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- A Responsible Influence Certificate has been created, though participation is optional.
- A score of at least 75% on 25 multiple-choice questions is necessary.
France is progressing towards the formal licensing of so-called “finfluencers,” who promote financial products on their platforms. A Responsible Influence Certificate has been created, though participation is optional.
The French financial markets authority, the Autorité des Marchés Financiers, in conjunction with the professional advertising body, the Autorité de Régulation Professionnelle de la Publicité (ARPP), has worked together to develop a training program for industry influencers, as reported on September 7.
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The ARPP initially introduced the “Responsible Influence Certificate” in 2021. More than a thousand prominent individuals in France currently hold it. This new qualification will feature a course specifically designed for financial influencers, encompassing topics from wine to stocks, bonds, ETFs, mutual funds, and derivatives. The announcement also mentions crypto assets.
A score of at least 75% on 25 multiple-choice questions is required to obtain the Responsible Influence Certificate in Financial Advertising. While the certificate is not legally enforceable, the ARPP has the authority to revoke it from influencers who do not comply.
Additionally, the ARPP’s “General Certificate,” intended for all influencers, must be acquired before one can pursue the Responsible Influence Certificate. In May 2023, the French Senate enacted a law that authorized the use of social media influencers by cryptocurrency companies.
Conversely, authorities in the United Kingdom have cautioned influencers that such promotions could be deemed illegal, carrying a potential maximum penalty of two years in prison along with substantial fines. Moreover, the European Consumer Organization has advocated for a comprehensive ban on crypto influencer marketing.
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