Definitions
Article 1
For the purpose of this Regulation, the following definitions apply: (a) ‘critical services’ means operational and business services whose defect or default in their performance would materially impair the continuing compliance of a crowdfunding service provider with Regulation (EU) 2020/1503, or its financial performance, or the soundness or the continuity of its crowdfunding services and activities, notably vis-à-vis its clients; (b) ‘failure’ means any insolvency or pre-insolvency proceeding applicable under relevant national law or any significant business interruption; (c) ‘significant business interruption’ means a significant defect or default that materially impairs the performance of critical services.