Atypical Investments and Related Services

Atypical Investments and Related Services


The ICC (International Chamber of Commerce) Code of Advertising and Commercial Communications contains general provisions recognised by all professionals: Article 1 – Basic Principles, Article 4 – Honesty and Article 5 – Truthfulness

The purpose of this Recommendation is to set out the rules that advertising professionals (advertisers, agencies, the media, advertising sales houses and media, and corresponding members such as professional organisations) have chosen to adopt to ensure that advertising for certain products and services, as defined below, incorporates a concern for social responsibility.

To this end, the professionals undertake to communicate on this subject in a responsible manner, by developing and distributing advertising that reconciles the freedom of expression of advertising with the protection of the public, in particular the public that is vulnerable or lacking in information when faced with these types of investments.

Professionals undertake to comply with the following ethical rules, without prejudice to :

  • the legislative and regulatory texts applicable to the products or services referred to below ;
  • all the rules contained in the ARPP Recommendations, in particular the provisions of the ARPP Recommendation on Sustainable Development, the ARPP Recommendation on Digital Advertising Communication and the various practical information sheets, in particular the one on communication by influencers and brands;
  • the prior review by the Autorité des marchés financiers (AMF) of promotional communications for miscellaneous goods within the meaning of Article L. 551-1 of the Monetary and Financial Code, in accordance with the procedure for registration and preparation of an information document to be filed with the AMF by intermediaries in miscellaneous goods, as set out in AMF Instruction DOC-2017-06, amended on 11 March 2020, which was issued pursuant to Article 441-3 of the AMF General Regulation.

Before any advertisement is disseminated, it is advisable to ensure, depending on the financial product(s) being promoted, that :

  • The professional is on the list of players authorised to carry out banking, financial, electronic money and payment services activities, available on the REGAFI website (
  • The financial investment adviser (FIA) or insurance intermediary (IA) to whom reference may be made is listed on the Orias website (, which is the sole register of insurance, banking and finance intermediaries.

You should also consult

  • The AMF’s “white list” of general asset offers, which can be used to check the required registration.

In the case of intermediaries dealing in miscellaneous goods, their offers must be registered with the AMF in accordance with the procedure set out in Article L.551-3 of the Financial Markets Code.

  • The AMF’s “Miscellaneous goods” blacklist of unauthorised players and sites

Scope of application

This Recommendation covers what are known as atypical investments, in particular investments in various assets involving investment in types of investment other than traditional financial investments. They generally offer a performance, a return, a capital gain on resale, etc., in sectors as diverse as letters and manuscripts, works of art, solar panels, stamps, wine, gold, precious metals, rare metals, diamonds or other niche sectors.

This includes advertisements promoting related products or services falling within the scope explained above, whatever their form or format, and whatever their medium of distribution.


1. Identification

1.1 Identification of advertising

Advertising must be clearly and immediately distinguishable, without ambiguity, as such, whatever the form and medium used.

When an advertisement is broadcast in media that also include news or editorial articles, it must be presented in such a way that its advertising nature is instantly apparent.

1.2 Identification of the advertiser and guarantor

The advertiser behind the advertisement must be clearly identified or identifiable by any means appropriate to the medium concerned.

Where the format, technique or advertising medium does not allow this information to be included in the advertisement itself, it will be made directly accessible by any means.

The advertisement must enable the consumer to ascertain, directly or indirectly, that the advertiser is authorised to offer the type of product or service promoted in the advertisement.

The French regulator may only be cited in advertising if permitted by and in compliance with the regulations in force. Such quotation must not be presented in an abusive or misleading manner and must not give the impression of approval or endorsement.

1.3 Identification of the product or service advertised

The name of the goods or services referred to in the advertisement must comply with the official definitions where they exist. Where applicable, the names used in the advertisement to describe the goods or services must be commonly accepted and understandable by the average consumer.

2. Clarity, fairness and truthfulness of advertising

Advertising falling within the scope of this Recommendation must comply with the principles of clarity, fairness and truthfulness and, in particular, must not denigrate other sectors, products or services, whether regulated or not.

2.1 Balance of advertising

All advertising must be balanced between, on the one hand, the presentation of the performance (gains, returns, including in visual or graphic form) of the product or service and, on the other hand, the potential risks involved in taking out the product or service.

This balance in advertising implies the presence, in all advertising, whatever the medium used, of clear, intelligible and perfectly legible and/or audible information on the risks specific to the activity or product(s) targeted. The level of risk may vary and may even lead to a total loss of the investment.

When the presentation of these risks is expressed in writing, it must be distinguished by any means from other information (and, in particular, must not be placed next to other information), unless this is technically impossible due to the format. When spoken, an audible statement must be clearly distinguishable from all other information.

Advertising must not give the impression that the consumer is not taking any risk and/or that his risk is limited.

In accordance with the regulations applying to intermediaries in various goods [1] , sales pitches may not mention only one positive feature of the offer. In addition, information about the past performance of investments made during previous offers or during the current offer must not constitute the central theme of the information communicated.

2.2 Promise of results and figures

Figures, such as prices and quotations for the properties advertised, must comply with the principle of veracity and be based on objective, relevant and verifiable information.

Returns/gains (particularly in absolute terms or as a percentage) should not be presented as systematically achievable, easily acquired or as recurring, thereby concealing the risk factor.

Advertising must not imply that the training offered will enable consumers to acquire the same level of expertise in the sector as the professionals concerned.

Finally, advertising must not imply that the skills, experience or training provided to consumers will enable them to eliminate the risks associated with the investments covered by this Recommendation.


1. Social responsibility

“All commercial communication must be conceived with a fair sense of social and professional responsibility” Art.1 of the International Chamber of Commerce Code relating to advertising and commercial communications.

Thus, advertising for products or services falling within the scope of the Code must not, whether in written, audio or visual form:

  • minimise the risks ;
  • present the use of these products or services as gambling, or draw an analogy between gambling and the products or services covered by this Recommendation;
  • confer social superiority on a person using these products or services;
  • promoting, trivialising or encouraging excessive use of these products or services which could put the consumer in a difficult financial situation;
  • Suggest that using these products or services will enable the consumer to earn a regular income or solve temporary or permanent financial problems;
  • give the impression of excessive material wealth, abundance, disproportionate gains or returns, the possibility of making a fortune or becoming rich without work or effort.

Advertising must not denigrate savings products with regulated interest rates or lower-risk products.

2. Protection of minors

Advertising for such products or services should not be directed to minors, given their legal inability to access or subscribe to them.

It will not be able to use visual, sound or written elements making it specifically attractive for minors.

Direct or suggested representation of minors in a situation of training or use of these products or services, whether accompanied by adult(s), or testifying about these products, is excluded.

July 2023

[1] AMF Instruction – DOC-2017-06 – Registration procedure and preparation of an information document to be filed with the AMF by property intermediaries.