The European Crowdfunding Regulations and What It Means for Us as Investors

Summary:

1. Investor Experience Test:

• All users must complete this test for further investment.
• Inexperienced investors are given a four-day cooling-off period; experienced investors are not.

2. Bulletin Board replaces the Marketplace:

• The regulations require negotiations to take place outside the platform. After the negotiation, the transaction will take place on the platform through a Direct Sale.

3. The AFM information document has been replaced by the Key Investment Information Sheet (KIIS).

How Eyevestor implemented the Crowdfunding Regulation requirements.

1. Investor experience test

Every user will have to complete an investor experience test before they can continue investing. The result of the test may be that you are an 'experienced' or an 'inexperienced' investor.

• Non-experienced investors: Investors who have been marked as inexperienced after passing the test will be given a four-day cooling-off period. This means that the payment of your investment will be placed in a third-party account for four calendar days. After the four calendar days, the money will be transferred to the eyeventure and the transaction will get its success status and is therefore final. Within four calendar days, the inexperienced investor can cancel the paid transaction from the eyecon account. Once cancelled, the investor will be refunded. This will be done on the next working day.
  
  
• Experienced investors: Investors who have been marked as experienced after passing the test will not be given a cooling-off period. The handling of transactions is unchanged. The transaction is immediately booked as a success after receipt of payment and is therefore final.

2. Bulletin board instead of the Marketplace

Regulations require us to replace the current marketplace with the bulletin board. A requirement of the regulations is that a crowdfunding platform may not facilitate negotiation in the platform.

Existing orders: Pending Marketplace orders will be transferred to the bulletin board.

Existing bids can be accepted and settled but not outbid.

With the bulletin board, it is possible to negotiate more flexibly in price and number of eyecons between buyer and seller. The actual transaction is only legally valid through a Direct Sale transaction on the platform.

Orders & transactions: How does it work?

• Buyers and sellers can indicate their intent to the other buyer/seller in the message board.
• Eyevestor facilitates the exchange of contact details (email address), so that the negotiation can take place outside the platform.
• The final transaction will take place on the platform via a Direct Sale, initiated by the seller, who will need the buyer's eyecon account number in the eyeventure.

Mid-price: The mid-price and bandwidth that some eyeventures have set on the marketplace will now only serve as a suggested retail price. The regulations do not allow the project owner to set a price.

Member types: Min/max positions still apply per Member type. Keep this in mind, this information can be found in the Member type tab of the eyeventure. Otherwise, the Direct Sale will not be accepted by the platform.

Tutorials: you can also find tutorials in the Vestor document center.

We would also like to draw your attention to the fact that regulations require the information document to be replaced by the KIIS or ECI – The Key Investment Information Sheet.

3. KIIS / EBI - Key Investment Information Sheet / Key Investor Information Sheet

The KIIS is specifically designed to provide investors with insight into the investment opportunity. It contains crucial information about the eyeventure and the investment round, which helps you make an informed decision before investing. The KIIS document can be found in the Invest tab of the eyeventure. The eyeventure is responsible for the readability and completeness before the share funding round starts. Eyevestor needs to validate this.

For existing funding rounds, the information document is still sufficient. And so it is possible that no KIIS has been added.

On behalf of all eyeventures, thank you very much for your investments and for making it possible to achieve the missions of the eyeventures together.