Reflection Period

Your four day reflection period

If you are a non-sophisticated investor, you have four calendar days to change your mind. No reason needed. No cost. No questions.

This right is given to you by Article 22 of Regulation (EU) 2020/1503, the European crowdfunding regulation. It is not a Crowdbase policy and we cannot take it away or shorten it.

How long you have

Four calendar days, counted from the moment you place your investment order or register an expression of interest, whichever you did first.

Calendar days, not working days, so weekends and holidays count. If you place an order at 10am on a Friday, your four days end at 10am on the Tuesday.

The clock starts when you place the order. It does not start when you pay.

The campaign closing does not end your right

Your four days are yours even if the campaign reaches its target, or closes, or completes during them. Nothing that happens to the campaign shortens the period.

That is different from the deadline the company itself is held to. The terms of a campaign bind the company until its closing date or until it reaches its target. Your four days are yours regardless.

How to cancel

You can cancel the same way you committed. If you placed the order on the website, you can cancel it on the website. If you expressed an interest, you can withdraw it the same way you registered it.

You can also email us at [email protected] or use the chat on the platform.

You do not have to tell us why, and we will not ask.

What it costs you

Nothing. Cancelling within your four days is free. There is no fee, no charge and no deduction of any kind. The law says you may cancel “without incurring a penalty”, and we treat any cost passed to you for cancelling as a penalty.

What happens to your money

If you have not paid yet, we simply do not take the money.

If you have already paid, you get it back, returned to the account you paid from, within five business days.

What we tell you, and when

Before you commit, we tell you that a reflection period applies, how long it lasts, and how to cancel.

As soon as you have committed, we confirm that your four days have started.

After the four days

Once your reflection period ends, your commitment stands, and the investment follows the terms of the campaign.

There is one exception. If we find an omission, mistake or inaccuracy in a campaign’s Key Investment Information Sheet that could materially affect what you can expect to get back, we will tell you immediately what we have found and what we are doing about it, and you will have the option to revoke your investment even though your four days have passed. That is required by Article 23(12) of the Regulation.

If you are a sophisticated investor

Sophisticated investors do not get a reflection period. This is one of the protections you give up when you ask to be reclassified, and it is the most important one. Your commitment is final when you place it.

If you are not sure which category you are in, check your account or read our page on how we categorise investors. By default, every investor is non-sophisticated.