> For the complete documentation index, see [llms.txt](https://docs.theangel.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.theangel.app/tokenisation-and-legal-structure/isin-assignment-and-transferability.md).

# ISIN Assignment & Transferability

## Investor Rights & Legal Protections

Token holders obtain rights comparable to early-stage equity investors.

#### Rights Typically Include

* Economic rights over compartment assets
* Proceeds participation (if startup exits)
* Access to transparent reporting
* Transfer rights during liquidity windows
* Rights defined in the AMC prospectus

### What Token Holders Do Not Receive

To keep structure clean and manageable:

* Voting rights in the startup
* Operational influence
* Direct shareholder entry into the cap table

Instead, investors hold securitised financial instruments backed by the SPV’s equity stake.

***

### Bankruptcy-Remote Protection

A critical advantage of this structure is investor protection.

Through Filedgr’s securitisation model:

* Each compartment is a stand-alone legal entity
* Assets cannot be claimed by creditors of other compartments
* Startup insolvency does not affect the securitisation platform
* The platform’s insolvency does not affect the compartment
* The management company itself is an orphan structure

This is the highest standard of asset protection in structured finance.