AMF France: Crowdfunding Platforms Reminded of Complaint Handling Rules

AMF France News

Published March 18th, 2026

Detected March 19th, 2026

Summary

The AMF France has issued a reminder to crowdfunding service providers (CSPs) regarding their obligations for handling investor complaints. This guidance clarifies requirements under EU and AMF regulations for establishing and maintaining effective complaint handling systems.

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What changed

The Autorité des Marchés Financiers (AMF) in France has issued a reminder to crowdfunding service providers (CSPs) concerning their regulatory obligations for handling investor complaints. This notice emphasizes the need for CSPs to have effective, transparent, prompt, fair, and consistent complaint handling procedures, accessible and free of charge to complainants. It references Regulation (EU) 2020/1503, Delegated Regulation (EU) 2022/2117, and AMF Instruction-Recommendation DOC-2012-07, detailing requirements for procedure formalization, investigation, and communication of replies.

CSPs must ensure their complaint handling systems are structured and comply with all specified requirements, including providing clear, honest, and traceable information throughout the process. This includes outlining appeal channels. Compliance officers at crowdfunding platforms should review their existing complaint handling procedures to ensure they align with the detailed requirements outlined in the referenced regulations and AMF recommendations. Failure to comply could result in regulatory scrutiny and potential enforcement actions by the AMF.

What to do next

Review and update internal complaint handling procedures for crowdfunding platforms to ensure compliance with EU Regulation 2020/1503, Delegated Regulation 2022/2117, and AMF Instruction-Recommendation DOC-2012-07.
Ensure complaint handling systems are accessible, free of charge, and provide clear, honest, and traceable information to complainants.
Verify that procedures include prompt, fair, and consistent handling of complaints and clear communication of justified replies.

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18 March 2026
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Crowdfunding: the AMF reminds platforms of their complaint handling obligations

The Autorité des Marchés Financiers (AMF) has noted an increase in the number of reports and alerts received from crowdfunding investors. The AMF recalls that crowdfunding service providers (CSPs) are subject to obligations in terms of handling complaints. These obligations not only entail setting up an appropriate internal system, that is accessible and free of charge for complainants, but also the provision of clear, honest and traceable information at every stages of the process.

The regulatory framework applicable to complaints handling

How CSPs handle client complaints is governed by three texts:

Regulation (EU) 2020/1503 requires, in particular, CSPs to have effective and transparent procedures for the prompt, fair and consistent handling of complaints, and to publish descriptions of those procedures;
Delegated Regulation (EU) 2022/2117 specifies in particular the content of the procedures, the arrangements for filing complaints, the requirements in terms of acknowledgement of receipt, the investigation of complaints, and the communication of a clear and justified reply within a reasonable period;
AMF Instruction-Recommendation DOC-2012-07 sets out the AMF's expectations in terms of organisation, monitoring, response times and information regarding recourse to the competent ombudsman. These texts must be applied in a complementary manner.

They lead CSPs to put in place a structured system covering all aspects of complaints handling, from the organisation of procedures to the provision of information to clients, including as to appeal channels, in accordance with the requirements summarised below.

Procedure formalisation and organisation

CSPs must have formalised, effective and transparent procedures for the prompt, fair and consistent handling of complaints.

These procedures must be set out in writing, organised in such a way as to provide a framework for the investigation of complaints, and allow complaints to be monitored in a formalised and traceable manner.

Information provision and complaint submission process

CSPs must provide their clients with information, in clear and plain language, on the complaints handling system, and in particular about:

how to submit a complaint;
the formats made available to clients;
the timeframe for processing a complaint.

Complaint acknowledgement and follow-up

An acknowledgement of receipt must be sent to the client within a set timeframe (maximum 10 working days) and have the specified content.

The client must be informed of the progress made in handing their complaint and, where applicable, of the estimated timeframe when the timeframe initially stated cannot be met.

Investigation and response to the complaint

Complaints must be duly investigated.

A clear reasoned response tailored to the specific case must be provided within a reasonable timeframe, which may not exceed two months from the date the complaint was sent.

Information about avenues of appeal

In the event of persistent disagreement, the client must be informed of:

the possibility of referring the matter to the competent ombudsman;
how to refer the matter to the ombudsman;
their contact details. In this respect, the absence of an acknowledgement of receipt, or a failure to respond to a complaint, a failure to respond to a request for information on its progress, a failure to indicate the estimated timeframe in the event the set timeframe is exceeded, or a failure to indicate the avenues for recourse available to the client are likely to constitute a breach of the applicable professional obligations.

CSP responsibility

Complaints handling is not limited to simply acknowledging receipt of a request. It implies appropriate internal organisation, efficient and transparent procedures, and obligations to provide information to clients. CSPs must be able to demonstrate the investigation work carried out and the consistency of the responses provided.

The existence of information subject to professional secrecy does not prevent a CSP from fulfilling its obligation to handle a compliant.

It should be noted, however, that in the case of crowdfunding, as with any risky investment, financial risk is not guaranteed by the service provider and is borne by the investor. An investment default, while regrettable and financially detrimental to the investors concerned, does not necessarily constitute a fault on the part of the service provider if it has duly complied with all its professional obligations, in particular with regard to the investment selection procedure and the provision of correct information to investors on the risks of the proposed investment.

In line with the work carried out under its "Impact 2027" strategic plan and the recently published action priorities for 2026, the AMF will continue to pay particular attention to compliance with these requirements in its supervisory work.