The EU is set to introduce new requirements for intermediaries and creators

At present, there is no specific legislation on finfluencers, but how they might be regulated has been at the centre of discussions on the reform package promoted by the EU to strengthen the protection of retail investors, known as the Retail Investment Strategy. With differing positions amongst the three European institutions, the Commission and the Council taking a more conservative stance (they proposed a strengthening of transparency requirements for digital marketing without creating specific regulations for finfluencers), whilst the European Parliament has taken a more innovative stance.

It appears that the Parliament’s position has prevailed, at least according to the text published on 28 May on the Council’s website, on which the three institutions seem to have reached an agreement and which is expected to be the final version of the directive, due to come into force in the last two months of 2026.

“In particular,” explains Francesco Mocci, a partner at Advant Nctm, “whilst the directive recognises the positive role played by influencers in promotion financial education to a wider audience, is concerned with regulating marketing communications in a transparent manner, so as to highlight the link between intermediaries and financial influencers. With this in mind, it is envisaged that the role entrusted to a financial influencer (defined as any natural or legal person capable of influencing the behaviour, opinions or investment decisions of retail clients or potential retail clients, by virtue of their exposure, position or relationship with the public, and who carries out marketing communications or marketing practices on behalf of an investment firm) to promote certain products and services of the intermediary is to be governed by a specific written contract, specifying its nature and scope’.

Pending the text being put to a vote in the European Parliament for the final ratification of the agreement – with the parliamentary process due to be concluded next November – intermediaries may decide to start complying with the relevant requirements as of now.

“Financial intermediaries wishing to utilise finfluencers must take great care in selecting and rigorously monitoring content creators to avoid exposing clients to promotions of risky products,” notes the latest edition of the Politecnico di Milano’s Fintech Observatory. “Knowledge must also be deepened regarding training of the selected finfluencers and the methods they employ in managing risk across all their activities.”