1. The total liquid assets referred to in the formula laid down in Article 7 shall be calculated as the sum of the total cash held by a non-sophisticated investor on saving accounts and current accounts, and the value of assets that can be easily and swiftly converted into cash, including:
saving products that can be turned into cash within a maximum of 30 calendar days;
financial instruments negotiated on a regulated market within the meaning of Article 4(1), point (21), of Directive 2014/65/EU of the European Parliament and of the Council4;
shares and units of collective investment schemes offering redemption rights on at least a weekly basis.
2. The following assets shall not be considered to constitute liquid assets:
real estate properties;
amounts paid to a pension scheme for occupational retirement purposes;
company shares which are not freely redeemable or transferable, including previous crowdfunding investments.