(a)

the functioning of the market for crowdfunding service providers in the Union, including market development and trends, taking into account supervisory experience, the number of crowdfunding service providers authorised and their market share, as well as the impact of this Regulation in relation to other relevant Union law, including Directive 97/9/EC, Directive 2011/61/EU of the European Parliament and of the Council (24), Directive 2014/65/EU and Regulation (EU) 2017/1129;

(b)

whether the scope of services covered by this Regulation remains appropriate, in relation to the threshold amount set out in point (c) of Article 1(2);

(c)

the use of admitted instruments for crowdfunding purposes in the cross-border provision of crowdfunding services;

(d)

whether the scope of services covered by this Regulation remains appropriate, taking into account the development of business models involving the intermediation of financial claims, including the assignment or sale to third-party investors of loan claims by means of crowdfunding platforms;

(e)

whether any adjustments are needed to the definitions set out in this Regulation, including the definition of a sophisticated investor set out in point (j) of Article 2(1) and the criteria in Annex II in the light of their effectiveness in ensuring investor protection;

(f)

whether the requirements set out in Article 4(1), Article 6 and Article 24 remain appropriate to pursue the objectives of this Regulation as regards the governance, compliance and information disclosures for individual portfolio management of loans and in the light of similar services provided for transferable securities in accordance with Directive 2014/65/EU;

(g)

the impact of this Regulation on the proper functioning of the Union’s internal market for crowdfunding services, including the impact on access to finance by SMEs and on investors and other categories of natural or legal persons affected by those services;

(h)

the implementation of technological innovation in the crowdfunding sector, including the application of new innovative business models and technologies;

(i)

whether the prudential requirements set out in Article 11 remain appropriate to pursue the objectives of this Regulation, in particular as regards the level of the minimum own funds requirements, the definition of own funds, the use of insurance and the combination between own funds and insurance;

(j)

whether any changes are needed to the requirements on information to clients set out in Article 19 or to the investor protection safeguards set out in Article 21;

(k)

whether the amount set out in Article 21(7) remains appropriate to pursue the objectives of this Regulation;

(l)

the effect of the languages accepted by the competent authorities in accordance with Article 23(2) and (3);

(m)

the use of bulletin boards referred to in Article 25, including the impact on the secondary market for loans, transferable securities and admitted instruments for crowdfunding purposes;

(n)

the effects that national laws, regulations and administrative provisions governing marketing communications of crowdfunding service providers have on the freedom to provide services, competition and investor protection;

(o)

the application of administrative penalties and other administrative measures and, in particular, any need to further harmonise the administrative penalties provided for infringements of this Regulation;

(p)

the necessity and proportionality of subjecting crowdfunding service providers to obligations for compliance with national law implementing Directive (EU) 2015/849 in respect of money laundering or terrorist financing, and adding such crowdfunding service providers to the list of obliged entities for the purposes of that Directive;

(q)

the appropriateness of allowing entities established in third countries to be authorised as crowdfunding service providers under this Regulation;

(r)

the cooperation between competent authorities and ESMA, and the appropriateness of competent authorities as the supervisors of this Regulation;

(s)

the possibility of introducing specific measures in this Regulation to promote sustainable and innovative crowdfunding projects, as well as the use of Union funds.

(t)

the total number and the market share of crowdfunding service providers authorised under this Regulation in the period from 10 November 2021 to 10 November 2022, classified by small, medium-sized and large enterprises;

(u)

volumes, number of projects and trends of the cross-border provision of crowdfunding services per Member State;

(v)

the share of the crowdfunding services provided under this Regulation in the global crowdfunding market and the Union financial market;

(w)

the costs of complying with this Regulation for crowdfunding service providers as a percentage of operational costs;

(x)

the volume of investments withdrawn by investors within the reflection period, its share of the total volume of investments and, based on those data, assess whether the duration and the nature of the reflection period set out in Article 22 is appropriate and does not harm the efficiency of the capital raising process or investor protection;

(y)

the number and amount of administrative fines and criminal penalties imposed according to or in relation with this Regulation classified by Member States;

(z)

types and trends of fraudulent behaviour of investors, crowdfunding service providers and third parties occurring in relation to this Regulation.