On August 3, 2017, the Autorité des marchés financiers (the “Authority”) published an updated version of its Notice relating to the operation of marketplace lending platforms (pdf - 41 KB)This link will open in a new window. This new notice is the result of recommendations made by the Authority’s Fintech Working Group, whose mandate is to analyze fintech developments and anticipate related regulatory and consumer protection issues.
In particular, the Authority considers platforms that provide an opportunity to invest in loans to involve one or more forms of investment referred to in the Securities Act. Where a platform is involved in these activities, it must be registered with the Authority as a securities dealer and prepare a prospectus subject to a receipt issued by the Authority, unless the platform benefits from a prospectus exemption.
See the notice for details on all the issues covered by the Authority.
Please note that this updated version replaces the notice published in the Bulletin of the Authority dated December 19, 2008.