Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 Octo... (32020R1503)
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Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (Text with EEA relevance)
- REGULATION (EU) 2020/1503 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
- of 7 October 2020
- on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937
- (Text with EEA relevance)
- CHAPTER I
- General provisions
- Article 1
- Subject matter, scope and exemptions
- Article 2
- Definitions
- CHAPTER II
- Provision of crowdfunding services and organisational and operational requirements of crowdfunding service providers
- Article 3
- Provision of crowdfunding services
- Article 4
- Effective and prudent management
- Article 5
- Due diligence requirements
- Article 6
- Individual portfolio management of loans
- Article 7
- Complaints handling
- Article 8
- Conflicts of interest
- Article 9
- Outsourcing
- Article 10
- Provision of asset safekeeping services and payment services
- Article 11
- Prudential requirements
- CHAPTER III
- Authorisation and supervision of crowdfunding service providers
- Article 12
- Authorisation as a crowdfunding service provider
- Article 13
- Scope of authorisation
- Article 14
- Register of crowdfunding service providers
- Article 15
- Supervision
- Article 16
- Reporting by crowdfunding service providers
- Article 17
- Withdrawal of authorisation
- Article 18
- Cross-border provision of crowdfunding services
- CHAPTER IV
- Investor protection
- Article 19
- Information to clients
- Article 20
- Default rate disclosure
- Article 21
- Entry knowledge test and simulation of the ability to bear loss
- Article 22
- Pre-contractual reflection period
- Article 23
- Key investment information sheet
- Article 24
- Key investment information sheet at platform level
- Article 25
- Bulletin board
- Article 26
- Access to records
- CHAPTER V
- Marketing communications
- Article 27
- Requirements regarding marketing communications
- Article 28
- Publication of national provisions concerning marketing requirements
- CHAPTER VI
- Competent authorities and esma
- Article 29
- Competent authorities
- Article 30
- Powers of competent authorities
- Article 31
- Cooperation between competent authorities
- Article 32
- Cooperation between competent authorities and ESMA
- Article 33
- Cooperation with other authorities
- Article 34
- Notification duties
- Article 35
- Professional secrecy
- Article 36
- Data protection
- Article 37
- Precautionary measures
- Article 38
- Complaint handling by competent authorities
- CHAPTER VII
- Administrative penalties and other administrative measures
- Article 39
- Administrative penalties and other administrative measures
- Article 40
- Exercise of supervisory powers and powers to impose penalties
- Article 41
- Right of appeal
- Article 42
- Publication of decisions
- Article 43
- The reporting of penalties and administrative measures to ESMA
- CHAPTER VIII
- Delegated acts
- Article 44
- Exercise of the delegation
- CHAPTER IX
- Final provisions
- Article 45
- Report
- Article 46
- Amendment to Regulation (EU) 2017/1129
- Article 47
- Amendment of Directive (EU) 2019/1937
- Article 48
- Transitional period with respect to crowdfunding services provided in accordance with national law
- Article 49
- Temporary derogation with respect to the threshold set out in point (c) of Article 1(2)
- Article 50
- Transposition of amendment of Directive (EU) 2019/1937
- Article 51
- Entry into force and application
- ANNEX I
- KEY INVESTMENT INFORMATION SHEET
- Part A: Information about the project owner(s) and the crowdfunding project
- Part B: Main features of the crowdfunding process and, as applicable, conditions for the capital raising or funds borrowing
- Part C: Risk Factors
- Part D: Information related to the offer of transferable securities and admitted instruments for crowdfunding purposes
- Part E: Information on special purpose vehicles (SPV)
- Part F: Investor rights
- Part G: Disclosures related to loans
- Part H: Fees, information and legal redress
- Part I: Information on individual portfolio management of loans to be provided by crowdfunding service providers
- ANNEX II
- SOPHISTICATED INVESTORS FOR THE PURPOSE OF THIS REGULATION
- I. Identification criteria
- II. Request for being treated as a sophisticated investor
- III. Sophisticated investors that are professional clients
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