(42)To ensure adequate investor protection of different categories of investors participating in crowdfunding projects while facilitating investment flows, this Regulation distinguishes between sophisticated and non-sophisticated investors, and introduces different levels of investor protection safeguards appropriate for each of those categories. The distinction between sophisticated and non-sophisticated investors should build on the distinction between professional clients and retail clients established in Directive 2014/65/EU. However, that distinction should also take into account the characteristics of the crowdfunding market. In particular, the distinction between sophisticated and non-sophisticated investors in this Regulation should also consider the prospective investors’ experience in and knowledge of crowdfunding, which should be re-assessed every two years.