Eliminate scams, protect the youngest, do prevention with influential people: the Autorité des marchés financiers (AMF) and the Professional Advertising Regulation Authority (ARPP) announced, on Thursday, July 21, a collaboration to monitor communications financial influencers.
Fraudulent promises of miraculous profits, seemingly accessible through simple investments, can cause a lot of damage.
500 million euros per year
In December 2021, the Paris prosecutor’s office estimated the damage caused by financial scams at around 500 million euros per year, not including non-pecuniary damage.
A few months earlier, former reality TV star Nabilla Benattia-Vergara had been fined 20,000 euros by the Fraud Repression for having promoted stock services on the Snapchat social network, without mentioning that she was paid.
This new collaboration between the AMF and the ARPP, which completes an alliance started in 2011, will make it possible to expand the Responsible Influence Observatory, created by the ARPP last year and which “to date, does not cover the financial sector”, explain the two authorities in their press release.
“Educational Presentation”
Specifically, the AMF “will contribute its knowledge of the financial sector” -particularly in “digital assets” such as cryptocurrencies- to the ARPP, which, in return, must “share with the AMF the results of its analysis of communications”. with your tools.
The partnership also includes an AMF “educational presentation” aimed at influential people on the financial regulations they may be subject to and the risks of scams circulating online.
This participation is part of the process of delivering the responsible influence certificate launched in 2021 by the ARPP for influencers who stand out for their good practices.
A first phase of experimentation of the new system will be carried out at the end of the year before the confirmation of the guidelines in 2023.
Source: BFM TV
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