Council of the European Union and European Parliament 7 October 2020, 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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European Union · · · Cited by 835 · 07-10-2020

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

20.10.2020

Official Journal of the European Union

L 347/1

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)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having

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