# Security & Custody

## Legal Structuring & Asset Protection

This section details how TheAngel ensures legal clarity and investor protection through professional securitisation structures.

#### 1. SPV Structuring

For smaller raises and simple deals, TheAngel uses Special Purpose Vehicles (SPVs) that:

* Hold startup equity
* Issue tokenised securities
* Keep founder cap tables clean
* Provide clear legal claim for investors

SPVs isolate financial risk and simplify governance.

#### 2. Luxembourg Securitisation Compartments

For scalable, institutional-grade fundraising, TheAngel integrates Filedgr’s securitisation funds.

#### Key Properties

* Unlimited compartments
* Segregated assets
* Fully bankruptcy-remote
* Each compartment is treated as an independent legal entity
* No cross-contamination of assets

This model protects investors even in worst-case scenarios.

#### 3. Actively Managed Certificates (AMCs)

Tokenised investment instruments are structured as AMCs, standardised financial notes with:

* Performance linked to startup equity
* ISIN identification
* Clear legal documentation
* Compliant issuance under EU law

AMCs are widely recognised in institutional finance.

#### 4. Bankruptcy-Remote Architecture

Filedgr’s orphan foundation structure ensures:

* No beneficial owner
* No external creditor claims
* No operational conflict of interest
* Legal independence between compartments

Source: Filedgr documentation


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