ESMA · ESMA_QA_829 Answer Published

Investor protection and marketing communication

Regulation
Regulation 2020/1503 - European crowdfunding service providers for business
Topic
Information to clients on topics other than costs and charges
Submitted
2022-12-16
Answered
2022-12-16
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Question

When does the key investment information sheet have to be made available to prospective investors?

Answer

(Published as Crowdfunding Q&A 5.16) Pursuant to Article 1(2) of the KIIS Delegated Regulation, the KIIS shall be made available on the platform as soon as the relevant crowdfunding offer is published by the CSP. Furthermore, pursuant to Articles 23(1) and 23(2) of the ECSPR, a CSP shall provide prospective investors with a key investment information sheet (KIIS) drawn up by the project owner for each crowdfunding offer. In order to enable the prospective investor to assess the offer in full knowledge of facts, the KIIS shall be provided before the investor is bound by any offer relating to a crowdfunding project.
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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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