Preamble
Recitals 79
Chapter I - General provisions (Article 1-2) 2
Chapter II - Provision of crowdfunding services and organisational and operational requirements of crowdfunding service providers (Article 3-11) 9
Chapter III - Authorisation and supervision of crowdfunding service providers (Article 12-18) 7
Chapter IV - Investor protection (Article 19-26) 8
Chapter V - Marketing communications (Article 27-28) 2
Chapter VI - Competent authorities and esma (Article 29-38) 10
Chapter VII - Administrative penalties and other administrative measures (Article 39-43) 5
Chapter VIII - Delegated acts (Article 44) 1
Chapter IX - Final provisions (Article 45-51) 7
Annexes 2
- Annex I
- Annex II

non-sophisticated investor

Definitions over time (1)

09/11/2020 – today applies on 11/11/2026 Article 2, Regulation (EU) 2020/1503 Scope: Whole act

1. For the purposes of this Regulation, the following definitions apply:

‘non-sophisticated investor’ means an investor who is not a sophisticated investor;