The authority equated blockchain records to primary documents without the need for creating paper copies. The key change is the "Direct-to-Fund" (D2F) model, where the counterpart for the investor is the fund itself or the custodian, rather than the manager. Transactions are conducted in a single step: the issuance or redemption of shares is carried out directly through funds transferred between the investor and the fund. This increases operational efficiency and simplifies settlements in a distributed ledger (DLT). Funds are also allowed to use public networks and issue shares on multiple blockchains, provided that investors' rights are preserved. This mechanism has already been applied for the authorization of the first tokenized enterprises in the United Kingdom.