intitial Proposal](https://forum.makerdao.com/t/mip65-monetalis-clydesdale-liquid-bond-strategy-execution/13148) |[Vote](https://vote.makerdao.com/polling/QmXHM6us)| |[Asset Allocation Proposal](https://forum.makerdao.com/t/signal-request-asset-allocation-of-mip65-clydesdale/15922)|[Vote](https://vote.makerdao.com/polling/QmXedMr8)| |[Proposal Amendment](https://forum.makerdao.com/t/mip4c3-sp4-mip65-amendments/17326)|[Vote](https://vote.makerdao.com/polling/QmareTAa)| | [Asset Reallocation](https://forum.makerdao.com/t/signal-request-mip65-asset-reallocation/18295)| [Vote](https://vote.makerdao.com/polling/QmSfMtTM#vote-breakdown)| |[DC Increase Proposal](https://forum.makerdao.com/t/proposal-to-increase-debt-ceiling-for-mip65-by-750m-to-1250m/20060/1)|[Vote](https://vote.makerdao.com/polling/QmNTSr9j#vote-breakdown)| ## Maker Reviews/Verifications * [Asset Allocation](https://forum.makerdao.com/t/signal-request-asset-allocation-of-mip65-clydesdale/15922/2?u=allan_pedersen) * [Counterparty](https://forum.makerdao.com/t/mip65-counterparties-community-assessment/17786) * [Legal/Structural for initial implementation](https://forum.makerdao.com/t/rwa-007-mip65-monetalis-clydesdale-legal-assessment/17834) * [Legal/Structural for DC Increase](https://forum.makerdao.com/t/the-dc-increase-mip65-legal-assessment/20267) * [Technical](https://forum.makerdao.com/t/rwa007-mip65-monetalis-clydesdale-ces-domain-team-assessment/17787) ## Clydesdale Instruction Sets [Governance Design](https://forum.makerdao.com/t/mip65-clydesdale-governance-framework-setup/16565) The actions of the Trustee on behalf of the Trust are exclusively determined by Instruction sets. Each set are to be setup as Signal Requests for MKR vote and executed upon by Trustee given a positive vote and Maker Committee validation. ### Executed Instructions sets 1. [Ratification of Initial Setup](https://gateway.pinata.cloud/ipfs/QmZeCuuKw774Vzr76HFU6Jw1ZPyz44zeCoq35YNeJ5vUMW) 2. [Setup Transactional Third-party Relationships](https://gateway.pinata.cloud/ipfs/QmS73XxAfdVuBRRBsZDKr71D8FAmDbPYmQa6RwjDg7xFMo) * [Bank Sygnum Restriction Letter](https://gateway.pinata.cloud/ipfs/QmYrC3fNo5d8jKKW2wLmRWDGgsNc7nxuJDVfngJjYeRouT) 3. [Pilot Deployment (1M)](https://gateway.pinata.cloud/ipfs/QmVXbNHr4MKyw7EdSvpbq6VScqMJZ8Aad7Mzn7ev1kcRMz) 4. [Initial ETF Deployment (250M)](https://gateway.pinata.cloud/ipfs/QmStKYTLZTPZAtcPQkTXqNjWpKSGdHGhhw2pi3Ct5KbxeK) 5. [Second EFT Deployment based upon Asset Reallocation Vote (250M)](https://gateway.pinata.cloud/ipfs/QmeX5eKYvrraEv6L5NNEPKJEf3PfUb7N1sf32uPdn1cJ4p) 6. [QUARTERLY RETURN OF SURPLUS FUND](https://gateway.pinata.cloud/ipfs/Qmf7oGxgVoGKMGkzPi2T6nBSTLgrU5C7jmNqaefjJ52Zup) 7. [RATIFICATION OF MODIFIED SETUP](https://gateway.pinata.cloud/ipfs/QmNyfM8JhV2Mf5wxADAJvheZ2E7CCr6WxxgPaRuiQAKHz8?_gl=1*vj5gip*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) 8. [750M DEPLOYMENT INTO JAT2 SYGNUM BANK EXECUTION MANDATE](https://gateway.pinata.cloud/ipfs/QmZAeKiucY82awzirmFUh7qpX1rRtzg7oLiPhu2z64bg9T?_gl=1*1lx5t4o*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) 9. [BI-WEEKLY EVALUATION PROCESS & CAPITAL RETURN](https://gateway.pinata.cloud/ipfs/QmahKaWHBFrhHwtkiVKAMJWjPq7UeEkkNYpM54oBjY4kpp?_gl=1*1chtas0*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) ### Template Instruction sets These are templates and must be edited as required in an actual Signal Request. More templates may be produced as necessary * [Liquidation](https://docs.google.com/document/d/1RLTOVQAbKonVET9tOngp7TjXkH6AA9Oi/edit?usp=sharing&ouid=110828420241840553747&rtpof=true&sd=true) * [Emergency Shutdown](https://docs.google.com/document/d/1kvScMMENN3IGGKfEO719yE62aU1g3yv8/edit?usp=sharing&ouid=110828420241840553747&rtpof=true&sd=true) ## Key Clydesdale Legal Documents ### V1 of Documents (inception) * [James Asset Trust Declaration - Amended](https://gateway.pinata.cloud/ipfs/QmYXt7DAAadGS1xMoaRM39drnwWNZQJ72AGQ9W7KWAaq9m) * [Deed of Amendment and restatement](https://gateway.pinata.cloud/ipfs/QmRbUFayHtDwGNwoWYeNShowXkBFhwu8zvxZ6uJG3UdEmP) * [Trustee Resolution on Amendment](https://gateway.pinata.cloud/ipfs/QmYXRftAxLCH6v9ogvmWweyka5HVyLFYxd5TnHhx9c61GT) * [James Share Trust](https://gateway.pinata.cloud/ipfs/QmbhSZBtdsdDWxSmjYetRDzwXeXoXVZL6m9CpFJNFu6veK) * [James Asset (PTC) Limited](https://gateway.pinata.cloud/ipfs/QmZqNGUfeg92a4iteQY4vSzV11PnZj51FjCNtZPU1uqBVX) ### V2 of Documents (amended, and added to, at DC increase) * [JAT 1 Deed of Amendment and Restatement](https://gateway.pinata.cloud/ipfs/QmX8Y1yjy8xj7jc3pLjeXBKp4sDJCpEocdztFsSjiWqcoC?