[ESMA35-42-1305 ] ESCPR – Miscellaneous reporting to ESMA

ESMA published an updated version of its document in connection with crowdfunding services and their providers in the EU.
Specifically, the document provides current information on:
1. companies registered in each member state that fall under the provisions of the ECSPR (Article 2);
2. the languages accepted by NCAs with respect to the publication of the KID (Article 23);
3. local regulations per jurisdiction and links thereto regarding the requirements in connection with the marketing of crowdfunding services (Article 28); and
4. the processes (and related websites) NCAs have developed with respect to complaints handling in connections with crowdfunding service providers (Article 38).
As the document contains information reported by NCAs, ESMA does not take responsibility as to the completeness and accuracy of the data.
The following changes were noted:
Table 2: Information received by ESMA pursuant to Article 23(5):
– France: Autorité des Marchés Financiers (AMF)
Law
Order no. 2021-1735 of 22 December 2021 modernising the framework for crowdfunding financing (article 19), (entry into force: 24 December 2021)
Administrative provision
Position AMF DOC 2023-05 – Marketing communications of crowdfunding services providers, (publication date: 16 June 2023)
Country Summaries:
– France
– Law: Order no. 2021-1735 of 22 December 2021 modernising the framework for crowdfunding financing (article 19) / Administrative provision:
Position AMF DOC 2023-05 – Marketing communications of crowdfunding services providers
– Law
Article L. 547-2, paragraph 2 of the Monetary and Financial Code, as amended by Article 19 of Order 2021-1735 of 22 December 2021 modernising the framework for equity crowdfunding, defines the official languages authorised in France for marketing communications of crowdfunding services providers, which must be written in French. This article allows the AMF General Regulation to define the conditions and limits under which marketing communications of crowdfunding services providers may be written in a language customary in the sphere of international finance other than French. However, as of the date of this notification, the General Regulation of the AMF does not contain any provision authorising the use of a language other than French.
– Law: https://www.legifrance.gouv.fr/jorf/article_jo/JORFARTI000044546280
Administrative provision
AMF’s position DOC-2023-05 provides clarification on:
– The language of marketing communications disseminated in France, which can only be French;
– The content of marketing communications disseminated in France, by ensuring that the information they contain is correct, clear and not misleading, whether in terms of visual aspects, comparisons between products, the vocabulary used, statements relating
to product performance or tax treatment, references to competent authorities or various communication media used;
– The consistency of the information contained in marketing communications with information contained in regulatory information documents (key investment information sheet).
– Administrative provision: https://www.amf-france.org/sites/institutionnel/files/private/2023-06/DOC-2023-05_VA1_0.pdf