Custody and control review: documents to prepare
A custody and control review checks who actually holds a tokenised right, how that holding is recorded, and whether the record can be relied on if a dispute arises. The review is document-led. Before the first meeting, a party should assemble the chain of custody, wallet or account records, and any transfer or issuance confirmations. Missing documents are the most common reason the review stalls at intake.
What a custody and control review actually checks
The review does not ask what the token represents. It asks who controls the private key, the custodial account, or the register entry that gives access to the underlying right. Control and ownership are not the same question, and a file that proves one does not automatically prove the other.
Reviewers separate three layers: the technical layer (who can move the asset), the contractual layer (who is entitled to instruct that move), and the recognition layer (whether a third party, such as an exchange or a custodian, treats an instruction as valid). A file that is strong on one layer and silent on another will not pass review.
Where the underlying right is subject to a scheduled buy-back or redemption, the review also checks whether that mechanism is documented separately. See Redemption process design for how that process is structured and where it interacts with custody records.
Documents to prepare before you start
The list below covers what a reviewer will ask for at intake. Not every case needs every item, but a file with none of them will not move past the first stage.
| Stage | What is checked | Documents typically requested |
|---|---|---|
| Intake | Basic chain of custody | Wallet or account statements, custody agreement, onboarding records |
| Verification | Who can instruct a transfer | Signatory authority, power of attorney, corporate resolutions |
| Cross-check | Third-party recognition of control | Exchange or custodian confirmations, transfer logs, timestamps |
| Decision | Consistency across layers | Summary memo, any prior correspondence on disputed access |
Keep the documents in the order the reviewer will use them: identity first, authority second, technical proof third. A reviewer reading a file out of order will ask more questions, not fewer.
Who reviews the file and how long it takes
Custody and control review is usually carried out by the party's own legal team first, then, if a dispute is likely, by the counterparty or an appointed third party. There is no single fixed decision-maker. The forum depends on where the dispute, if any, ends up: internal resolution, arbitration, or court.
A file that is complete at intake is typically reviewed within one to two weeks. A file with gaps takes longer, because each missing document triggers a follow-up request, and follow-up requests are the main source of delay in practice.
Common scenarios
If your custody records sit entirely with a third-party custodian, request a written confirmation of control before the review starts. A verbal assurance from a custodian carries no weight in the file.
If control changed hands recently, prepare a short timeline showing when and how the change happened, together with any confirmations from the parties involved. A gap of even a few days without documentation is treated as unresolved.
If the other side disputes who held control at a given point, the review shifts from document collection to comparison: your file is set against theirs, and inconsistencies are flagged rather than resolved on the spot.
Sources and limits
This page describes the review procedure only. It does not tell you what can be established from a given set of records, or how strong your position is once the review is complete — that depends on the specific file. For a structured breakdown of what a file can support, see Asset in United Kingdom and its limits.
If the custody dispute is connected to an unresolved debt rather than to the token itself, the starting point is different. See Debtor report before writing off before treating this as a pure custody question.
Where you want a structured output built from your own documents rather than a general description, use Build your report in practice.
This page was last checked for accuracy on 2025-01-15. It does not reproduce statutory text or case citations: the review procedure described here is a working practice, not a codified rule, and the decision-maker and forum vary by dispute.
Related reading
Before assembling documents, confirm what the word "token" is doing in your file — the term is used loosely across custody agreements and can mean different things depending on the platform. See What token tokenised rights means in a file.
Frequently asked questions
How long does a custody and control review normally take?
A complete file is usually reviewed within one to two weeks. Delays come from follow-up requests for missing documents, not from the review itself.
Which documents do I need to start the review?
At minimum: identity and authority records, wallet or account statements, and any third-party confirmation of who holds control. Prepare these before the first meeting.
What happens if the other side does not respond to a request for confirmation?
The review continues on your documents alone. Silence is recorded as a gap in the file, not treated as agreement, and the matter typically moves to the next stage without the missing confirmation.