The Italian Securities Commission (Consob) published a fact sheet from the European Securities and Markets Authority (ESMA) setting out responsible conduct expectations for financial influencers, warning that online promotion of financial products and services can harm followers if precautions are not taken. It highlights that telling people what to invest in or avoid may qualify as investment advice requiring authorisation from the national competent authority, and that disclaimers such as "this is not investment advice" may not shield influencers from legal consequences linked to unauthorised promotions. The ESMA guidance urges finfluencers to avoid giving advice without meeting legal requirements, not to spread misleading or reckless messages, and to disclose clearly any fees, gifts or other benefits tied to promotions using labels such as "advertising", "sponsored" or "paid collaboration", alongside any personal interests such as already investing in the instrument discussed. For higher-risk products including contracts for difference (CFDs), foreign exchange trading, futures, some crowdfunding initiatives and volatile crypto-assets, communications should distinguish facts from opinions, make clear that investors may lose up to 100% of the capital invested, avoid exaggerated promises and urgency tactics, and verify that the firms being promoted are authorised to reduce the risk of facilitating scams.

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