France to Regulate Financial Influencers
France has decided to tighten its grip on finfluencers while also offering specialized courses to those looking to promote financial services, including crypto investments.
Two French watchdogs have decided to take the finfluencer matter into their own hands.
According to a new press release, the two bodies – Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP) – have set up a training module for influencers in the financial sector a.k.a finfluencers. Their goal is to make the now-regulated domain of commercial influence more professional.
In 2022, the two bodies announced their plan to create a module specific to the financial sector for the "Responsible Influence Certificate" launched by the ARPP in 2021. As a result, they have issued the certificates to almost 1,000 French influencers.
Their next step is to teach influencers the basics of responsible financial advertising. This includes crypto assets and investment in them. The new module covers an array of investment products, for example, equities and ETFs. as well as a host of services like investment advice, portfolio management, order reception and transmission, as well as crypto-assets and digital asset service providers.
To complete the certification, the influencers must obtain a minimum of 75% correct answers to 25 multiple-choice questions. It can only be obtained as supplementary to the recently-updated "general" certificate.
The agencies have also touched on the rules regarding fininfluencers’ communication methods. In particular, how they make investment offers relating to products and services whose advertising is prohibited.
"Protecting retail investors is our top priority. If a publication by an influencer is paid for, it is crucial that the public is clearly informed,” commented the AMF Chair, Marie-Anne Barbat-Layani, adding that finance is a highly regulated sector, and investment communications must comply with the rules and be clear, accurate, non-misleading, and balanced. Some influencers are unaware of this.
The two authorities previously collaborated on updating the ARPP's Codes on the financial sector. They also created a new code on the advertising that comes into effect on Oct.1.
Recently, the UK undertook a similar endeavor. The country attempts to regulate financial influencers on different platforms, including emojis, TikToks, finfluencers, memes.
Previously, GNCrypto listed the most crypto-ready countries in 2023.
