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Regulation

Marketing of crowdfunding offers, calculation of default rates and run-off management of platforms

Relevant on September 6, 2019

Position-recommendation DOC-2018-02 aims to clarify the AMF’s expectations on the marketing of crowdfunding offers, calculation of default rates and run-off management of platforms. In particular, it specifies the best practice for securities and minibons crowdfunding in relation to providing information that is balanced, clear, accurate and not misleading, calculating and publishing default rates and setting up a system of run-off management for platforms that market minibons. It is aimed at crowdfunding investment advisors and investment services providers.

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Placing without a firm commitment basis and crowdfunding

Relevant on September 6, 2019

Description of the AMF review process of registration applications by crowdfunding investment advisers and the transmission of annual disclosures by said advisers

Relevant on September 6, 2019

Pending AMF authorisation of one or more associations of crowdfunding investment advisers (CIAs), the AMF shall review the professional skills and ability of applicants to comply with the business conduct and organisational rules provided for in the AMF General Regulation. The AMF will conduct its review on the basis of an application file whose content requirements are specified in Instruction DOC-2014-11.

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Information to be provided to investors by the issuer and crowdfunding investment adviser or investment services provider within the framework of crowdfunding

Relevant on September 6, 2019

In its 2014-12 Instruction the AMF specifies the information that the (CIP or PSI) crowdfunding platform must forward to the investor. It concerns information relating to the project initiator, issuer of the securities offering (their activity, their project, the characteristics of the existing securities and securities to issue, the exit conditions) and the platform itself (fees charged to the investor, right to receive the details of the services provided to the project initiator and the related fees).

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Procedure of recognition of foreign exchanges

Relevant on April 23, 2019

Instruction 2019-05 clarifies the conditions for the recognition of foreign markets. The revised procedure specifies that a foreign market does not require any recognition provided that non-professional clients are not solicited to carry out transactions on financial instruments tradable within it, either directly or indirectly through a market intermediary (market member or other provider).

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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