Covara / Legal
Legal · Effective MMXXVI

The boundary we keep.

Covara is software. The decisions that matter still belong to issuer counsel, compliance, and management.

§ 01 — Articles

What Covara is.

Six articles describing the operating boundary of this software.

I.

Covara is software.

Covara is a release-control operating system. It helps issuer-side teams organize disclosure modules, perimeter assumptions, dependency confirmations, and committee approvals into one defensible launch record. It is not a law firm, a broker-dealer, an ATS, a custodian, or a transfer agent.

Software · Issuer-side · Release-control
II.

Covara does not provide legal advice.

Materials produced inside Covara — policy packs, disclosure templates, readiness scores, dossier exports — are operational artefacts. They are not legal opinions and do not substitute for counsel. Issuers must obtain their own legal review.

No legal advice · No reliance
III.

Covara does not make regulatory determinations.

The platform reflects assumptions configured by the issuer team. It does not determine whether an offering is exempt, registered, accredited-only, or eligible under any jurisdiction. Those judgments stay with the issuer and its counsel.

No registration · No determination
IV.

CVR is a coordination asset.

CVR exists to coordinate the shared standards network — pack maintenance, certified reviewers, library quality signals. It does not represent equity, revenue, yield, or a vote on whether any specific program may launch.

Utility · Coordination · Not a security
V.

The launch record stays with the issuer.

Issuer-private launch files, evidence, and dossier exports remain inside the issuer instance and are not posted to a public network. The shared layer carries only standards-library coordination data.

Private by default · Off-network
VI.

Use is by invitation.

Access is limited to issuer teams, certified reviewers, and approved integration operators. Covara reserves the right to refuse or terminate access at its sole discretion, particularly where use would be inconsistent with this boundary or applicable law.

Invitation · Discretionary access
§ 02 — Boundary

Inside and outside.

Where the software operates, and where issuer counsel must still operate.

Inside the software

What Covara does.

  • The structured launch file and its active versions
  • Perimeter assumptions configured by the issuer
  • Gates, approvals, and dependencies tied to release readiness
  • Evidence references explaining why approvals were granted
  • The launch dossier used after committee sign-off
Outside the software

What Covara does not.

  • Legal advice or formal interpretation by issuer counsel
  • Regulatory approval, registration, or licensing decisions
  • Broker-dealer, transfer-agent, ATS, custody, or investor-portal functions
  • Investor onboarding, KYC, AML, or sanctions screening
  • Judgment calls that belong to management or counsel
§ 03 — Jurisdictions

Available where invited.

Covara is operated as software in these contexts. Specific applicability is configured by the issuer team and reviewed with counsel.

United States European Union United Kingdom Switzerland Singapore Hong Kong SAR UAE (specialist) Canada (pilot)
§ 04 — In force

This boundary, as of today.

Material changes are versioned and announced before they take effect.

In force 24 May 2026
Edition · MMXXVI · v1
Supersedes · None
Next review · 24 Nov 2026