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The regulatory landscape for crowdfunding platforms in France is currently undergoing significant change, with the introduction of PSFP (Participative Financing Services Provider) approval. Crowdfunding operators must meet certain conditions in order to obtain this approval, such as transparency of information, professional competence, management of conflicts of interest, implementation of measures to protect investors' funds, etc.
Designed to regulate the activities of equity crowdfunding platforms in order to protect investors and borrowers, European PSFP authorisation has been mandatory for all equity crowdfunding platforms operating in France since the end of 2021. The two-year transitional period allowing existing CIP and IFP platforms to switch to the new approval is coming to an end.
In less than six months' time, the CIP (Conseiller en Investissement Participatif) licence will disappear. As a result, existing equity crowdfunding platforms must submit their renewal applications by the end of June 2023 to be able to continue operating under the new regime. This renewal process enables the regulatory authorities to ensure that the platforms comply with the new requirements and are able to continue their activities while protecting investors and borrowers.
Photo by Christian Lu via Unsplash.
