FR/08/2025最终影响因素

EXECUTIVE SUMMARY4 CHAPTER 1: INTRODUCTION7 1.1 Objectives of this Final Report-Finfluencers9 CHAPTER 2: THE ROLE OF FINFLUENCERS AND THEIR ECOSYSTEM11 2.1 The rising popularity of finfluencers and their potential benefits112.2 How finfluencers get their message out132.3 Types of information disseminated14 CHAPTER 3: FINFLUENCER ACTIVITIES AND ASSOCIATED RISKS15 3.1 Finfluencers activities153.2Risks from finfluencers15 CHAPTER 4: THE CURRENT REGULATORY LANDSCAPE23 4.1 Defining a “Finfluencer”23 4.2 General regulatory frameworks, codes of conduct and guidelines26 4.3 Regulatory frameworks, management of conflicts of interest andappropriate disclosures31 4.3.1 Supervision on disclosure and disclaimers324.3.2 Regulatory frameworks for intermediaries using finfluencers344.3.3 Contractual arrangements and remuneration schemes betweenfinfluencers and market intermediaries36 CHAPTER 5: CURRENT SUPERVISORY AND ENFORCEMENT APPROACH,INCLUDING INTERNATIONAL COOPERATION39 5.1 Enforcement actions against finfluencers405.2 Supervisory and enforcement actions against marketintermediaries495.3 Cross jurisdictional activities and enforcement50 6.1 Investor education initiatives536.2 Educational programs for finfluencers59 CHAPTER 7: PROPOSED GOOD PRACTICES61 7.1 Proposed good practices for securities regulators617.2 Proposed good practices for market intermediaries and finfluencers637.3 “Tips” for retail investors65 APPENDIX68 List of IOSCO members that completed the survey68Consultation Questions for Finfluencers Report70Summary of Feedback and IOSCO responses71 Finfluencers are individuals who leveragesocial media platforms to shareinvestment-relatedcontent,rangingfromgeneralfinancialeducationtospecific stock recommendations.1They often present themselves as experts,sharing personal experiences, market analysis, and investment tips in anengaging and accessible manner. Their increasing prominence is transforming how retail investors, particularlyyounger generations, make investment decisions. While they play a significantrole in popularizing financial topics and expanding access to investmentinformation, their activities also introduce new risks to retail investors. Theserisks include the possibility of spreading misleading or biased information,promotion of higher-riskor complexproducts, and inadequate disclosure ofany conflicts of interest. ThisFinfluencers Final Report (Final Report)by the International OrganizationofSecuritiesCommissions(IOSCO)explorestheevolvinglandscapeoffinfluencers, the associated potential benefits and risks, and the currentregulatoryresponses across jurisdictions. It highlights that many finfluencersare not familiar with traditional financialregulatoryframeworks and may operateoutside them(either in non-compliance with securities laws orsuch regulatoryframeworks do not apply to their activities), posing challenges for enforcementand oversight. TheFinal Report identifies potential gaps inregulatorycoverage,particularly for unregistered individuals whoinfluenceretail investors withoutthe professional qualifications or oversight required of registered investmentadvice professionals. Additionally, the global reach of social media complicatesjurisdictional oversight and enforcement, necessitating enhanced internationalcooperation amongsecurities regulators. Despite these challenges,securities regulators in various jurisdictions havebegun to address the finfluencer phenomenon through a mix of supervisoryactions, enforcement measures, and educational initiatives. TheFinal Reportoutlines examples of enforcement actions taken against finfluencers andmarket intermediaries that use finfluencers to promotetheir products. Theseactionsincludecease-and-desistorders,financialpenalties,andpublicwarnings aimed at deterring misconduct and protecting investors. Moreover,some jurisdictions are adapting their existingregulatoryframeworks to betterencompass the activities of finfluencers, particularly around issues of licensing,disclosure, and conflicts of interest management. Education plays a crucial role in mitigating the risks associated with finfluencers.TheFinalReport details various investor education initiatives undertaken bysecurities regulators, which include social media campaigns, interactive tools,and collaborations with educational institutions to raise awareness of thepotentialpitfallsoffollowingfinfluenceradvice.Forfinfluencers,somesecurities regulators have developed targeted educational content to improvetheir understanding of legal and ethical standards, emphasizing the importanceof transparency and balanced communication. To address the emerging challenges posed by finfluencers, thisFinalReportproposes a comprehensive set of good practices forsecurities regulators,market intermediaries, and finfluencers themselves. These proposed goodpractices aim to foster a more transparent and accountable environment inwhich finfluencers operate incompliancewith securitiesregulations, incl