MiCA Era: AMF Clarifies When Crypto-Linked ETNs Can Be Marketed

France’s Autorité des marchés financiers (AMF) has announced targeted changes to its policy on complex financial products in response to the entry into application of the EU Markets in Crypto-Assets Regulation (MiCA) and the emergence in Europe of financial products backed by or linked to crypto-assets. The AMF’s communication also reiterates a core risk point: crypto-assets can experience sharp price fluctuations. 

The AMF’s complex-products policy is designed to reduce information asymmetry between retail investors and product producers or distributors. Historically, where a security failed one of the AMF’s criteria, the regulator required promotional marketing materials to display a dissuasive warning stating that the AMF considers the product too complex for retail marketing and has therefore not reviewed the marketing materials. 

Against growing retail interest in crypto-assets—whether held directly or via financial products—the AMF now clarifies its positions (DOC-2010-05 and DOC-2013-12) to reflect the fact that certain crypto-assets, when they meet predefined conditions, are no longer considered unusual for retail clients. In practical terms, the change means that exchange traded notes (ETNs) linked to crypto-assets may, under strict conditions, be marketed without that dissuasive warning—while remaining classified as complex products. 

To access this flexibility, four cumulative safeguards apply: (1) the instrument must fall under the regulated investor-protection framework applicable to financial instruments (including target market requirements); (2) the underlying crypto-assets must meet minimum size and liquidity thresholds and be tradable on a MiCA-authorised platform; (3) the product must have no leverage or discretionary component; and (4) the exposure and custody arrangements must be structured through specified regulated pathways, including MiCA-authorised custody for crypto-assets. 

The AMF states it will review this policy change in the first half of 2027.

Source: The AMF adapts its policy on complex financial products in response to the rise of crypto-assets | AMF