# Issuance Legal Structure

TEX enables firms and individuals globally to issue tokenized assets on chain in a cost effective manner. For certain assets, TEX may act as the issuer directly. 

**The Issuer** is the ultimate beneficial owner or firm behind the legal entity that conducts the asset offering on TEX. Rigorous KYC/AML and due diligence are conducted on only a subsection of candidates before they are onboarded with TEX as a Listing Issuer.

.D and .E tokens represent shares or interest in the real world asset held in the Issuer's SPV The Issuer of .D and .E tokens is liable to all token holders and controls the issuance contract through their multi-sig wallet. The issuer is generally the sponsor who sources or originates a tokenized real world asset and is responsible for acting as the interface between said legal vehicle (SPV or otherwise) holding custody of real world assets, and their on-chain tokenized smart contract representation.

Their responsibilities include servicing token investors throughout the lifecycle of the token:

1. Issuing new tokens
2. Servicing token holders throughout the lifecycle of the product, including dividends and distributions (If any)
3. Managing redemptions
4. In the event of default, managing recoveries.
5. Being directly responsible for any legal action


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