In the world of finance and investments, influencers have become increasingly influential, but their credibility and knowledge vary widely.
France has taken a step toward regulating these “finfluencers” by introducing a Responsible Influence Certificate.
As the world of financial influencers, or “finfluencers,” gains momentum, it also faces growing scrutiny. These individuals, who often promote investment products on social media and blogs, have varying levels of expertise and credibility.
To address this issue, France has introduced a new initiative called the Responsible Influence Certificate.
On September 7th, two prominent French regulatory agencies, the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP), joined forces to create a training module specifically tailored for financial influencers.
The “Responsible Influence Certificate” isn’t entirely new; it was first introduced by the ARPP in 2021. Since then, more than 1,000 French influencers have obtained it.
However, this certificate will now include a specialized course designed for financial influencers who promote various investment products, including equities, bonds, ETFs, funds, derivatives, and even wine. Notably, the announcement also mentions the inclusion of crypto assets.
To earn the Responsible Influence Certificate in Financial Advertising, candidates must correctly answer a minimum of 75% of 25 multiple-choice questions.
While this certificate isn’t a mandatory legal document, non-compliant influencers risk having it withdrawn by the ARPP.
Additionally, individuals seeking this certificate must first obtain the “general Certificate,” developed by the ARPP for all influencers.
In May 2023, the French Senate approved an amendment permitting registered cryptocurrency companies to engage social media influencers for advertising and promotional purposes.
This move reflects a willingness to integrate cryptocurrency influencers into the broader regulatory framework.