> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/issuance-process/step-1-structuring-and-legal-documentation.md).

# Step 1 — Structuring & Legal Documentation

Objective. Define the instrument's legal structure, terms, and governance framework.

**Activities.**

* Asset evaluation: the underlying asset or risk is analysed for structuring suitability under Luxembourg securitisation law
* Instrument type determination: the appropriate instrument category is selected (equity-linked note, revenue-linked note, asset-backed development note, fund-linked note, sukuk, or tokenized equity-linked note)
* Legal documentation: Woud Law Firm Luxembourg (or appointed legal counsel) drafts the Specific Management Regulations for the new SubFund, along with the prospectus or private placement memorandum, subscription agreement, and any additional transaction documentation
* Service provider engagement: auditor (Forvis Mazars), custodian (Swissquote), tax advisor (Deloitte), and any SubFund-specific service providers are formally engaged
* Regulatory assessment: applicable regulatory requirements are identified (MiFID II classification, prospectus requirements, distribution jurisdiction restrictions, Shariah compliance if applicable)

**Outputs.** Specific Management Regulations (draft), prospectus or PPM (draft), subscription agreement (draft), service provider engagement letters.