- The Registrar (or the Calculation Agent) computes gross coupon at the valuation date (by querying the Security Token’s Smart Contract);
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- The Registrar gets the positions at valuation date (from the Security Token’s Smart Contract);
- The Registrar gets the Security Token holders at valuation date from the STR (through its Oracle);
- The Registrar sends the gross coupon and the Security Token holders’ data to the Fiscal Agent;
- The Fiscal Agent computes potential withholding tax based on data sent by the Registrar. If any withholding tax is payable, the Fiscal Agent sends the net coupon information to the Registrar;
- The Registrar generates the settlement transactions corresponding to the coupon payment: a. A settlement transaction between the Issuer and the Paying Agent for the gross coupon payment; b. Settlement transactions between the Paying Agent and each Security Token holder for the net coupon and tax payment.
- The Registrar initiates the settlement transaction processing.