As France’s AMF announces the incorporation of its advertising ban in the Sapin II, football clubs cancel their deals with firms offering high-risk financial products. Will all French Football Clubs Binary Options partnerships cease?
13 January, AtoZForex – A couple of days ago the Autorité des marchés financiers (AMF) announced that the proposed ban on digital advertising of Forex and Binary Options was incorporated in the Sapin II law. Following the news, the number of French football clubs that have terminated their partnership with trading firms has increased.
Football Clubs Binary Options partnerships cease
The recently implemented measures prohibit all forms of sponsorship and partnership in which there is advertising, direct and indirect, of high-risk financial products. Because of these requirements, sports teams partnering with Forex and Binary Options brokers now have to cancel their agreements.
Although the law enables sports clubs to end partnerships until the 30th of June 2017, French football clubs do not seem to be ready to wait for the deadline to come. Rather, they would prefer to finish the contracts soon. According to the report by Challenges.fr, five of France’s Premier League football clubs already ended their partnership deals with online trading companies before the end of 2016.
The list includes such teams as PSG, Olympique Lyonnais, and OGC Nice. These specific football clubs were in partnership with binary options brokerages including OptionWeb, 24option.com, and InteractiveOption.com. When clubs and brokerages concluded the agreement the regulator had not banned advertising of risky financial products yet.
Banc De Binary and Southampton FC deal
Interestingly to note, none of the football clubs wanted to confess that they terminated the deals due to the law. Yet, all of them admitted that they were aware of the rules envisaged.
This trend of football clubs canceling partnerships with binary options brokerages can also be seen outside of France. UK Southampton FC ended its sponsorship deal with Banc de Binary in September. In addition, CySEC has recently announced that the firm renounced its license with the regulator.
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