Distribution

8 min read Updated 3 November 2026

A collection of poems can be admirable and stay in a drawer. It needs a publisher who believes in it, booksellers who put it on their tables, readers who talk about it. A financial product shares the same fate. The quality of the asset, the soundness of the structure and the elegance of the technology have no effect until the product has found its investors. Chapter 17 made this one of its twelve lessons. Distribution decides success.

It is also the most regulated link in the chain, because that is where the relationship with the saver is formed, and where their protection and trust are at stake.

Who may distribute what

In Europe, marketing financial securities, tokenised or not, falls under investment services. Only licensed players may place securities, receive and transmit orders or advise investors. The project sponsor must therefore either obtain a licence himself or rely on distributors that hold one.

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The RWA Bible is read online at realassets.fr. The book is updated regularly and has no printable version.