France Implements Responsible Influence Certificate for Financial Influencers in Investment Promotion
Summary:
France introduces a non-obligatory Responsible Influence Certificate for financial influencers promoting investment products. The certificate requires passing an exam and is subject to potential withdrawal for non-compliance. Meanwhile, the UK warns influencers about the legal consequences of promoting investments, and the European Consumer Organisation advocates for a total ban on crypto advertising by influencers.
France has taken a new step in regulating influencers who promote investment products on their blogs, introducing a non-obligatory Responsible Influence Certificate. This certificate, originally introduced by the ARPP in 2021, will now offer a special course for financial influencers advertising various investment products, including crypto-assets. To obtain the certificate, influencers must pass a multiple-choice exam with at least 75% correct answers. While not legally mandatory, non-complying influencers may have their certificate withdrawn by the ARPP. Additionally, influencers must first obtain a general certificate developed by the ARPP. In contrast to France, the UK warns influencers that promoting investments could lead to up to two years in jail or substantial fines, while the European Consumer Organisation advocates for a complete ban on crypto advertising by influencers.
Published At
9/11/2023 7:38:12 AM
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