Regulatory AlertsDOC-2023-05 Advertising Communications by Crowdfunding Service Providers
The French Financial Markets Authority (AMF) issued Position DOC-2023-05 to define regulatory expectations for the advertising communications of crowdfunding service providers (CSPs) operating in France. The guidance mandates that all promotional materials, whether for financial securities or loan facilitation, must be fair, clear, and not misleading across visual, textual, and comparative aspects. It specifically requires accurate presentation of risks, performance data, tax treatments, and strict consistency with official regulatory information documents such as Key Investor Information Documents.
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III - Service Providers III. 4 - Crowdfunding Doctrine Financial Service Providers
Advertising Communications by Crowdfunding Service Providers
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Applicable as of June 16, 2023 Position DOC-2023-05
Download Viewed Version Summary Position DOC-2023-05 clarifies the AMF's expectations regarding the advertising communications of crowdfunding service providers (CSPs). It addresses the requirement for these communications to be fair, clear, and not misleading, covering visual aspects, product comparisons, terminology used, risk presentation, mentions regarding product performance or tax treatment, references to competent authorities, communication channels used, and the required consistency between advertising communications and regulatory information documents (Key Investor Information Document). It applies to CSPs providing their services in France (from national territory or cross-border from another Member State), whether they involve financial securities or the facilitation of loan granting.
Download the doctrine Reference texts
Article L. 547-2 of the Monetary and Financial Code
Articles 27 and 28 of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 Keywords
Asset Management
Marketing
Innovation
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Legal notices: Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02