To validate your profile on Walliance, you must declare your investor type from the "Account" section of your profile. Current regulations distinguish the following investor types.

A Non-sophisticated investor (or "retail client," or "retail") is entitled to the highest level of investor protection. In fact, the relevant regulations on customer classification provide greater protection for investors with less knowledge and experience with investments. This category is identified residually from the others: all individuals who do not have the characteristics to be classified as sophisticated or professional investors will be considered non-sophisticated investors.

An investor is considered as professional if he/she has the experience, knowledge, and expertise to make informed investment decisions and properly assess the risks he/she takes. Identified by Annex II, Section I(1), (2), (3), and (4) of MiFID II, 2014/65/EU, and Annex No. 3 of CONSOB Intermediaries Regulation No. 16190/2007, this category includes, among other entities, banks, investment companies, insurance companies, institutional investors, collective investment schemes and management companies of such schemes, pension funds and management companies of such funds, governments and large corporations, and, exceptionally, specific categories of individual private investors.

EU Regulation 2020/1503 ("ECSP") introduced, with reference to crowdfunding, a new category of investor: the "Sophisticated" investor. According to EU Reg. 2020/1503, Article 2(j), a Sophisticated investor qualifies as any natural or legal person who is a professional client as per Annex II, Section 1, paragraphs 1, 2, 3, or 4 of Directive 2014/65/EU or any natural or legal person who has the approval of the crowdfunding service provider according to the criteria and procedure set out in Annex II of EU Reg. 2020/1503.