In response to the present pressure on finance influencers also called “finfluencers” who promote investment products and crypto on their blogs, France is moving toward requiring them to obtain non-obligatory Responsible Influence Certificate.
As disclosed on September 7th, two French regulatory agencies, the Autorité des Marchés Financiers and the Autorité de Régulation Professionnelle de la Publicité (ARPP), have established a training module for financial sector influencers.
The “Responsible Influence Certificate” has existed since 2021, when the ARPP was first introduced. More than 1,000 French influencers have it. Now, the certificate will include a unique course for financial influencers, advertising stocks, bonds, exchange-traded funds, mutual funds, derivatives, and even wine. The announcement also mentions digital currencies.
The minimum passing score for the Responsible Influence Certificate in Financial Advertising is 75% correct answers out of 25 multiple-choice questions.
Although the certificate is not a legally binding document, the ARPP would be able to revoke it from noncompliant influencers. Moreover, to obtain the Responsible Influence Certificate, one would first have to get the “General Certificate,” developed by the ARPP for all influencers.
In May 2023, the French Senate authorized an amendment permitting registered cryptocurrency firms to employ social media influencers for advertising and promotional purposes.
Similarly, regulators in the United Kingdom warn influencers that their promotions may constitute a crime punishable by up to two years in prison, an unlimited fine, or both. The European Consumer Organisation has advocated for a complete ban on crypto influencer advertising
