Niels Rogge, Sinan Vanden Eynde

The legal implications of disclaimers used by finfluencers

WP 2023-15

The emergence of “finfluencers” in the financial sector has raised critical concerns regarding their influence, particularly in light of high-profile cases involving celebrities and regulatory scrutiny. A noteworthy trend among finfluencers is the routine use of disclaimers emphasising their non-financial advisory role. This article critically explores the legal risks from a financial law perspective that finfluencers seek to avoid with such disclaimers and the efficacy of such disclaimers in limiting or exempting finfluencers from civil liability. The analysis includes a specific focus on finfluencers specialising in crypto-assets, acknowledging the distinct regulatory challenges in this domain. The conclusion underscores the importance for finfluencers to exercise caution in their communications, emphasising that reliance on disclaimers alone may fall short in shielding them from potential administrative penalties and civil liabilities.

This working paper is a draft of a chapter that will appear in J. KERCKAERT and S. GEIREGAT (eds.), Social Media Influencers and the #Law, Heverlee, LeA Uitgevers, 2024.