Access for tokenized products to institutional and on-chain distribution.

The product must be a tokenized collective investment scheme, structured as a UCITS, AIF, or other regulated collective investment scheme recognized in Allfunds' supported jurisdictions. Eligible strategies include but are not limited to money market, fixed income, equity, private equity, private debt, and real assets. For Track A, the fund must be fully operational and live on Solana at the time of submission. Bridged assets may be considered on an exceptional basis where a documented roadmap to native Solana issuance within 12 months is provided. For Track B, the fund is not required to be live on Solana at the time of submission, but applicants must provide a credible roadmap to Solana deployment including indicative timelines and the identity of the intended tokenization provider.

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Preferred domiciles are Luxembourg, Ireland, and other EU/EEA recognized jurisdictions supporting UCITS or AIF passporting. Swiss domiciled funds recognized under the DLT Act and Singapore domiciled funds regulated under the SFA are also eligible. Offshore domiciled funds (e.g. Cayman, BVI, Jersey, Guernsey) may be considered for institutional and professional investor distribution only, subject to confirmation of Allfunds' acceptance of such structures. All domicile eligibility is subject to Allfunds' onboarding review.

Submissions must clearly specify the eligible investor universe for each target jurisdiction. Products eligible for both retail and professional investors are preferred. Products restricted to professional or qualified investors only are eligible but must be clearly designated as such.

The fund must be duly authorized and registered in each target market in which distribution is sought. All applicable regulatory requirements must be met, including prospectus approval, PRIIPs KID, EMT, EPT, and EET data provision, and ESG and PAI disclosures where required. All parties in the fund issuance and tokenization stack must be disclosed, suitably qualified, and appropriately regulated. AML and KYC policies and sanctions screening procedures must be documented and compliant with applicable law in each target jurisdiction.

Preferred jurisdictions include the EU/EEA (with priority on Luxembourg, Ireland, France, Germany, Spain, and Italy), the United Kingdom, Switzerland, Singapore, and the Middle East. Submissions must specify the jurisdictions in which distribution is sought and confirm regulatory authorization status in each. Exposures linked to FATF high risk jurisdictions or broadly sanctioned countries are not eligible.

Standard fund reference data and documentation must be provided. NAV calculation methodology and publication frequency must be documented. Proof-of-reserve or on-chain attestation mechanisms should be in place, with clear disclosure of attestation frequency, scope, and methodology. Historical performance data and reporting cadence must be made available. Ongoing data maintenance obligations apply for the duration of admission.

A bankruptcy remote structure is strongly preferred. Token holder rights and legal recourse mechanisms must be clearly defined in offering documentation. Synthetic exposures or structures that do not provide full legal recourse to the underlying assets will not be considered. Offshore structures (e.g. Cayman, BVI, Jersey) must demonstrate how investor protections equivalent to those required under UCITS or AIFMD are maintained.

A clearly defined liquidity profile is required, including NAV frequency, subscription and redemption terms, and settlement lead times. Settlement lead times should be expressed in terms of on-chain settlement in USDC, EURC or equivalent stablecoins on Solana, or in fiat via standard settlement rails. Any fees, costs, spreads, haircuts, or other frictional costs associated with redemptions must be fully disclosed.

All service providers in the fund and tokenization stack, including asset manager, transfer agent, custodian, and tokenization platform, must be suitably qualified and appropriately regulated. All relevant parties must be disclosed along with their designations, qualifications, and licenses. Custody arrangements, both off-chain and on-chain, must be clearly documented, including segregation controls and insurance coverage. Business continuity and incident response procedures must be in place. A demonstrable track record of successful operations is strongly preferred.

The fund must be issued as a native Solana token under the SPL Token or SPL Token 2022 standard. Where Token 2022 extensions are used, their configuration and governance must be disclosed. Upgrade authority arrangements, including multisig or timelock controls, must be documented. Where the solution relies on bespoke smart contracts or other on-chain infrastructure, at least one independent security audit from a recognized blockchain security firm is mandatory. Audit reports must be publicly available with all findings and remediations disclosed. On-chain infrastructure must be open sourced.

All tokenized funds seeking admission under Project Harmonia are required to hold an independent risk rating issued by Particula under its proprietary Particula Digital Asset Risk Framework (PDARF). The rating evaluates the token across economic, legal, operational, and technical dimensions, resulting in a comprehensive risk rating and data confidence score. Tokens that do not yet hold a Particula rating at the time of submission will be assessed as part of the RFP evaluation process. The Particula rating constitutes the primary analytical input to the Admission Committee's admission determination and will be published with full attribution to Particula upon announcement of approved admissions.

All fees, management charges, expenses, spreads, and other frictional costs must be fully disclosed and will be factored into the evaluation. Fee concessions, incentives, or other preferential terms may be submitted confidentially as part of the application.