Financement participatif : l’AMF publie une position sur les communications publicitaires des prestataires des services de financement participatif

The AMF has released a Position 2023-05 that outlines the requirements for marketing communications of ECSPs operating in France. This position serves as a complement to the marketing communication requirements established by Regulation (EU) 2020/1503, which focuses on European crowdfunding service providers for businesses.
The AMF’s position aims to provide a clear framework to protect the interests of investors in France. It applies to marketing communications issued by ECSPs authorized in France or another European Union Member State, as long as they are authorized to provide services in France. These communications cover both transferable securities and the facilitation of loan granting.
Position DOC-2023-05 builds upon the existing principles previously released by the AMF (DOC-2018-02) regarding marketing communications from CIAs and investment services providers offering crowdfunding advice (ISP-CAs) in the context of national provisions before Regulation (EU) 2020/1503.
The AMF’s position provides clarity on several aspects. Firstly, marketing communications disseminated in France must be exclusively in French. Secondly, these communications must adhere to standards of accuracy, clarity, and non-misleading information. This encompasses various elements such as visual aspects, product comparisons, vocabulary usage, risk presentation, mentions of product performance and tax treatment, as well as references to competent authorities and communication media. Lastly, marketing communications should align with regulatory information documents, such as the key investment information sheet.
To ensure comprehensive oversight, this position was developed collaboratively with the ACPR, as the AMF may request the ACPR to supervise and monitor ECSPs that facilitate loan granting.