This is a straightforward write-up and reflects Vertalo's purpose-built design. The Division of Trading and Markets essentially confirmed that the Native approach is acceptable. From conversations that we have had with the commission, as far back as 2018 and as recently as early Sept 2025, Native tokenization is going to be an important part of the TA function. We are finally seeing previously 100% onchain, non-TA players moving from Intermediated to Native Tokenization. However even some of the big names in the news recently, while sounding like they are issuing/recording Natively, are in fact using intermediated or out-dated methods. Looking forward to the discussions on this topic at the STA Annual!