Roles

D-ASA defines custom roles and permissions for the entities involved in the debt instrument.

The D-ASA MUST define contract roles \( [CNTRL] \).

The D-ASA MUST identify operational authorities with reserved role identifiers.

The contract roles MUST be associated with Algorand Addresses through a role key of the form:

[R:||<role key>||#||<role address>]

Where || denotes concatenation.

The current reference implementation uses the following role set:

Tip

The Arranger with Algorand Address XYZ is identified as R:ARR#XYZ.

Role model

The Arranger and Op Daemon are single-address global roles.

The Account Manager, Primary Dealer, Trustee, Authority, and Observer roles are time-bounded assignments. A role assignment is active only if:

role_validity_start <= current_block_timestamp <= role_validity_end

Every stored assignment window MUST be strictly ordered:

role_validity_start < role_validity_end

The D-ASA MUST reject actions that require an inactive role assignment.

Time-bounded role addresses MUST NOT be the global zero address.

Responsibilities

Issuer (Borrower)

Issuers are individuals, companies, institutions, governments, or other entities who borrow capital by issuing a debt.

The Issuer \( [RPL] \) is a meta-role in the D-ASA role model, they have no specific permissions.

Arranger

Arrangers are legal entities authorized to arrange debt instruments on behalf of the issuers.

The Arranger owns an Algorand Address.

That address MUST NOT be the Algorand global zero address.

The Arranger MUST be able to:

• create the contract;
• upload normalized ACTUS terms and schedule pages;
• execute IED;
• append or apply arranger-controlled observed events;
• rotate the arranger address;
• assign and revoke time-bounded roles;
• update the application.

Op Daemon

The Op Daemon is an optional execution helper. If configured, the Op Daemon MAY trigger due cashflow funding together with the Arranger and trigger holder cashflow claims in addition to the holder or payment address.

Account Manager

The Account Manager owns an Algorand Address.

The Account Manager MUST be able to open holder accounts. The role does not control payments or transfers.

The right to open lender accounts can be granted to different entities, such as KYC providers or banks.

Primary Dealer

The Primary Dealer MUST be able to reserve units during primary distribution before IED.

Trustee

The Trustee role MUST control the contract performance \( [PRF] \) (see Performance section for further details).

In the current reference implementation, an active Trustee can set or clear the contract-level defaulted performance flag with rbac_contract_default.

This performance flag is distinct from the kernel lifecycle status.

Authority

The Authority owns an Algorand Address.

The Authority MUST be able to suspend the contract and individual holder accounts.

Observer

Debt instruments may rely on external data, such as interest rates, covenant breaches, etc., provided by trusted oracles.

The Observer \( [MOC] \) owns an Algorand Address.

The Observer MUST be able to apply due rate-reset events (RR, RRF) whose execution depends on observed external values.