5.

Where a crowdfunding service provider has established and operates a contingency fund for its activity related to the individual portfolio management of loans, it shall provide the following information to the investors: a risk warning specifying: ‘The contingency fund we offer does not give you a right to a payment so it may happen that you do not receive a pay-out even if you suffer loss. The contingency fund operator has absolute discretion as to the amount that may be paid, including making no payment at all. Therefore, investors should not rely on possible pay-outs from the contingency fund when considering whether or how much to invest.’; a description of the policy of the contingency fund, including: an explanation of the source of the money paid into the fund; an explanation of how the fund is governed; an explanation concerning whom the money belongs to; the considerations the contingency fund operator takes into account when deciding whether or how to exercise its discretion to pay out from the fund, including: whether or not the fund has sufficient money to pay; and that the contingency fund operator has absolute discretion in any event not to pay or to decide the amount of the payment; an explanation of the process for considering whether to make a discretionary payment from the fund; and a description of how the money paid into the fund will be treated in the event of insolvency of the contingency fund operator.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.