French authorities have rolled out a licensing program for influencers involved in financial products including cryptocurrencies citing investor protection concerns.
The Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP), two French agencies, jointly set up a training scheme for influencers to ensure best practices around advertisements.
A successful completion of the program would earn participants a non-obligatory “Responsible Influence Certificate.” The certificate was initially introduced by the ARPP in 2021 and has been issued to over 1,000 influencers so far.
Per the announcement, the certificate would be issued for influencers in markets like stocks, bonds, ETFs, derivatives, investment products, and cryptocurrencies after the course.
Marie-Anne Barbat-Layani the head of AMF states that the nature of the financial market needs tighter regulation for investment protection amid the prevalent scams recorded yearly.
“Protecting retail investors is our top priority. If a publication by an influencer is paid for, the public must be informed. Finance is a highly regulated sector, and investment communications must comply with the rules and be clear, accurate, non-misleading, and balanced. It appears that some influencers are unaware of this.”
Layanu added this move will professionalize the field and make it more uniform. The ARPP’s General Manager Stephane Martin highlighted that the action is beneficial to all parties.
“As part of its statutory mission to promote fair, truthful, healthy, and responsible advertising for the benefit of consumers-citizens and professionals, the ARPP has set up the Responsible Influence Certificate, which contributes to its prevention
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