Participants¶
The Nestor Protocol is a market infrastructure for the issuance, trade, and settlement of digital securities in the private markets. The protocol caters for various roles and responsibilities both within the smart contracts and the API systems, enabling the various market functions to be performed according to the regulatory posture of Nestor Exchange S.a.r.l., the legal issuer of digital securities in Luxembourg under MiFID II and the broader E.U.
Note: Nestor Exchange S.a.r.l. and its securitisation fund (NESTOR SECURITISATION FUND) is the legal issuer of digital securities in compliance with MiFID II (2014/65/EU) regulation. Nestor Exchange S.a.r.l. operates the
PROTOCOL_ADMINandPROTOCOL_TREASURY. Where required and directed by aPERMISSIONED_MANAGER, Nestor Exchange S.a.r.l. provisions and/or operates aPERMISSIONED_CUSTODIANon the protocol for the custody of securities or cash in accordance with the securitisation laws of Luxembourg.
PROTOCOL_ADMIN¶
The protocol admin is the owner and deployer of the smart contracts. The Owner role is defined within the OpenZeppelin context. The PROTOCOL_ADMIN is not permitted to custody any of the tokens within the protocol.
ERC-3643 role: isOwner
PROTOCOL_TREASURY¶
Represents the treasury in the protocol. The PROTOCOL_TREASURY is an Agent under the definition of the ERC-3643 specification and is responsible for the lifecycle management of all tokens in the protocol. Nestor Exchange S.a.r.l. is the legal entity which is responsible for the treasury management of the non-co-mingled FIAT deposit & redemptions in multi-currency ledgers at G-SIB providers in Luxembourg under the role PROTOCOL_TREASURY.
ERC-3643 role: isAgent
PERMISSIONED_CUSTODIAN¶
The Permissioned Custodian is the custodian address and OnChain Identity which can custody any of the Nestor Protocol tokens.
ERC-3643 role: Custom Compliance role
PERMISSIONED_INVESTOR¶
A permissioned Investor in the protocol is an investor who is compliant with the specification of the NestorOnChainAssetToken and the private placement memorandum of the securitisation structure and fund. The Nestor Protocol is open to accredited (professional client) investors only in compliance with (2014/65/EU) regulation, MiFID II. The onboarding of Investors is conducted off-chain, including KYC/AML, Subscription Agreement, etc., which are then added to the claim of the Investors' OnChainId.
ERC-3643 role: Custom Compliance role
PERMISSIONED_MANAGER¶
A permissioned Manager in the protocol is a Manager or GP utilising both the technology protocol and the fund services of Nestor Exchange to issue their NestorOnChainAssetToken. A PERMISSIONED_MANAGER may also interact with the FundDepositToken to accept & settle payments for Digital Securities.
ERC-3643 role: Custom Compliance role
PERMISSIONED_FUND_ACCOUNTANT¶
A permissioned Fund Accountant in the protocol is an independent Fund Accountant with access to the underlying IBAN accounts for a NestorFundDepositToken, so they can provide certified attestations for the balance of the accounts at regular intervals. A PERMISSIONED_FUND_ACCOUNTANT interacts with the INestorAttestationManager to provide this market feature.
ERC-3643 role: Custom Compliance role
PERMISSIONED_CALCULATING_AGENT¶
A permissioned Calculating Agent in the protocol is an Agent who is permitted to calculate the market value of a NestorOnChainAssetToken with the consent of the PERMISSIONED_MANAGER, so the cash waterfalls may be calculated for the Investors.
The role is not fully supported in the protocol yet.
ERC-3643 role: Custom Compliance role
PERMISSIONED_TRANSFER_AGENT¶
A permissioned Transfer Agent in the protocol is an Agent who has the provision to transfer securities independently of the PROTOCOL_TREASURY.
The role is not fully supported in the protocol yet.
ERC-3643 role: Custom Compliance role