Regulation (EU) 2020/1503, and its implementing legislation, for crowdfunding services, and the Delegated Regulation (EU) 2017/565, as per Intermediary Regulation, for investment services, both stipulate that in order to invest in one of the projects presented on the platform, it is necessary to have first filled out the so-called Appropriateness Questionnaire (or Appropriateness Assessment).
This questionnaire aims at verifying that the investor has the appropriate level of experience and knowledge to understand the risks related to the investment offer.
Outcome of the questionnaire
The user is considered appropriate for investment upon passing at least 70% of the total score on the questionnaire. However, the score will not be visible: the user is only notified of the outcome as "appropriate" or "not appropriate".
There is also a consistency check on the answers provided through a mechanism for revising the score if there are inconsistent answers between them.
If you qualify as "appropriate" it will be possible to invest through the Portal as you attest to sufficiently understanding the characteristics of the financial instruments and their related risks. The appropriateness questionnaire is valid for one year. After expiration, you must fill out the questionnaire again to continue investing.
If, on the other hand, you qualify as "not appropriate", you will receive a negative outcome notice and will be advised against proceeding with the investment because you don't demonstrate an adequate understanding of the characteristics of the financial instruments and their related risks. In any case, you won't be prevented from proceeding with the investment but will receive an additional risk warning at the beginning of the investment process advising against proceeding.
The non-appropriateness assessment will be valid for one year. After expiration, you must fill out the questionnaire again to continue investing. You can repeat the questionnaire during this period, but not before at least 90 days from the latest assessment.
Where to fill out the Appropriateness Questionnaire
You can fill out the Appropriateness Questionnaire in the personal area, under "Account" > "Validate profile” (if this is your first validation) or on "My Info”. The completion of the Questionnaire is mandatory to proceed with the investment.