Access the presentation of the AMF
Access our missions: regulate, supervise, inform and protect
Do you want to know more about crowdfunding in the form of securities subscription ? Find in this section all informations about the status of crowdfunding advisers (CIPs) and the registration application.
CIPs are notably subject to the following obligations:
Caution: CIP status may only be held concurrently with that of crowdfunding intermediary or agent of a payment services provider.
A crowdfunding platform offering securities for subscription must come under the status of Crowdfunding Investment Advisor (CIP) or Investment Services Provider (PSI), with the investment advice as part of the requested investment services. Here is a presentation of these two statuses:
A crowdfunding platform offering securities for subscription may choose the national status of Crowdfunding Investment Advisor (CIP). It must then be registered with the ORIAS. Please consult the AMF instruction (DOC-2014-11) explaining the AMF processes for reviewing CIP registration applications, and the submission of annual information. The status of CIP is accessible without capital constraints but limits the type of transactions offered to a limited list of instruments and does not enable the platform to offer its services within the European Economic Area (EEA). Furthermore, CIPs cannot hold client funds or securities and can only combine their status with that of Crowdfunding Intermediary (IFP) or agent of a payment services provider.
A platform may also opt for the status of PSI providing investment advice (among other services). In this case, they must be authorised by the ACPR following an analysis of their authorisation application by the AMF services. These platforms are jointly regulated by the AMF and ACPR. The status of PSI providing investment advice only requires the platform to have a minimum capital of €50,000 and to observe prudential regulations. Additionally, the status of PSI grants the option to offer all categories of securities and to obtain a passport to provide investment services within the EEA.
To become a CIP, you must file a registration application with the AMF. The form is available in the AMF instruction DOC-2014-11. The applicant must send a paper copy to the AMF:
Autorité des marchés financiers
Direction des marchés
Division suivi des intermédiaires de marché
17, place de la bourse
75082 Paris Cedex 02
Les conseillers en investissements participatifs (CIP) sont redevables d’une contribution à l’AMF d’un montant fixé à 450 euros.
Elle doit être payée directement à l’ORIAS :