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France Financial Regulation: AMF and ARPP collaborate to issue Responsible Influence Certificate in Finance

French financial regulators, the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP), have joined forces to introduce the “Responsible Influence Certificate.” This certification aims to establish a trustworthy seal for social media influencers in France.

The partnership between the AMF and ARPP was launched earlier this year, and nearly 1,000 French influencers have already completed an online training course on best practices in influencer marketing.

The AMF, known for its expertise in the financial industry, collaborated with the ARPP to develop a training program on the rules and regulations applicable to the financial products and services sector. This course covers a wide range of topics, including investment products like stocks, bonds, ETFs, funds, and derivatives, as well as various investment services.

The certificate also includes training on crypto or digital assets, alternative assets such as wine or collectibles, and securities issued by crowdfunding platforms.

To obtain the certificate, applicants must achieve a minimum score of 75% on a multiple-choice test.

The ARPP will monitor certified content creators and has the authority to revoke the certificate in case of non-compliance with the Consumer Code on Communication rules and the ARPP Code.

Marie-Anne Barbat-Layani, Chair of the AMF, emphasized the importance of investor protection, particularly when influencers are being paid to promote financial products. She stated that financial communications must adhere to regulations and be clear, accurate, non-misleading, and balanced. The responsible influence certificate aims to professionalize the field and shield investors from complex or risky financial products. Barbat-Layani encouraged professionals working with influencers to ensure that they have obtained the certificate.

Stéphane Martin, General Manager of the ARPP, noted that the certificate contributes to the education of content creators involved in commercial influencer activity. The collaboration between the two authorities aims to protect retail investors by providing influencers with a clear understanding of the applicable laws and regulations.

In addition to the responsible influence certificate, the AMF and ARPP have also worked together on updating the ARPP’s Codes on the financial sector and introducing a new Code for the advertising of digital assets. These updates will come into effect on 1 October, reflecting the changing regulations and practices within the industry.

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