In its factsheet Finfluencer – Tipps für verantwortungsvolle Werbung, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht or Bafin) previously emphasised that advising others as to which investments they should make, or refrain from making, may amount to regulated investment advice.
By way of background, finfluencers will not ordinarily satisfy the statutory definition of investment advice because their recommendations are typically not based on an assessment of the investor’s personal circumstances or presented as suitable for that particular investor. Furthermore, the provision of investment advice will generally be excluded because finfluencers usually disseminate their recommendations exclusively through information distribution channels or to the public at large (please see also Bafin´s guidance notice on the constituent elements of investment advice (Merkblatt – Hinweise zum Tatbestand der Anlageberatung).
However, finfluencers may inadvertently cross the line whenever they engage directly with their audience, for example by responding to individual queries made in direct messages or comments. Finfluencers who host fan meet-ups, livestreams, webinars, chat groups or workshops, should be particularly alert to the risk of crossing the threshold into personalised investment advice. The provision of personalised recommendations amounts to investment advice and constitutes a regulated investment service for which prior authorisation from Bafin is generally required.
On 19 August 2026, the BaFin has now published an article entitled “Five Points to Note for Influencers”.
As is well known, finfluencers reach an audience of millions through their commentary on financial topics. A BaFin survey conducted in 2024 found that approximately 60 per cent of respondents aged 18 to 45 regard finfluencers as a viable alternative to professional advice.
Against this backdrop, BaFin makes clear that finfluencers are not operating outside the scope of the law. According to BaFin, finfluencers should, in particular, take the following five points into consideration:
1. Expertise. Any person who comments publicly on financial products should have a sound understanding of such products.
2. Transparency. Conflicts of interest and any form of inducement granted in return for promotion through social media channels must be disclosed. In this regard, BaFin draws attention to the potential criminal consequences should a failure to disclose constitute market manipulation.
3. Fairness. Finfluencers should provide fair, clear and not misleading information regarding risks and clearly differentiate between factual information and personal opinions. This is particularly relevant in relation to complex investment products and highly volatile crypto-assets. Finfluencers should also refrain from employing psychological techniques designed to manipulate their followers (such as creating a fear of missing out).
4. Legal compliance. Finfluencers are also subject to applicable licensing and registration requirements when carrying out investment services and activities, or ancillary services, on social media.
5. Risk awareness. Those who promote dubious products, platforms or applications must be prepared for potential regulatory consequences and may, where applicable, be subject to criminal liability.
BaFin intends to continue focusing on the activities of finfluencers and on collaborations between investment firms and finfluencers. Whilst BaFin does not consider there to be a need for additional regulation, it emphasises that existing regulatory requirements apply equally to content published on social media and, consequently, to finfluencers.
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