Country Crowdfunding Factsheet
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1 Country Crowdfunding Factsheet France Date: June 2018
2 ECN Country Factsheet - France - June European Crowdfunding Network The European Crowdfunding Network AISBL (ECN) is the professional network promoting adequate transparency, (self) regulation and governance while offering a combined voice in policy discussion and public opinion building, incorporated as an international not-for-profit organization in Brussels, Czech Republic. We support our members in carrying initiatives aimed at innovating, representing, promoting and protecting the European crowdfunding industry. We aim to increase the understanding of the key roles that crowdfunding can play in supporting entrepreneurship of all types and its role in funding the creation and protection jobs, the enrichment of European society, culture and economy, and the protection of our environment. In that capacity we help developing professional standards, providing industry research, as well as, professional networking opportunities in order to facilitate interaction between our members and key industry participants. On behalf of our members, the ECN will maintain a dialogue with public institutions and stakeholders as well as the media at European, international and national levels.
3 ECN Country Factsheet - France - June This document has been extracted from Annex II of the study " Identifying market and regulatory obstacles to crossborder development of crowdfunding in the EU", published in November 2017 and funded by the European Commission (DG FISMA). Contents France... 4 Overview... 4 A. Role of alternative finance... 4 B. Regulatory context... 6 C. Disclosures & safeguards... 9 D. Support policies... 9
4 ECN Country Factsheet - France - June France Overview France is the dominant force in European online alternative finance (excluding the UK), and is 28% larger than its closest competitor, Germany. Specifically, the total volume of online alternative finance raised in France grew from EUR 76m in 2013 to EUR 154m in 2014 and EUR 319m in A. Role of alternative finance Market size The total volume of online alternative finance raised in France grew from EUR 76m in 2013 to EUR 154m in 2014 and EUR 318m in France is the dominant force in European online alternative finance (excluding the UK), and is 28% larger than its closest competitor, Germany. 2 Trend The growth between 2013 and 2014 was 104%, and between 2014 and 2015 it was 107%, showing sustained growth over the three-year period. 3 Figure: Crowdfunding activity in France from 2014 to 2017, Source: TAB 1 Sustaining Momentum. Cambridge Judge Business School, Zhang, B., et al (2016): Sustaining Momentum. The 2nd European Alternative Finance Industry Report. Cambridge University (link) 3 Ibid.
5 ECN Country Factsheet - France - June Total Crowdfunding Platforms In 2015, 80 platforms were active, according to a 2015 study by the European Commission. 4 Crowdfunding models 5 Equity-based Crowdfunding The second largest model in France is Equitybased Crowdfunding, with EUR 75m invested in 2015 nationally. Equity-based Crowdfunding experienced market growth of 298% from the largest of any model on a national level. Lending-based Crowdfunding Other Lending-based Crowdfunding is the most widespread form. EUR 15m for Invoice Trading. EUR 12.7m for Real estate Crowdfunding, EUR 3m for Debtbased securities. EUR 0.4m for Balance Sheet Business Lending, and EUR 0.2m for profit sharing Crowdfunding. 4 Osborne Clarke Germany (2016): Review of Crowdfunding Regulation & Market Developments. In: CrowdFundRES - Unleashing the Potential of Crowdfunding for Financing Renewable Energy Projects. Deliverable 3.1 (PU) (link) 5 EY, Open Evidence, Politecnico di Milano, European Crowdfunding Network (2016): Assessing the Potential for Crowdfunding and Other Forms of Alternative Finance to Support Research and Innovation. Final Report. (link)
6 ECN Country Factsheet - France - June B. Regulatory context Country France Summary Recent developments Crowdfunding regulation in New regulation applicable since 1 October 2014 and significantly amended on 28 October Creation of 2 optional statuses (alternative to more costly and stringent statuses), subject to the control and disciplinary powers of the Autorité des Marchés Financiers ( AMF ) and the Autorité de contrôle Prudentiel et de Résolution ( ACPR ): CIP conseil en investissement participatif (Crowdfunding investment advisor), including offering of new instruments (convertible bonds, preferred shares with voting rights attached and Minibons); IFP intermédiaire en financement participatif (Crowdfunding investment intermediary) for straight loans and donations. Current/planned Crowdfunding regulation Crowdfunding activities opened to PSIs prestataire de services d'investissement (investment services advisors). New exceptions to banking monopoly and prospectus requirements.