_gl=1*b5xz5r*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMzU1MC4yOC4wLjA.) * [JAT 1 Amended Deed Poll](https://gateway.pinata.cloud/ipfs/QmYRLwQ2Qne6qXKhWjLPmYm7LkDWtn3XPXYndFfziDBDFA?_gl=1*18bk3p3*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) * [JAT 1 & Monetalis Reporting Agreement](https://gateway.pinata.cloud/ipfs/Qme5m5Hjc2DB7GX5q3NA17azfFpBy7Mr1LDuz5iZXxmkeG?_gl=1*1i2741q*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) * [JAT 2 Deed Poll](https://gateway.pinata.cloud/ipfs/QmQjyDzqV1jryZhqiwH5PTm4B2RjGi8cgnEBB3dF1rpLCM?_gl=1*1ge2aty*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) * [JAT 2 & Monetalis Reporting Agreement](https://gateway.pinata.cloud/ipfs/QmdMv5o2JevnRGUwJXiAq3Ttc4bpH1mZqE6ckhDRzVCBev?_gl=1*hfr9pq*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMTk2My4yNy4wLjA.) ## External Memo's on Clydesdale * [Memo on BVI VASP Act - Appleby](https://gateway.pinata.cloud/ipfs/QmSzLRPw1KqSQiGQ7GfgQ4qGaLXeiyi1qyLaoiHrniHXDk?_gl=1*j838tv*_ga*MjMyNzA5Mzk5LjE2Nzg0NzU0MDM.*_ga_5RMPXG14TE*MTY3ODQ3NTQwMi4xLjEuMTY3ODQ3NTQxNC40OC4wLjA.) * [Reed Smith - Structure Memo](https://gateway.pinata.cloud/ipfs/QmfEuoL8D6mFm1RwMmJDmiJa4NjdusXas5wnUmANdfZWfK?_gl=1*tmbhl3*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY3OTYxMTkzMC4yLjEuMTY3OTYxMzU1MC4yOC4wLjA.) * [Appleby Memo on Trust](https://gateway.pinata.cloud/ipfs/QmaNP3oh3NhPXxsnWFZKNsE1XkhgtvFoFXbHEoQKQajosZ?_gl=1*1dv98yz*_ga*MmEzMGU4N2EtNWZhZS00ODYwLTk4NjgtNGE4ZmM5ZGUzOWVj*_ga_5RMPXG14TE*MTY4MDI4NDI2OC40LjEuMTY4MDI4NDU5MS41OC4wLjA.) ------------------------- g_dip | 2022-09-15 19:01:29 UTC | #2 Thanks for posting the docs! Great to see the legal infrastructure continue to be open-sourced. ------------------------- flipflopflapdelegate | 2022-09-15 19:51:44 UTC | #3 Thanks for making these docs available to the community. One Question here. How is the **Maker Resolution** document Legally Binding? Is it submitted, verified, and accepted by the Trust, Trustee, Sygnum and CB? I ask because I see all it takes is 2 names, signatures, and dates. How does the trust, better yet Sygnum and Coinbase know/verify any changes and verify that such changes are authorized by MKR token owners? Besides the need to do a video conference by the two individuals and the language proposed on such document — can you please walk us through how this document protects MKR token owners from rogue actors. Thanks in advance. Cc: @christiancdpetersen ------------------------- Allan_Pedersen | 2022-09-18 08:15:08 UTC | #4 Hi @flipflopflapdelegate So the Maker Resolution is as close as we can get - at this moment - to basically write a "program" that the MIP65 structure will, unambiguously, execute. The intent is to create complete clarity for MKR holders in respect of what MKR holders are agreeing to have executed within the MIP65 trust structure. I hope you can see that benefit with Maker Resolutions. Then comes the question of how have we setup the MIP65 structure "machinery" to ensure that it can only execute exactly that detailed Maker Resolution MKR holders have voted for. To make that happen we have put in place a good number of legal, structural and physical measures. Let me try to outline the process and its constraints: 1. The director of the trustee (riverfront - a legal entity under SHRM Group that is a professional trustee and administrator service) is required to ONLY execute based upon Maker Resolutions passed by Maker Governance and validated by Maker Committee. So when this "Maker Resolution paper" reach the director they must check online that the vote has passed and ensure that the Maker Committee members have approved it. (this requirement is in the legal docs). 