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Regulation (EU) 2020/1503 of the European Parliament and of the CouncilShow full title

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)

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  1. Introductory Text

  2. CHAPTER I General provisions

    1. Article 1.Subject matter, scope and exemptions

    2. Article 2.Definitions

  3. CHAPTER II Provision of crowdfunding services and organisational and operational requirements of crowdfunding service providers

    1. Article 3.Provision of crowdfunding services

    2. Article 4.Effective and prudent management

    3. Article 5.Due diligence requirements

    4. Article 6.Individual portfolio management of loans

    5. Article 7.Complaints handling

    6. Article 8.Conflicts of interest

    7. Article 9.Outsourcing

    8. Article 10.Provision of asset safekeeping services and payment services

    9. Article 11.Prudential requirements

  4. CHAPTER III Authorisation and supervision of crowdfunding service providers

    1. Article 12.Authorisation as a crowdfunding service provider

    2. Article 13.Scope of authorisation

    3. Article 14.Register of crowdfunding service providers

    4. Article 15.Supervision

    5. Article 16.Reporting by crowdfunding service providers

    6. Article 17.Withdrawal of authorisation

    7. Article 18.Cross-border provision of crowdfunding services

  5. CHAPTER IV Investor protection

    1. Article 19.Information to clients

    2. Article 20.Default rate disclosure

    3. Article 21.Entry knowledge test and simulation of the ability to bear loss

    4. Article 22.Pre-contractual reflection period

    5. Article 23.Key investment information sheet

    6. Article 24.Key investment information sheet at platform level

    7. Article 25.Bulletin board

    8. Article 26.Access to records

  6. CHAPTER V Marketing communications

    1. Article 27.Requirements regarding marketing communications

    2. Article 28.Publication of national provisions concerning marketing requirements

  7. CHAPTER VI Competent authorities and esma

    1. Article 29.Competent authorities

    2. Article 30.Powers of competent authorities

    3. Article 31.Cooperation between competent authorities

    4. Article 32.Cooperation between competent authorities and ESMA

    5. Article 33.Cooperation with other authorities

    6. Article 34.Notification duties

    7. Article 35.Professional secrecy

    8. Article 36.Data protection

    9. Article 37.Precautionary measures

    10. Article 38.Complaint handling by competent authorities

  8. CHAPTER VII Administrative penalties and other administrative measures

    1. Article 39.Administrative penalties and other administrative measures

    2. Article 40.Exercise of supervisory powers and powers to impose penalties

    3. Article 41.Right of appeal

    4. Article 42.Publication of decisions

    5. Article 43.The reporting of penalties and administrative measures to ESMA

  9. CHAPTER VIII Delegated acts

    1. Article 44.Exercise of the delegation

  10. CHAPTER IX Final provisions

    1. Article 45.Report

    2. Article 46.Amendment to Regulation (EU) 2017/1129

    3. Article 47.Amendment of Directive (EU) 2019/1937

    4. Article 48.Transitional period with respect to crowdfunding services provided in accordance with national law

    5. Article 49.Temporary derogation with respect to the threshold set out in point (c) of Article 1(2)

    6. Article 50.Transposition of amendment of Directive (EU) 2019/1937

    7. Article 51.Entry into force and application

  11. Signature

    1. ANNEX I

      KEY INVESTMENT INFORMATION SHEET

      1. Part A: Information about the project owner(s) and the crowdfunding project

      2. Part B: Main features of the crowdfunding process and, as applicable, conditions for the capital raising or funds borrowing

      3. Part C: Risk Factors

      4. Part D: Information related to the offer of transferable securities and admitted instruments for crowdfunding purposes

      5. Part E: Information on special purpose vehicles (SPV)

      6. Part F: Investor rights

      7. Part G: Disclosures related to loans

      8. Part H: Fees, information and legal redress

      9. Part I: Information on individual portfolio management of loans to be provided by crowdfunding service providers

    2. ANNEX II

      SOPHISTICATED INVESTORS FOR THE PURPOSE OF THIS REGULATION

      1. I. Identification criteria

      2. II. Request for being treated as a sophisticated investor

      3. III. Sophisticated investors that are professional clients

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