# Security Offering

## Security Offering & Utility Token

Each WIN **Security Offering (SO)** is backed by a whitepaper supervised by an **Investment Services Entity (Servicios de Inversión) (ESI)**, in compliance with the regulations of the **Spanish National Securities Market Commission  (Comisión Nacional del Mercado de Valores de España) (CNMV)**.

The financial instrument offered consists of a participating loan called **SOUT-WIN** or **CTT-WIN (Club Transfer Token)**, structured as **Securities (Titulo de Valores) (TV)** placed through a public offer in accordance with the **Spanish Securities Market and Investment Services Law (Comisión Nacional del Mercado de Valores de España) (CNMV)**.

The “SOUT” (Security Offering & Utility Token) combines two elements:

1. **Securities (Títulos Valores) (TV):** Negotiable securities representing the participation loan granted by the investor, with the right to future collections subject to the payments received by WIN from the Forming Club for the **Solidarity Mechanisms**.
2. **Utility Token (UT):** A blockchain-based digital token that acts as an administrative and investment traceability facilitator, without granting economic rights to its holder.