1.   The policies for disclosure of information to clients as referred to in Article 19 of Regulation (EU) 2020/1503 shall ensure that all the information for clients is presented in a way that is easy to read, and expressed in a manner that facilitates understanding, in particular by prospective non-sophisticated investors.

2.   Crowdfunding service providers shall ensure that the policies to provide sufficient information to clients contain all of the following elements:

(a)	the frequency for updating information provided to clients;

(b)	the roles or functions responsible for preparing the information for clients

(c)	the treatment of information that may impact the pricing of a loan (price sensitive information);

(d)	the process for validating information for clients.

3.   The management body of the crowdfunding service provider shall approve the policies, procedures and organisational arrangements relating to the disclosure of information to clients, and those policies shall be in writing, regularly updated, and well documented.