(a)

EUR 25 000; and

(b)

one quarter of the fixed overheads of the preceding year, reviewed annually, which are to include the cost of servicing loans for three months where the crowdfunding service provider also facilitates the granting of loans.

(a)

own funds, consisting of Common Equity Tier 1 items referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 of the European Parliament and of the Council (20) after the deductions in full, pursuant to Article 36 of that Regulation, without the application of threshold exemptions pursuant to Articles 46 and 48 of that Regulation;

(b)

an insurance policy covering the territories of the Union where crowdfunding offers are actively marketed or a comparable guarantee; or

(c)

a combination of points (a) and (b).

(a)

it has an initial term of no less than one year;

(b)

the notice period for its cancellation is at least 90 days;

(c)

it is taken out from an undertaking authorised to provide insurance, in accordance with Union law or national law;

(d)

it is provided by a third-party entity.

(a)

loss of documents;

(b)

misrepresentations or misleading statements made;

(c)

acts, errors or omissions resulting in a breach of:

(d)

failure to establish, implement and maintain appropriate procedures to prevent conflicts of interest;

(e)

losses arising from business disruption, system failures or process management;

(f)

where applicable to the business model, gross negligence in carrying out asset valuation or credit pricing and scoring.

(a)

staff bonuses and other remuneration, to the extent that they depend on a net profit of the crowdfunding service provider in the relevant year;

(b)

employees’, directors’ and partners’ shares in profits;

(c)

other appropriations of profits and other variable remuneration, to the extent that they are fully discretionary;

(d)

shared commission and fees payable which are directly related to commission and fees receivable, which are included within total revenue, and where the payment of the commission and fees payable is contingent upon the actual receipt of the commission and fees receivable; and

(e)

non-recurring expenses from non-ordinary activities.

(a)

where a break-down of the expenses of those third parties is available, determine the amount of fixed expenses that those third parties have incurred on their behalf and add that amount to the figure resulting from paragraph 8;

(b)

where the break-down of the expenses of those third parties is not available, determine the amount of expenses incurred on their behalf by those third parties according to the crowdfunding service providers’ business plans and add that amount to the figure resulting from paragraph 8.