The Financial Markets Authority (AMF) and the Advertising Professional Regulation Authority (ARPP) have designed in partnership a training module intended for influencers in finance. Their goal is to help professionalize commercial influence, an activity now regulated by law.
As part of their collaboration, initiated in 2011, the two authorities announced in July 2022 their project to create a module specific to the financial sector of the “certificate of responsible influence” launched by the ARPP in 2021. To date, ARPP delivered this certificate to nearly 1,000 French influencers who successfully completed this general online training on best practices in influencer marketing.
Noting that investment was one of the sectors on which many influencers communicate, the AMF brought its expertise to the ARPP to set up this educational course on the rules applying in the products and services sector financial, within its scope (excluding banking and insurance). This training covers investment products (shares, bonds, ETFs, funds, derivatives), the different services (investment advice, portfolio management, reception and transmission of orders). It also focuses on trading and investment recommendations, authorized professionals and how to check authorizations, crypto-assets and digital asset service providers (DASP), miscellaneous assets (investment in tangible assets such as forests, wine, etc. ) and crowdfunding. The two authorities also detail in this module the rules to be respected in terms of communication on an investment offer, specifying the products and services whose advertising is prohibited (contracts with a high risk of loss such as binary options and certain CFDs on the Forex).
To pass the responsible influence certificate “financial advertising” option, influencers must obtain at least 75% correct answers to the 25 multiple choice questions. This certificate can only be obtained in addition to the “generalist” certificate, updated with the new provisions introduced by the law of June 9, 2023 governing commercial influence activity, such as the obligation to state “advertising” or “commercial collaboration”, from the guide to good conduct for influencers from the Ministry of the Economy, Finance and Industrial and Digital Sovereignty, as well as the ethical rules of the ARPP code.
“ The protection of savers is our first priority. If a post from an influencer is paid, it is crucial that the public is clearly informed. Finance is a highly regulated sector and investment communication must respect rules, be clear, accurate, non-misleading and balanced. It appears that some influencers ignore it. This certificate of responsible influence in financial advertising will help to professionalize this environment and protect savers from financial products that are too complex or too risky. We encourage professionals using influencers to ensure that they have obtained the certificate, ” commented Marie-Anne Barbat-Layani, president of the AMF.
“As part of its statutory mission to carry out action in favor of fair, truthful, healthy and responsible advertising in favor of consumer-citizens and professionals, the ARPP has set up the Certificate of responsible influence which contributes to its prevention actions and the education necessary for content creators as part of their commercial influence activity. The Certificate is useful to everyone. Combining their respective expertise, the work with the AMF to create a specific module relating to financial advertising, allowing influencers to understand the provisions of positive law and the Recommendations of the applicable ARPP Code, is part of an objective common and shared protection of public savers” specified Stéphane Martin, general director of the ARPP.
Furthermore, as part of their joint work program, the two authorities collaborated on updating the ARPP recommendations relating to the financial sector (financial and investment products and services, atypical products, products and contracts leveraged) and the creation of a new recommendation on advertising on digital assets, in order to integrate changes in regulations and practices. These recommendations will be applicable from October 1st . An awareness session for ARPP members (advertisers, communications agencies, advertising agencies, media) and content creators on these issues by experts from the AMF and the ARPP is also planned for the fall.
- The AMF and the ARPP strengthen their collaboration in favor of clear and responsible advertising in the field of financial products
- Good behavior guide for influencers
- The ARPP publishes a new Recommendation dedicated to communications on cryptoassets and evolves its three Recommendations relating to financial sector advertising
- Discover the content of the Responsible Influence Certificate and the “Financial Advertising” option (Version 1.8)
About the AMF
independent public authority, the AMF is responsible for ensuring the protection of savings invested in financial products, the information of investors and the proper functioning of the markets. www.amf-france.org
About the ARPP
ARPP is the French advertising self-regulatory organization. It combines the creation of ethical rules, their application and the control of the application.
Its goal is to maintain high standards in terms of legal, honest, and truthful advertising, which is in the interest of both the consumers and the advertisers.
Its mission is to uphold the balance between creativity as well as the advertisers’ freedom of expression and the responsibility and respect due to consumers.
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