> 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/structure-and-governance/structure-entities.md).

# Structure & entities

Gyld separates the entity that **issues** the tokens from the businesses that **build and operate** the platform. This separation is deliberate: it insulates holders' assets from Gyld's corporate risk.

#### Ownership

Gyld Capital Markets Ltd, the Issuer, is incorporated in Jersey as a private limited company. Its entire issued share capital is held by the Gyld Capital Markets Purpose Trust, a non-charitable purpose trust established under Jersey trust law.

A non-charitable purpose trust has no beneficiaries in the ordinary sense: it holds the Issuer's shares to carry out the purposes set out in its trust instrument, not for the benefit of any person with an economic interest in Gyld. This is what makes the Issuer an orphan company. No shareholder, and no party connected to Gyld's operating businesses, controls the Issuer through ownership. This structure is a standard technique for orphan special purpose vehicles: it lets an issuing entity exist with no beneficial owner, placing it outside the corporate group whose commercial risk it is designed to sit apart from. As a result, the Issuer and the bonds backing the tokens are bankruptcy-remote from both the Sponsor and the Platform Operator: their creditors cannot reach the Issuer's assets.

![Issuer legal and ownership structure](https://1758005018-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F0stTQVhcUwQiM7grc0aR%2Fuploads%2Fgit-blob-d7bd34ee23a858d74e4ec14ffd8a5fe9d5d48658%2Fissuance-structure.png?alt=media)

#### The board

The Issuer's board has three directors, drawn from three independent sources: Gyld's operating business, the Issuer's regulated administrator, and an independent non-executive with no other connection to Gyld.

**Abbas Ali** is the Co-Founder and CEO of Gyld Finance. He previously led product development at J.P. Morgan's Kinexsys division. Before that, he led Digital Identity and Partnerships at R3, where he worked with global banks and regulators to shape standards for compliant digital assets. Abbas began his career developing capital markets infrastructure at IHS Markit and Ipreo, and earlier founded a venture-backed software startup in Waterloo, Canada. He holds a B.Sc. in Leadership and Management Studies, with a minor in Economics, from New York University.

**Suzanne Howe** is a director of IQ-EQ (Jersey) Limited, the Issuer's administrator, regulated by the Jersey Financial Services Commission. She has fifteen years' experience in funds and a decade in digital assets. Suzanne was part of the team that launched the first regulated Bitcoin fund in Jersey in 2014, and ran a portfolio of exchange-traded products for five years, bringing a blend of traditional financial expertise and digital-asset experience to the board.

**Jon Trigg** is a Jersey resident and a Fellow of the Association of Chartered Certified Accountants, with over 25 years' experience in alternative fund services. He has served as a board member of offshore structures for over 17 years, and currently acts as an independent non-executive director across a range of regulated and unregulated funds and companies. Jon is also the Jersey Ambassador for the IoD Japan Business Group.

Two of the three directors, Suzanne and Jon, are independent of Gyld's operating businesses; Abbas provides continuity with the team building the platform. Combined with an independent, regulated administrator and an orphan ownership structure, this gives the Issuer's board a genuine measure of independence from the businesses that build and market Gyld.

#### Service providers

Two entities under common ownership support the programme, each with a distinct role.

**Upfront Ltd**, incorporated in the Cayman Islands, is the Sponsor. It establishes and funds the programme, and coordinates the service providers that support it.

**Upfront (Technology) Jersey Ltd**, incorporated in Jersey, is the Platform Operator and a subsidiary of the Sponsor. It provides the tokenisation technology and the operational infrastructure used to mint, administer and redeem tokens.

Both provide their services to the Issuer under written agreements and on arm's length commercial terms. The Issuer's ownership is independent of Upfront's group, but its two service providers are commonly owned, so arm's length pricing is what keeps that relationship at a genuine remove: the Issuer pays a market rate for services rather than being charged on a basis that could disadvantage holders.

*See also* [*Collateral & security*](/Qr8kZvavn9Z7Z8ov8REK/structure-and-governance/collateral-security.md) *and* [*Legal & regulatory*](/Qr8kZvavn9Z7Z8ov8REK/structure-and-governance/legal-regulatory.md)*.*