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

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?

Article 20 of the ECSPR requires CSPs who facilitate the granting of loans to annually disclose the information on the default rate of the crowdfunding projects over at least the preceding 36 months as well as the outcome statement on the expected and actual default rates along with the actual return achieved (for individual portfolio management of loans) of each financial year.

Should the reference period for the default rate disclosure include crowdfunding projects which started in the preceding 36 months, but which were offered on a crowdfunding platform of a CSP that, at the time of such offers, was providing crowdfunding services in accordance with the applicable national law before the expiration date of the transitional period established in Article 48 of the ECSPR?