Canada    FinTech Guide    Chapter 5    France

5. Crowdfunding / Crowdinvesting / Crowdlending
France  France

Crowdfunding platforms are very popular and favorable due to political measures.

Legal Affairs

3 entities are in charge of crowdfunding's regulation:

  • the ACPR
  • the ORIAS “Organisme pour le Registre unique des Intermediaires en Assurance Banque et Finance” (Unique registry of intermediaries in insurance, banking, finance) that grants licenses for specific services)
  • the AMF

Each kind of crowdfunding needs a specific license.

Economic Conditions

France is the European leader for alternative financing, more specifically in Crowdfunding.

Example of crowdfunding entities:

  • Kickstarter
  • KissKissbankbank
  • Ulule


Recent regulation : 2014 that continues to evolve.

318% growth between 2013 and 2015 for online alternative financing services in France.>/p>

Contributing Authors

LERINS & BCW Avocats Associés

Christine Vialars
Paris, France

Laurent Julienne
Paris, France

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018