Whether an asset was a suitable candidate for tokenisation, and under what governance framework. Fifteen categories, assessed before investors are admitted rather than after a distribution is missed.
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.
Fifteen questions across the categories a supervisor, trustee or plaintiff's counsel would test after a failure. Answers stay in your browser — nothing is submitted, stored or transmitted.
01 · Legal ownership
Is legal ownership of the underlying asset verified by an independent party rather than asserted by the issuer?
02 · Title verification
Has title been searched and evidenced, with the search retained as part of the offering record?
03 · SPV structure
Is the asset held in a special-purpose vehicle whose constitutional documents match what investors are told they own?
04 · Security interest
Are security interests perfected and evidenced in the relevant register?
05 · Existing liens
Have existing liens, encumbrances and prior charges been disclosed in full?
06 · Bankruptcy remoteness
Is the issuing vehicle genuinely bankruptcy-remote from the sponsor, tested against its actual agreements?
07 · Appraisal quality
Is the appraisal recent, scoped to the asset as held, and produced under a recognised standard?
08 · Valuation independence
Is the valuer independent of the issuer, sponsor and placement agent, with the engagement terms on record?
09 · Cash-flow stability
Is the cash flow supporting distributions evidenced by operating history rather than projection?
10 · Liquidity expectation
Is the realistic liquidity of the token disclosed, including the absence of a secondary market where that is the case?
11 · Investor suitability
Is the investor class matched to the asset's risk, illiquidity and holding period by a documented process?
12 · Regulatory classification
Is the instrument's classification determined in writing for every jurisdiction it is offered into?
13 · Cross-border restrictions
Are transfer restrictions enforced technically, not only stated in the subscription documents?
14 · AML / KYC controls
Are onboarding, screening and transfer controls tested rather than delegated and assumed?
15 · Custody arrangements
Are custody and key-management arrangements documented, segregated and independently confirmed?
Answer the questions above to see an indicative position.
Readiness is only half the position. The Investor Protection Score assesses what holders actually have once the asset is live.
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