- admitted instruments for crowdfunding purposes
means, in respect of each Member State, shares of a private limited liability company that are not subject to restrictions that would effectively prevent them from being transferred, including restrictions to the way in which those shares are offered or advertised to the public;
- client
means any prospective or actual investor or project owner to whom a crowdfunding service provider provides, or intends to provide, crowdfunding services;
- competent authority
means the authority, or authorities, designated by a Member State in accordance with Article 29.
- crowdfunding offer
means any communication by a crowdfunding service provider, in any form and by any means, presenting sufficient information on the terms of the offer and the crowdfunding project being offered, so as to enable an investor to invest in the crowdfunding project;
- crowdfunding platform
means a publicly accessible internet-based information system operated or managed by a crowdfunding service provider;
- crowdfunding project
means the business activity or activities for which a project owner seeks funding through the crowdfunding offer;
- crowdfunding service
means the matching of business funding interests of investors and project owners through the use of a crowdfunding platform and which consists of any of the following activities:
- crowdfunding service provider
means a legal person who provides crowdfunding services;
- durable medium
means an instrument which enables the storage of information in a way that is accessible for future reference and for a period of time that is adequate for the purposes of the information, and which allows for the unchanged reproduction of the information stored;
- individual portfolio management of loans
means the allocation by the crowdfunding service provider of a pre-determined amount of funds of an investor, which is an original lender, to one or multiple crowdfunding projects on its crowdfunding platform in accordance with an individual mandate given by the investor on a discretionary investor-by-investor basis;
- investor
means any natural or legal person who, through a crowdfunding platform, grants loans or acquires transferable securities or admitted instruments for crowdfunding purposes;
- loan
means an agreement whereby an investor makes available to a project owner an agreed amount of money for an agreed period of time and whereby the project owner assumes an unconditional obligation to repay that amount to the investor, together with the accrued interest, in accordance with the instalment payment schedule;
- marketing communications
means any information or communication from a crowdfunding service provider to a prospective investor or prospective project owner about the services of the crowdfunding service provider, other than investor disclosures required under this Regulation;
- non-sophisticated investor
means an investor who is not a sophisticated investor;
- project owner
means any natural or legal person who seeks funding through a crowdfunding platform;
- sophisticated investor
means any natural or legal person who is a professional client by virtue of point (1), (2), (3) or (4) of Section I of Annex II to Directive 2014/65/EU or any natural or legal person who has the approval of the crowdfunding service provider to be treated as a sophisticated investor in accordance with the criteria and the procedure laid down in Annex II to this Regulation;
- SPV
means an entity created solely for, or which solely serves the purpose of, a securitisation within the meaning of point (2) of Article 1 of Regulation (EU) No 1075/2013 of the European Central Bank;
- transferable securities
means transferable securities as defined in point (44) of Article 4(1) of Directive 2014/65/EU;