France's Financial Markets Authority (AMF) has revised its doctrine on complex financial products to reflect the emergence in Europe of structured products linked to crypto-assets following the application of the EU Markets in Crypto-Assets Regulation (MiCA). The targeted clarifications to positions DOC-2010-05 and DOC-2013-12 allow certain complex debt instruments, including exchange-traded notes (ETNs) indexed to crypto-assets, to be marketed to non-professional investors without the standard dissuasive warning where defined conditions are met. The relaxation is subject to four cumulative requirements. The underlying crypto-assets must have a market capitalisation of at least EUR 10 billion and an average daily trading volume of at least EUR 50 million over the 30 days prior to marketing, and be tradable on a MiCA-authorised platform. Crypto-asset baskets are permitted if a majority of constituents meet these size and liquidity thresholds. The product must have no leverage or discretionary component. The exposure must be achieved via direct holdings of the crypto-assets by the issuing entities, or via securities issued or guaranteed by regulated entities, or via regulated instruments. Custody of the crypto-assets must be delegated to a MiCA-authorised provider. The AMF also reiterates that these instruments remain complex financial instruments subject to Markets in Financial Instruments investor-protection rules, including target market definition and suitability checks in advisory contexts, and that a prospectus may be required above certain thresholds. The AMF plans to review the impact of the revised doctrine in the first half of 2027.

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