OpenLobby.EU
Explore

Financement Participatif France

FPF

Created in August 2012, Financement Participatif France is the association of crowdfunding professionals.

Lobbying Activity

Response to Retail Investment Package

28 Aug 2023

Financement Participatif France (FPF) strongly supports the ambition of the European Commission to increase the participation of retail investors in capital markets. However, we would like to seek clarification regarding the proposed modifications to Article 24a concerning inducements. The wording of the text is confusing regarding the definition of inducements and whether it applies to crowdfunding platforms or not. Indeed, the members of our association are crowdfunding platforms registered under the French regime as crowdfunding intermediaries (IFP Intermédiaire en Financement Participatif) or under the European regime as European crowdfunding service providers (ECSPs). The business model of crowdfunding platforms relies on commissions and fees collected from individual investors and/or from project owner (issuing companies). The text introduces a prohibition of inducements for the sale of investment products for which no advice is provided. Well, crowdfunding platforms are not authorized to provide advisory activities. We would like to ensure that the mentioned inducements do not correspond to the commissions charged by the platforms and that the text does not jeopardize the economic model of the crowdfunding sector.
Read full response