7 ECN Country Factsheet - France - June General regulation Monetary and Financial Code as modified by Ordinance no dated 30 May 2014, Ordinance no dated 28 April 2016, Decree no dated 16 September 2014 and Decree no dated 28 October Prospectus requirement Specific Crowdfunding exceptions: Ordinary shares and/or preferred shares of sociétés par actions simplifiées with specific provisions in their by-laws can be offered on Crowdfunding Platforms to the public. General cap applying to CIPs and PSIs for public offering on Crowdfunding websites of ordinary shares, preferred shares, and bonds (either convertible or non-convertible bonds) for a maximum raised amount of EUR 2.5m per year. AIFMD regulation Generally not applicable. Payment service regulation Further possible requirements Regulatory barriers Can apply where platforms may create holding companies to regroup shareholders of a single target company to simplify the relationships with the project holder and a potential purchaser in an exit scenario. A case-by-case analysis will determine if they fall within the category of AIF subject to the AIFM regulations. CIPs cannot collect payments for the project holders from the investors. IFPs can apply to be licensed as payment services operator (unless they also are CIPs and are prohibited from doing so). Anti-terrorism control regulations Anti-money laundering regulations Consumer credit acts and regulations Financial canvassing (démarchage financier) regulation (prohibited for IFPs and very strictly limited for CIPs) Information privacy regulations
8 ECN Country Factsheet - France - June Inbound Foreign Crowdfunding Platform addressing French investors CIPs must be France-based legal entities A foreign platform may potentially operate in France in two hypothetical situations, where in any event it will have to comply with French offering (prospectus) and banking monopoly regulations: the foreign platform benefits from a EU Passport, if certified as PSI by the French ACPR in its EU domestic state; or the foreign platforms register a French subsidiary as CIP or PSI. Foreign Crowdfunding Platform addressing French project holders Outbound See above. Where a foreign platform is targeting French project holders but is offering the securities/instruments to foreign investors and not French investors, the foreign platform will most likely be subject to the laws and regulations of the territories in which the securities/instruments are offered. French Crowdfunding Platform addressing foreign investors CIPs/PSI must operate a website under strict regulation of the AMF, i.e., present the information to the investors by using a clear and comprehensive language. The English language is unlikely to be considered clear and comprehensive for investors/lenders based in France.
9 ECN Country Factsheet - France - June French Crowdfunding Platform addressing foreign project holder Impact of EU regulation A CIP/PSI may offer on its website securities issued by a foreign project holder as long as the platform is able to comply with its duty to act in the best interest of the investors, notably regarding (i) the selection of projects, (ii) the quality and the completeness of the information provided on the issuer, (iii) the ability of the CIP/PSI to confirm the adequacy/relevancy of the contemplated investment with the financial capacities of the investor. If CIPs/PSI intend to operate on foreign markets, they will have to comply with local laws and regulations. IFPs may offer their services outside French territory as long as they comply with local laws and regulations on Crowdfunding activities. Prospectus regulations AIFM Directive MiFID/MiFID II PSD/PSD II See above See above See above See above C. Disclosures & safeguards The Platforms Association (Financement Participatif France - FPF) has adopted a code of conduct, which can be voluntarily adopted by individual platforms themselves. D. Support policies Overview In France, there are specific statuses for Crowdfunding operators that are less constraining and less costly than for other regulated activities. There is transparency and information regarding the binding obligations on the
10 ECN Country Factsheet - France - June platforms for the investors/donors. This labelling of the platforms increases the public's confidence. With regards to investors protection: cap on maximum investments, funds raised; specific Crowdfundingrelated exceptions to banking monopoly; specific Crowdfunding-related exceptions to prospectus requirements; tax incentives such as compensation of the financial losses. Market Supervision Autorité des Marchés Financiers AMF 6 and Autorité de contrôle Prudentiel et de Résolution ACPR 7 Crowdfunding models Match funding initiatives Tax benefits La Banque Publique d'investissement (BPI France) offers matching funds. On 30 November 2015, the French Parliament adopted Amendment no. 718 on the tax treatment granted to individual lenders on Crowdfunding Platforms, amending Ordinance no of 30 May 2014, related to the new Crowdfunding regulation. This amendment states that individuals who lend money to professionals on Crowdfunding Platforms (crowdlending) shall be able to recover financial losses resulting from a default payment, on the calculation of the income tax they shall bear. This tax incentive shall have a positive impact on French Crowdfunding in This, however, applies solely to loan-based Crowdfunding. 8 6 AMF France (link) 7 Autorité de contrôle Prudentiel et de Résolution ACPR (link) 8 AMF France (link)
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