French KOLs need to obtain the "Financial Responsibility Influence Certificate" in order to provide investment-related advice and services.

The French Financial Markets Authority (AMF) and the Public Professional Oversight Authority (ARPP) have joined forces to establish a training program for Key Opinion Leaders (KOL) in the financial sector. Their goal is to help professionalize business influence, and to date, nearly a thousand KOLs have completed the training and obtained certification.

Do Investment Advisors Need Licenses, But Not KOLs?

We often see stock analysts on television programs, and they are required to have professional licenses. This month, it was reported that Liao Wanting, the general manager of Uni-President Investment Consulting, did not possess a securities analysis license but appeared on a program discussing the Taiwan stock market and analyzing individual stock trends. As a result, she was fined 600,000 and suspended for six months by the Financial Supervisory Commission.

In recent years, with the rise of self-media and social platforms, many Key Opinion Leaders (KOLs) have emerged, especially in the cryptocurrency field, where KOLs often have significant influence, sometimes even causing market reactions. However, do these KOLs have sufficient professionalism? This issue has caught the attention of regulatory authorities in France!

France Leading the Way with "Financial Responsible Influence Certificate"

France has recognized that investment is one of the areas where many KOLs interact and has introduced the "Financial Responsible Influence Certificate." The training program includes cryptocurrency assets, covering financial products and services within its scope, excluding banking and insurance rules. It encompasses various investment products such as stocks, bonds, ETFs, funds, derivatives, and services such as investment advice, portfolio management, order acceptance, and transmission. The focus is also on trading and investment advice, licensing of professionals, how to verify authorizations, cryptocurrency and digital asset service providers (DASP), other assets like investments in tangible assets such as forests, and wine, as well as crowdfunding. The rules for communicating investment offers must also be followed. To obtain the certificate, one must pass an exam with a score of 75 or above on a 25-question multiple-choice test.

The Chairwoman of AMF, Marie-Anne Barbat-Layani, stated:

Finance is a strictly regulated industry, and investment communication must comply with rules and be clear, accurate, and balanced without being misleading.

Regulatory authorities also aim to combine their expertise to help KOLs understand relevant laws and terms and fulfill their role in protecting retail investors.

Additional measures in other countries:

The SEC announced that cryptocurrency assets are a priority for regulation, so cryptocurrency investment advisors and exchanges must be cautious!

Attention in the UK for promoting cryptocurrency! Unauthorized personnel or those not registered with the FCA will face criminal liability.

The end of referral code masters? Rejecting the cryptocurrency MLM culture, the UK FCA will prohibit referral bonuses and anti-inflation arguments.