One dated document that names what was examined, what was not, on what basis, and what the two scored positions were on that date. Written to be read after a failure, not only before an offering.
Cabier does not issue, underwrite, appraise, custody, market or distribute tokenised assets, and does not provide investment advice. TAF scores are governance and disclosure assessments — not credit ratings, valuations, fairness opinions or investment recommendations.
Subject and scope
The asset, the issuing vehicle, the instrument and the jurisdictions of offer — named, with anything excluded from examination stated on the face of the certificate.
Period
The date of assessment and the date the position lapses without re-assessment. A certificate without a lapse date is a marketing document.
Method
The rubric families applied, the evidence classes examined, and whether each item was verified independently, reviewed as presented, or accepted on representation.
Scored positions
Tokenization Readiness Score and Investor Protection Score, each with band and the named gaps behind the number.
Limitations and reliance
What the certificate does not assert, who may rely on it, and the basis on which reliance is permitted.
Independence statement
Fee basis, any relationship with the issuer or sponsor, and the standing policy that assessment outcomes are not contingent on the engagement continuing.
An assurance opinion is worth what its independence is worth. The policy is published because the fee is usually paid by the party being assessed.
A certificate lapses. Readiness is assessed before issuance and re-tested on any structural change — a valuation basis change, a transfer-restriction change, a custody change or a change of control. Investor protection is re-tested on a fixed cadence agreed at engagement, because the rights that matter degrade quietly: reporting slips, a secondary venue thins, a valuer becomes less independent than it was. Where evidence cannot be obtained on re-assessment, the certificate records the absence and the position is downgraded rather than carried forward.
Certificate scope, reliance terms and cadence are set per engagement. Start with the readiness assessment.
Discuss a certificate