The AMF encourages crowdfunding platforms to strengthen their practices to provide better protection to investors

As part of its 2025 supervisory priorities, the Autorité des Marchés Financiers (AMF) carried out a series of educational ‘SPOT’ inspections at five crowdfunding platforms to assess their practices with regard to investor protection regulations. It is calling on professionals to strengthen their systems in relation to knowledge tests and the assessment of investors' ability to bear losses, and to ensure the completeness and clarity of the information provided about investment offers.

The regulation on European crowdfunding has introduced a harmonised framework for crowdfunding market participants at the European Union level. Its requirements, which aim in particular to protect investors, have applied to new market participants since 10 November 2021. Pre-existing market participants who had crowdfunding investment advisor status benefited from a transitional period, which ended on 10 November 2023.

To ensure the proper implementation of this regulation, since the end of 2023, the AMF has been closely monitoring newly authorised market participants. In order to continue its support for the platforms, the AMF put crowdfunding on its 2025 supervisory priorities agenda. Thus, this work has enabled enhanced supervision on aspects of platform governance, investor information, internal control and the management of conflicts of interest.

As part of a series of educational inspections, called ‘SPOTs’ (Operational and Thematic Supervision of Practices), covering the period from 1 January 2023 to 31 December 2025, the AMF focused its review of the practices of five platforms on the following themes: