Original Message:
Sent: 6/18/2024 4:47:00 PM
From: Brent Devey
Subject: RE: Lux fund compliance for document storage
Thanks, Jim. I've escalated this to your CSM team who will be contacting you directly over email to provide more details.
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Brent Devey
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Original Message:
Sent: 06-18-2024 09:04
From: James Chu
Subject: Lux fund compliance for document storage
They have a fiduciary responsibility under Luxembourg legislation to store all documentation themselves. What threw them off is that carta asks SAFE holders to "Approve" the issuance of the security without a clear legal definition of what approval means.
Does approving the issuance mean that the version on Carta supersede the document they hold in Lux or are they just approving that the copy held by us is the same as what they hold. Carta doesn't make that clear and they are concerned about violating Lux compliance.
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James Chu
Original Message:
Sent: 06-18-2024 08:31
From: Brent Devey
Subject: Lux fund compliance for document storage
Hi @James Chu,
Is the investor concerned about Carta storing the SAFE? Or do they want to ensure that they can store it securely in addition to Carta?
Carta offers Data Rooms for document storage. These are used by thousands of private companies for secure and reliable document storage. Of course, an investor is welcome to store the document on their end as well.
Let me know if we need clarification and I can dig in further.
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Brent Devey
Original Message:
Sent: 06-15-2024 13:19
From: James Chu
Subject: Lux fund compliance for document storage
One of our institutional investors who holds a SAFEhas their fund based in Luxembourg. They asked the following when the SAFE was sent to them for acceptance:
"As a fund we are obliged to keep all our transaction documentation in Lux depository. We need to make sure that signing this document in Carta doesn't interfere with our fiduciary responsibilities on keeping the SAFE in the depository. Is there anyway to clarify that?"
Any advice anyone has on this?
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James Chu
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