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Amidst the ongoing debates surrounding individuals known as “finfluencers” who promote investment products on their blogs, France is taking a direct step towards licensing these individuals. The country has implemented a non-mandatory Responsible Impact Certification to provide more transparency and accountability in financial advertising, aiming to make investment product promotions through finfluencers more trustworthy.
Special Course for Promoting Investment Products
Two regulatory authorities in France, Autorité des Marchés Financiers and Autorité de Régulation Professionnelle de la Publicité (ARPP), have jointly created an educational model for influencers in the finance sector, as announced on September 7th.
The “Responsible Impact Certification” is a system introduced by ARPP in 2021. So far, over 1,000 French influencers have obtained this certification, which includes a special course for financial influencers who advertise various investment products such as stocks, bonds, exchange-traded funds, funds, derivatives, and even wine. The announcement also mentions cryptocurrencies.
Finfluencers Should Not Promote Crypto Assets
To obtain the Responsible Impact Certification in Financial Advertising, one must correctly answer at least 75% of the multiple-choice questions. Although the certification is not a mandatory legal document, ARPP has the authority to revoke it from influencers who are deemed unsuitable. Additionally, obtaining the “General Certificate,” developed by ARPP for all impact creators, is a prerequisite for obtaining the Responsible Impact Certification.
In May 2023, the French Senate approved a change that allows registered cryptocurrency companies to hire social media influencers for advertising and promotion purposes. Meanwhile, regulators in the United Kingdom warn that influencers could be subject to imprisonment, unlimited fines, or both as a punishment for their promotions, with a maximum sentence of two years. The European Consumer Organisation has also initiated lobbying efforts for a complete ban on influencer advertising of cryptocurrencies.