2. Now given these two items are OK, the director can now start executing according to the Maker Resolution. But - importantly - it can't do so without approvals from the Fiduciary Group (which is part of another professional trustee and fund administrator group named Hatstone). And Fiduciary Group is required to check all actions proposed by Riverfront against the Maker Resolution. (again this is a requirement in the legal docs). 3. This requirement has further been physically setup in the transaction services that actually does something with the money - i.e. any transactions in Coinbase and Bank Sygnum requires physically the approval of both Riverfront and Fiduciary group. 4. On top of that we have worked with Bank Sygnum and Coinbase to constrain the action-set within these platforms materially such that even with the above "two set of legal entity approvals", they can only perform actions that are in scope of MIP65. (as encoded in the Bank Sygnum letter). And whenever possible automatic actions have been setup in the systems (i.e. Coinbase has a function that automatically converts USDC to USD when the USDC hits a wallet). In addition for certain larger transactions Bank Sygnum would be required to see the transaction be matched up with an appropriate Maker Resolution. 5. Also you have Monetalis acting as Reporting Agent and is informed by the transaction services and can of course engage with Maker for immediate actions (note that all parties: hatstone, SHRM etc can all be immediately removed and replaced by a Maker Resolution). This - in totality - we think - creates a strong process where MKR holders have very detailed control over what they want the structure to do - and can safely expect the structure to indeed do so. Now - we are already in development of a V2 of this. As we worked with the transaction platforms it became clear that many of them actually provide substantive API's that in fact allows even complex transaction flow across multiple platforms to be tied together and programmed. So in V2 we expect some of these transaction flows to be basically programs with parameters and a MKR vote should ideally start the execution of one of these programs with the MKR desired set parameters. I hope this explanation helps? ------------------------- Allan_Pedersen | 2022-09-18 08:21:26 UTC | #5 We are firm believers that legal structures that connect with Maker Governance must always remain open source. Transparency remains a vital piece of the Maker story I believe. ------------------------- flipflopflapdelegate | 2022-09-18 09:28:11 UTC | #6 [quote="Allan_Pedersen, post:4, topic:17923"] I hope this explanation helps? [/quote] Indeed—the written breakdown you have provided is very helpful in understanding the process. Thank you Allan, much appreciated. ------------------------- christiancdpetersen | 2022-09-29 22:02:46 UTC | #7 The links below provide Permaweb copies of the Monetalis MIP65 resolutions for the executive spell: [Set-Up MIP65 Resolution No 1](https://app.ardrive.io/#/file/86f318ad-3a9d-4556-a733-67e1791c2547/view) [Transaction Set-Up MIP65 Resolution No 2](https://app.ardrive.io/#/file/c6d5b458-a2fe-42cc-87f6-3b8b2501bf36/view) [Pilot Deployment MIP65 Resolution No 3](https://app.ardrive.io/#/file/16218db4-62ca-42a9-96bb-8c0c5db56b8d/view) [Initial Deployment MIP65 Resolution No 4](https://app.ardrive.io/#/file/2e46de54-dd0b-48f1-b462-d00e1283eb7a/view) The following links provide Permaweb copies of the James Asset Trust and the James Share Trust as being ratified by Resolution No 1: [James Asset (PTC) Limited Declaration of Trust](https://app.ardrive.io/#/file/3f128c91-95b3-42c2-983d-4c78bafbe65c/view) [James