French regulator finds flaws in crowdfunding platforms’ investor information

The French financial regulator AMF has found problems at 5 crowdfunding platforms. Key project information was missing, and platforms could not always prove that investors had received the required risk warnings. One platform offered shares, although its authorisation covered the issuance of bonds.

Between 2023 and 2025, the AMF reviewed 3 projects and 15 investor files at each of 5 platforms to check whether investor protection rules were being applied correctly. The platforms have not been named, and the AMF gives no specific reason for the investigation.

Financial information and risks missing

The investigation suggests that the rules may still not be applied adequately. At one platform, all 3 project documents reviewed lacked information about the risks of the project owner failing to repay, returns not materialising or the investment being difficult to sell. Information about the risk of the platform itself failing was also missing.

The same platform omitted information about how the financing would affect the capital structure. It described these details as “confidential”. Financial figures were missing for one project, replaced by forecasts for another and incomplete for the third. At another platform, the risk descriptions were not tailored to the individual projects.

Missing warnings for large investments

One platform could not prove that 13 of the 15 investors reviewed, who had exceeded the threshold of 1,000 euros or 5 percent of their net worth, had received the required additional risk warning. The platform also could not provide evidence of the investor assessment results and loss-bearing capacity calculations for 7 of the 15 investors. At another platform, where 4 of the 15 investors had invested more than 5 percent of their net worth, evidence that the additional warning had been provided was also missing.

Investor assessments fell short

The AMF found problems with the content of the investor assessments at all 5 platforms. One platform did not ask about experience with crowdfunding. Another let investors assess their own knowledge without actually testing it.

One crowdfunding platform let investors assess their own knowledge without testing it

The calculation of loss-bearing capacity did not always work properly either. One platform’s procedures included a calculation tool, but the platform did not provide it in practice. At another, the tool only calculated net worth, without using it to determine loss-bearing capacity.

Internal checks not carried out

The AMF also found differences between the checks platforms promised on paper and those they actually carried out. One platform completed only 8 of its 44 planned internal checks in 2024. In 2025, it completed 9 of 18. Conflicts of interest were not checked in either year, even though the platform had identified them as a major risk.

Complaints were not always handled properly either. At some platforms, acknowledgements were missing, complaints were registered late or no substantive response was provided.

Shares offered outside the scope of authorisation

One platform offered investors shares in a company, although its authorisation file only covered bonds. The AMF stresses that a platform must always stay within the terms of its authorisation. As the French financial regulator, the AMF oversees compliance with the rules. The report does not state whether the findings led to fines or other measures.

It is unclear whether the AMF’s findings led to fines