How should the threshold laid down in point (c) of Article 1(2) of ECSPR be calculated?

Does a European crowdfunding service provider (“ECSP”) have the right to link the individual portfolio management of loans to the bulletin board functionality by not only allocating investors funds to one or multiple crowdfunding projects on ECSP's crowdfunding platform but also by allowing investor a possibility of automatically investing in the loans published on the bulletin board?

What is the seniority between the own funds and the insurance policy in case of losses for the CSP whose prudential safeguards are a combination of own funds and insurance policy (as allowed in point (c) of Article 11(2) of the ECSPR)?

What should be done with a possible own risk excess of the insurance policy that CSPs subscribe to comply with the prudential safeguards established under Article 11 of the ECSPR?

Are all CSPs that facilitate granting loans required to have a risk management framework? Shall such a framework be based on risk categories for the loans offered by the CSP?