11-9-2023 (PARIS) In response to growing concerns surrounding the activities of “finfluencers” who promote various investment products, France has taken a noteworthy step towards regulating and licensing these influential figures. The country has introduced a voluntary certification program known as the “Responsible Influence Certificate.”
This significant development was unveiled on September 7 and is a collaborative effort between two French regulatory bodies, the Autorité des Marchés Financiers and the Autorité de Régulation Professionnelle de la Publicité (ARPP). The aim of this initiative is to provide a structured training module for individuals operating as influencers within the financial sector.
The “Responsible Influence Certificate” itself has been in existence since 2021 when it was initially introduced by the ARPP. Up to this point, over 1,000 French influencers have already obtained this certificate. However, the recent introduction of a specialized course within the certificate program is designed specifically for financial influencers who endorse equities, bonds, exchange-traded funds, funds, derivatives, and other investment products, including even wine. Notably, the certification also includes mention of cryptocurrency assets.
To successfully earn the “Responsible Influence Certificate in Financial Advertising,” individuals will be required to achieve a minimum score of 75% by correctly answering 25 multiple-choice questions. While this certificate does not carry the status of a mandatory legal document, the ARPP does possess the authority to revoke it from influencers who fail to comply with the established guidelines. Furthermore, aspiring certificate holders must first obtain the “General Certificate,” which is a prerequisite developed by the ARPP and applies to all influencers.
This move towards certification and regulation in the financial influencer space comes in the wake of increasing scrutiny and debate surrounding the role and responsibility of influencers in the financial sector. In May 2023, the French Senate passed an amendment permitting registered cryptocurrency companies to engage social media influencers for advertising and promotional purposes. Meanwhile, in the United Kingdom, regulators have issued warnings to influencers, cautioning them that their promotional activities could constitute an offense, punishable by up to two years in prison, an unlimited fine, or both.
