Commission Delegated Regulation (EU) 2022/2119 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards for the key investment information sheet (Text with EEA relevance)

1 When providing the information in the key investment information sheet referred to in Article 23 of Regulation (EU) 2020/1503, crowdfunding service providers shall use the model laid down in the Annex to this Regulation.

2 The information referred to in paragraph 1 shall be made available as soon as the relevant crowdfunding offer is published by the crowdfunding service provider.

1 The information referred to in Article 1 shall be presented in a way that is easy to read and shall be expressed in a way that facilitates the understanding of the information, including by prospective non-sophisticated investors, and taking into consideration the possible comprehension difficulties arising from the nature, scale and complexity of the crowdfunding offer.

2 The language used in the key investment information sheet shall be clear and succinct and technical terms shall be avoided where everyday words can be used instead.

1 The key investment information sheet shall include a standardised, permanent and unique identifier of the relevant crowdfunding offer.

2 The identifier referred to in paragraph 1 shall be the result of the concatenation of the following elements in the following order: (a) the ISO 17442 legal entity identifier (LEI) code of the crowdfunding service provider; (b) a code composed of eight numerical characters, which shall be generated internally by the crowdfunding service provider and which shall be unique to each crowdfunding offer published by the crowdfunding service provider.

3 The identifier formed in accordance with paragraph 2 shall not be altered upon the modification of the key investment information sheet resulting from any of the following: (a) the translation of the key investment information sheet into different languages pursuant to Article 23(4) and (13) of Regulation (EU) 2020/1503; (b) updates to the key investment information sheet pursuant to Article 23(8) and (12) of Regulation (EU) 2020/1503; (c) other non-material alteration of the information included in the key investment information sheet.

Where the key investment information sheet model laid down in the Annex enables a choice of terms or expressions, such choice shall be made as follows: (a) the expressions ‘target capital’ or ‘capital raising’ shall be used for crowdfunding offers relating to equity transferable securities or admitted instruments for crowdfunding purposes; (b) the expressions ‘target funds’ or ‘funds borrowing’ shall be used for crowdfunding offers relating to loans, non-equity transferable securities or hybrid instruments; (c) the terms ‘transferable securities’ or ‘admitted instruments for crowdfunding purposes’ shall be used in accordance with the type of instruments offered.

1 The key investment information sheet may contain hyperlinks as set out in the model laid down in the Annex.

2 The hyperlinks shall be complementary to the information given and shall not replace that information, except as otherwise provided in the model.

3 The hyperlinks shall be consistent with the information provided elsewhere in the key investment information sheet and the external resources referenced in the hyperlinks shall be freely and easily accessible.

1 The types of main risks which are associated with a crowdfunding offer shall be disclosed in the key investment information sheet relating to that offer in accordance with the instructions set out in Part C of the Annex. Where relevant, other risks shall also be disclosed.

2 The description of the risks associated with a crowdfunding offer shall be of relevance to that specific offer and shall be prepared solely for the benefit of prospective investors and shall not give general statements on investment risks or limit the liability of the project owner or any persons acting on their behalf.

The financial statements and information referred to in the key investment information sheet model laid down in the Annex shall be presented in accordance with International Financial Reporting Standard (IFRS) or local Generally Accepted Accounting Principles (GAAP), as applicable.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.