The French Financial Markets Authority published findings from thematic inspections of five crowdfunding platforms, identifying shortcomings in investor knowledge assessments, loss capacity simulations and investment disclosures. The inspections covered practices from Jan. 1, 2023, to Dec. 31, 2025, and also examined complaint handling and internal controls under the European crowdfunding framework. Several platforms used knowledge questionnaires with poorly framed, incomplete or missing questions. Required risk warnings did not always follow regulatory standards, some investments proceeded without any warning, and platforms did not consistently retain evidence that investors had read warnings about the potential loss of all invested capital. Disclosures at some firms also failed to provide sufficient information on project owners and governance, financial position, capital structure, investment risks and complaint procedures. The authority called on providers to strengthen these arrangements and ensure complaint processes are appropriate, accessible and free, with clear, fair and traceable information throughout the investment process.
French Financial Markets Authority identifies investor protection shortcomings at five crowdfunding platforms
The French Financial Markets Authority found shortcomings at five crowdfunding platforms in investor assessments, loss warnings and investment disclosures. Some investments proceeded without required warnings, while certain disclosures lacked key information on projects, finances, risks and complaints.