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Financial services providers & Crowdfunding

FinTechs

Published on October 14, 2016

“The accelerated pace of digital transition in financial services is bringing deep-seated changes to our frame of reference. As regulator, we can see many benefits for traceability and transparency. We want to aid innovators by enabling them to set up shop in a secure environment that can support their growth while also delivering effective protection for retail investors, who need to be confident in the new products and services on offer”. Gérard Rameix, 18 July 2016

Which framework, and which authority?

Depending on the type of financial service provided, FinTechs fall under one of the existing regulatory statuses and may be supervised by the Autorité des Marchés Financiers and/or the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

Statuts Services offered Competent authority
Crowdfunding advisor Equity crowdfunding (investment advice on certain equity securities, debt securities or mini-bond offerings, carried out via a crowdfunding platform or outside a public offering) If applicable:
  • Corporate finance
  • Handling subscription forms (including registration of financial securities in a securities account)
  • Handling transactions linked to the subscription and purchase of mini-bonds (notably keeping the register)
  • Legal consultations and drafting of private deeds for third parties, under certain conditions
  • Crowdfunding intermediary/lending-crowdfunding]
 AMF and, if applicable ACPR
Crowdfunding intermediary Lending-crowdfunding (without investment advisory services)  ACPR

FIA -

Financial investment advisor

Investment advice on financial instruments (equities, bonds, UCITS, etc.)
Advice on investment services (reception and transmission of orders for third parties, discretionary portfolio management, order execution for third parties, etc.)
Advice on the execution of transactions on diverse assets
 
 AMF

Investment management company

Investment firms that are principally engaged in discretionary and collective asset management  AMF

ISP

Investment services provider

Investment firms and credit institutions that have been authorised to provide one or more investment services, such as:
  • Receiving and transmitting orders for third parties
  • Executing orders for third parties
  • Own account trading,
  • Portfolio management for third parties (“management mandate”)
  • Investment advisory services
  • Underwriting
  • Investment with guarantee
  • Investment without guarantee
  • Operation of multilateral trading facilities
  • Equity crowdfunding
ACPR and, if applicable AMF

 For more détails:

 A FinTech, Innovation and Competitiveness division at the AMF

Division FintechThe AMF created its “FinTech, Innovation and Competitiveness” division in June 2016. The new division works with stakeholders to analyse innovations taking place in the investment services industry, identify competitiveness and regulation challenges and, where applicable, evaluate the need to modify European regulations or AMF policy.
The changes in consumption patterns, the accelerated development of new technologies and the increase in the number of dynamic or disruptive projects in the financial services sector have made FinTechs a priority for this division.

To fulfil its mission, the division will draw on a network of 25 experts from different AMF directorates.

A proactive support initiative with the ACPR

The AMF would like to help develop an ecosystem that promotes FinTechs in order to make the Paris financial centre more attractive to foreign participants. To facilitate the development and support of FinTechs, the AMF (through its FIC division) and the Autorité de Contrôle Prudentiel et de Résolution are taking joint action to coordinate their efforts to welcome and regulate innovative projects.

The AMF and ACPR teams thus serve as an initial point of contact and source of support for project initiators. They guide them through the regulations and advise them during the pre-approval phase on the best status for their business and during their lifetime if there is a significant change in their strategy.

An industry dialogue

AMF Fintech ForumThe AMF co-hosts the FinTech Forum with the ACPR. The Forum provides an opportunity for consultation and dialogue and will bring industry participants together several times a year to address regulatory and supervisory issues relating to FinTechs and innovation.

Contact us

Email: fic@amf-france.org

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Legal information
Head of publications: The Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02