European Crowdfunding Services Providers: the AMF publishes a position on marketing communications

Context

ECSPs are subject to organisational and investor protection rules, including certain general requirements on marketing communications. In accordance with the requirements of the Regulation, and in order to promote a clear framework protecting investors' interests in France, the AMF sets out its requirements in relation to ECSPs’ marketing communications. The position applies to marketing communications issued by ECSPs authorised in France or in another Member State of the European Union and authorised to provide these services in France, whether they relate to transferable securities or to the business of facilitating the granting of loans.

Publication of a position by the AMF

Position DOC-2023-05 builds upon the main principles already published by the AMF in connection with the national provisions applicable prior to Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020, concerning marketing communications issued by crowdfunding investment advisors (CIAs) and investment services providers offering crowdfunding advice (ISP-CAs) (position-recommendation DOC-2018-02).

This position provides clarifications regarding:

• the language of marketing communications disseminated in France, which can only be French;
• the content of marketing communications disseminated in France, in terms of correctness, clarity and non-misleading nature of the information they contain, as well as in terms of visual aspects, comparisons between products, the vocabulary used, the presentation of risks, the mentions relating to the performance of the products or their tax treatment, references to the competent authorities or the various communication media used;
• the consistency of information between marketing communications and regulatory information documents (key investment information sheet).

Considering that the AMF may ask the Autorité de contrôle prudentiel et de résolution (ACPR) to supervise and monitor ECSPs providing facilitation of granting of loans, this position was drafted in cooperation with the ACPR.