Asset (PTC) Limited Deed of Amendment and Restatement](https://app.ardrive.io/#/file/4189f78a-2f53-4899-bcb7-18a1dae869b4/view) [James Asset (PTC) Limited Trustee Resolution](https://app.ardrive.io/#/file/cb980427-47b2-468e-893d-666bd840ec34/view) [James Asset (PTC) Limited Memorandum and Articles of Association](https://app.ardrive.io/#/file/fcb01af2-e7cf-4bbf-a360-03222778cbb8/view) [James Share Trust Settlement](https://app.ardrive.io/#/file/2b3fa15a-6d27-463f-8dcc-823a7fd9c3b8/view) ------------------------- Allan_Pedersen | 2022-11-09 14:32:58 UTC | #8 Documents in the HQ post have been updated to include instructions for the 2nd allocation of 250M and various smaller corrections identified during implementation. We strive to keep the "HQ" fully updated. ------------------------- Allan_Pedersen | 2023-03-10 19:19:32 UTC | #9 # Health Update: James Asset Structure & BVI VASP Act In the BVI, the Virtual Asset Service Providers Act 2022 (Act) came into force on 1 February 2023. When the James Asset structure was designed and set up, the Act (at that time in draft mode) was evaluated and it was concluded that the Act would not capture the structure’s activities. Notwithstanding the initial review, as the final version of the Act came into force earlier this year it was prudent to gain a more formal understanding of the structure’s status in respect of this Act. Appleby - a global law firm with offices in the BVI - have reviewed the situation and delivered the following memorandum (now also stored permanently above in the MIP65 HQ post). It concludes that *“​​[t]he Trustee would not be subject to the VASP Act and therefore does not require to be registered as a VASP.”* [Memo on BVI Act - Appleby - 10/3/2023](https://gateway.pinata.cloud/ipfs/QmSzLRPw1KqSQiGQ7GfgQ4qGaLXeiyi1qyLaoiHrniHXDk?_gl=1*z0osi7*_ga*MjMyNzA5Mzk5LjE2Nzg0NzU0MDM.*_ga_5RMPXG14TE*MTY3ODQ3NTQwMi4xLjEuMTY3ODQ3NTQxNC40OC4wLjA.) Given the conclusions of the Memorandum, we will **NOT** be proposing that Maker Governance instructs the Trustee to undertake a registration and licensing for the VASP Act. For avoidance of doubt, anyone in the Maker Community, reaching a different conclusion, can freely propose differently. ------------------------- Wrongcomma | 2023-03-23 23:51:37 UTC | #10 # Clydesdale reporting framework (alpha version) ## Introduction This post outlines the proposed reporting framework to support Clydesdale. The reporting framework was designed to: * Provide full transparency.All information presented will be produced using data provided by banking partners linked to Clydesdale. * Keep stakeholders up to date: Reports and supporting documentation will be produced and distributed on a regular basis. Monetalis, as the reporting agent will: * Produce the reports on a monthly basis within a week from month-end * Distribute the report via the Clydesdale Discord channel These report is an alpha version and it will evolve overtime. Importantly it will comform to MIP105 as it evolves. ## Report overview The report will comprise of 4 different sections: 1. Portfolio 2. Trust – Budget vs Actual costs 3. Health of Trust 4. Upcoming improvements / optimisation ### Report sample ![](upload://59wkESCAsNxXuqFzd2Zu1kwJTTq.jpeg) ### Report details #### Section 1 The portfolio section will be constructed using data extracted directly from our banking partners. The data source for this section of the report will be a "Detailed Asset statement" by Banking Partner by product. The available fields used to create the aggregate information presented in the report are: **Asset statement** * Banking partner * Product ID * Purchase Date * Units * Price * Total buy * Maturity date * Current NaV * Maturity Value * P&L $ * P&L % This section will also include the Current Vault value at MakerDAO and the associated history of returns to the RWAjar. #### Section layout The section will be divided into: * Overview section: A general summary of the portfolio and holding * Details by provider section: This section will provide the details of the holding by asset type, along with a list of all costs and charges * Vault value at MakerDAO and history of returns ## Section 2: Trust – Budget vs Actual costs The initial report will present the budget for the next 9 months, up to and including Dec 2023. The report will include: * **Budgeted costs**: for each party linked to the Trust and, for each of these charges, it will refer to a specific agreement approved by the community * **Actual costs**: A list of actual costs incurred by the trust. Each cost will be supported by a copy of the relevant invoice * **Variance analysis**: A list of exceptional costs incurred by the trust which will be supported by notes and associated invoices ## Section 3: Health of Trust In this section we will provide relevant updates about markets, change in regulatory rules/environment, or any relevant news about all parties involved in the value chain. The information will be supported by links to the original articles/sources. ## Section 4: Upcoming Improvements/Optimisation A list of items that will be proposed to optimise fees/processes and or components in the value chain ------------------------- Wrongcomma | 2023-06-16 12:41:19 UTC | #11 # Clydesdale Asset Allocation ## as of 31st May 2023 ![image|690x440](upload://lLXA006etNYHDhAlnO7rsS2lWGB.png) As of May 2023 $1.059bn have been deployed through Clydesdale across three different asset classes: * iShares USD Treasury Bond 0-1yr (**IB01**) * iShares USD Treasury Bond 1-3yr (**IBTA**) * US T-bills ladder The table below provides an overview of the DAI borrowed and the Yield generated to date, as well as the surplus created. ![image|418x427](upload://vMIV29LEkcvybqDswyYHinrmKAQ.png) Where: * **NAV**: represents the capital deployed plus the yield generated to date * **Current surplus**: Represents the surplus generated to date by the different assets * **Paid back surplus**: Represents the surplus already paid back to Maker * **Locked-in surplus**: Represents the outstanding surplus that will be earned when US T-bills reach maturity The chart below provides a comparison between the overall monthly yield generated by the portfolio and a reference yield of 4%. After the initial setup, the portfolio has generally been able to outperform the reference yield. With the exception of Feb when a drop in yield of the IBTA shares have negatively impacted the overall yield of the portfolio. ![image|690x202](upload://37wF84bQAygsbGh4WfOIBc28ACU.png) Asset class-specific monthly yields are presented below. It worth noting that deployment into US T-bills have commenced in May 2023, so yield for this asset class are restricted to this month. ![image|690x199](upload://5oSdHALRtEQ6phS1E7uhmOK35jH.png) ------------------------- Patrick_J | 2023-06-16 11:23:02 UTC | #12 Thanks for the update. I have a question about the "Paid back surplus" figure which does not seem to match the [on-chain transaction](https://etherscan.io/tx/0xd71f425a6fd0daabfd5df52e56688c3d93025dde065ea322c5b0e5c3f399ec74). What is the cause of the discrepancy? ------------------------- Wrongcomma | 2023-06-16 12:55:40 UTC | #13 My apologies, the figures have now been updated accordingly. ------------------------- Wrongcomma | 2023-06-16 20:35:05 UTC | #14 Based on the Reallocation process for Clydesdale/MIP65 presented [Here](https://forum.makerdao.com/t/operationalizing-the-allocatordao-reallocation-process-for-clydesdale-mip65/20961) and our month-end reconciliation we have determined that currently: * The Viridian Max DC (VDMC) stands at **1,037M** * The Value Trust Asset for JAT1 and JAT2 combined is **1,133M** Therefore, based on the reallocation rules summarised below, the sum of $62.78M derived from the maturity of the first batch US T-bills will be paid respectively to: * 62.5M to the Vault * 280k to the Surplus buffer. ![image|690x290](upload://bmrPz9XkNK4JsiM21Z8CCe4aD17.png) -------------------------