# LEGAL DOCUMENTATION FOR MIP65 DEAL ------------------------- ### MIP65 Establishment and Deployment Instructions 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) ## Key Legal Documents * [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) ------------------------- # 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 | 2022-11-09 17:05:32 UTC | #1 ![image|690x446](upload://6v7mEdJbXJ4EacOBiT1KrSauibt.jpeg) This post assembles all documentation for MIP65 in one place for community convenience. We expect to keep this updated going forward. ## MIP65 Proposal & 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)| ## 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](https://forum.makerdao.com/t/rwa-007-mip65-monetalis-clydesdale-legal-assessment/17834) * [Technical](https://forum.makerdao.com/t/rwa007-mip65-monetalis-clydesdale-ces-domain-team-assessment/17787) ## 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. ### MIP65 Establishment and Deployment Instructions 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) ### 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 Legal Documents * [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) ------------------------- 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. ------------------------- ElProgreso | 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 @ElProgreso 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. ------------------------- ElProgreso | 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. -------------------------