News releases AMF: 2013

The Autorité des marchés financiers (AMF) and the French Prudential Supervision and Resolution Authority (ACPR) have launched a public consultation on crowdfunding

Published on November 5, 2013

In conjunction with the Ministry of the Economy and Finance, the ACPR and the AMF have launched a public consultation on crowdfunding. The consultation focuses on changes to be made to the legislative and regulatory provisions of the Monetary and Financial Code, the AMF General Regulation and the ACPR/AMF joint doctrine on non-guaranteed investment services in order to facilitate the development of crowdfunding, while ensuring the security of the system for investors. The consultation will be open until 15 November 2013.

In May 2013, the ACPR and the AMF published two guides explaining the laws and regulations applying to crowdfunding.
Since the current legal framework does not address the specific features of this new financing procedure, the ministers concerned asked the AMF and the ACPR to present proposals for changes to the legal framework. Their work forms the basis of the proposals now being submitted for public consultation.

Crowdfunding is a new financing procedure used to raise small amounts of funds from a large number of individuals, usually via the Internet, in order to finance a creative project or a business project. Crowdfunding can take different forms, such as interest-free or interest-bearing loans, donations with or without rewards in kind or in cash, or investment in equities or debt securities. All these forms of crowdfunding are likely to fall under the jurisdiction of the ACPR. Investment services and securities issuance also fall under the jurisdiction of the AMF.

The main provisions submitted for public consultation are intended to:

In the case of donations and loans:

  • Create streamlined prudential rules for certain payment institutions as long as the volume of payments does not exceed 3 million euros per month. The minimum capital required in this case would be approximately 40,000 euros.
  • Relax the banking monopoly to allow loans between individuals, subject to limits on the amounts lent.

 And in the specific case of investment in financial securities:

  • Rule out the provision of non-guaranteed investment services (with a regulatory capital requirement of 730,000 euros) in favour of investment advice services (with much smaller capital requirements), as long as the issuer’s payment for the service is regulated and the following four investor protection requirements are met:

          > Restricted-access website for investors;
          > Clients selected by means of a suitability test;
          > Selection of business projects applying due diligence;
          > Offering several projects that meet joint investment criteria defined with the investing clients beforehand. 

  • Introduction of a status for Crowdfunding Advisers (CIP), modelled on that of Financial Investment Advisers (FIA). This status will provide an appropriate regulatory framework and be overseen by the AMF. Crowdfunding adviser status will not carry a regulatory capital requirement. On the other hand, it will exclude engaging in other activities, and the transactions offered will be for limited amounts (up to 300,000 euros) or marketed to a limited number of individuals. The issuers may pay for the services rendered to them but subject to certain rules and regulations.
  • Adapting the rules and the scope of public offerings of securities by waiving the prospectus requirement for public offerings of securities made via restricted-access websites when the total issuance for a single issuer does not exceed 300,000 euros over any 12-month period.
  • Introducing simple, clear and balanced investor disclosure requirements about the specific features of the projects and the investments, such as a description of the risks or the fees charged.

The consultation will be open until 15 November 2013. Responses to the proposals should be submitted in accordance with the instructions given in the consultation document "Un nouveau cadre pour faciliter le développement du financement participatif" to both authorities at the following addresses:

  • ACPR:
  • AMF:

All the consultation documents can be found on both authorities' websites and on the website of the Ministry of the Economy and Finance.


Contact ACP Communication – + 33 (0)1 4995 4259
AMF Communication Directorate – Florence Gaubert - Tél. + 33 (0)1 5345 6039 + 33 (0)1 5345 6028


FYI, the ACPR and the AMF coordinate their supervision of marketing of savings products through a joint unit set up by both authorities. One of the tasks of the joint unit is to ensure that retail investors enjoy equal protection, regardless of the product or the distribution channel.
Retail investors can find further information on the new website, Assurance-Banque-Épargne Info Service: or dial 0 811 901 801, for the cost of a local call from a landline. Open from 8:00 am to 6:00 pm, Monday to Friday.

Page top

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