France Dances Around SBTs In New Certificate Requirements
The rise of financial influencers, naturally, has been accompanied by concerns surrounding the potential for misleading information. So - how do we mitigate that?
In a move to regulate the growing influence of financial influencers, France has launched a non-obligatory Responsible Influence Certificate. The certificate is designed to ensure that influencers who promote investment products have a basic understanding of financial risks and are not misleading their followers. (Calling this an NFT or an SBT would have worked, too!)
The Responsible Influence Certificate
The Responsible Influence Certificate is a 25-question multiple-choice exam that covers topics such as financial literacy, risk management, and advertising regulations. To pass the exam, influencers must score at least 75%.
The certificate is not legally required, but influencers who do not obtain it could face sanctions from the Autorité des Marchés Financiers (AMF), France's financial markets regulator. The AMF could, for example, ban influencers from promoting financial products or require them to remove misleading content from their social media channels.
Someone put this on-chain, please.
The Responsible Influence Certificate is a significant step forward in the regulation of financial influencers. It is a clear signal from the French government that it is taking the issue of financial misinformation seriously.
The certificate is also likely to have a significant impact on the way that financial influencers operate. In order to pass the exam, influencers will need to have a good understanding of financial risks and regulations. This will make it more difficult for them to mislead their followers.
The Future of Financial Influence
The launch of the Responsible Influence Certificate is a positive development for the future of financial influence. It is a sign that regulators are taking steps to protect consumers from misleading information.
However, there is still more that can be done to regulate financial influence. For example, regulators could consider making the Responsible Influence Certificate mandatory for all influencers who promote financial products. They could also develop more specific guidelines for how influencers should disclose their financial relationships.
Whether or not these certificates end up on-chain, using blockchain technology, is unclear. Chances are they will some day!
