> For the complete documentation index, see [llms.txt](https://docs.gyldfinance.com/Qr8kZvavn9Z7Z8ov8REK/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.gyldfinance.com/Qr8kZvavn9Z7Z8ov8REK/on-chain/transferability-secondary.md).

# Transferability & secondary market

#### Market availability

Tokens may, subject to applicable law, become listed on or acquired through one or more secondary markets. There is no guarantee that a secondary market will develop or continue, and liquidity is not assured. The Issuer makes no representation as to a token's secondary market price: the price at which a token is issued may not reflect its secondary market price, which may also differ from the value determined under the [NAV model](/Qr8kZvavn9Z7Z8ov8REK/product-mechanics/nav-model.md).

#### Eligibility on acquisition

By acquiring tokens on the secondary market, a holder is deemed to represent that it:

* has received and reviewed the applicable disclosures and risk warnings, and understands the risks they describe;
* meets the eligibility criteria set out in [Eligibility](/Qr8kZvavn9Z7Z8ov8REK/investing/eligibility.md) and the Final Terms, including non-U.S. status, professional or qualified investor status, and permitted jurisdiction, and is not sanctioned or otherwise ineligible;
* finds the tokens suitable for its circumstances; and
* intends to acquire tokens issued by the Issuer.

#### Redemption

Redeeming a token requires KYC. The Issuer may decline a redemption that would not comply with applicable law. See [Liquidity & acquiring tokens](/Qr8kZvavn9Z7Z8ov8REK/investing/investing-redeeming.md).

#### Secondary transfers

Once issued, tokens transfer wallet-to-wallet, or on venues that support them. The Issuer applies one on-chain check to every transfer: sanctions screening. See [Smart contracts](/Qr8kZvavn9Z7Z8ov8REK/on-chain/smart-contracts.md) for how screening operates. Outside the limited cases below, a token representing a valid and unsatisfied claim is not frozen, disabled or cancelled.

#### Limited exceptions

Transfers may be paused or restricted only where:

* **required by law**: to comply with sanctions, AML/CFT obligations, or a binding order of a court, regulator or competent authority;
* **the token no longer represents a claim**: for example, following the transfer of unclaimed proceeds to a paying agent, or the expiry of the 10-year limitation period; or
* **a security incident occurs**: a vulnerability, hack or hard fork, and then only for the time reasonably required.