France’s AMF Flags Gaps in Crowdfunding Investor Tests and…
By Abdelaziz Fathi
AI summary of the source article
France's Autorité des Marchés Financiers (AMF) examined five crowdfunding service providers under its 2025 supervisory priorities, reviewing onboarding, disclosures, complaints, governance, and internal controls. The regulator discovered that questionnaires used for non-sophisticated investors featured poorly worded, incomplete, or missing questions, creating risks of misclassification. Furthermore, required risk warnings were sometimes omitted or unverified before investments proceeded, and key investment information sheets contained regulatory shortcomings. The AMF, which previously noted an increase in investor complaints, indicated that its 2026 supervisory program will deepen scrutiny to include project selection, remuneration, business introducers, and conflicts of interest.
Why it matters
The findings show increased regulatory pressure on European crowdfunding platforms to enforce investor protections and disclosures rather than treating onboarding as a mere administrative formality.
Key facts
- The AMF inspected five crowdfunding platforms covering activity from Jan. 1, 2023, through Dec. 31, 2025 (or their authorization dates).
- Inspectors identified shortcomings in investor knowledge tests, loss-absorption assessments, risk-warning delivery, and key investment information sheets.
- The AMF plans to expand 2026 supervision to cover project-selection procedures, business introducers, remuneration, and conflicts of interest.