The most demanding regulatory framework on the market
The Caption Group comprises two regulated entities: Caption SA, an ACPR-licensed Investment Services Provider, and Clint Capital, an AMF-licensed Asset Management Company.
Two licences, optimal coverage
This dual regulatory status -- ACPR-licensed ISP and AMF-licensed AMC -- covers the entire value chain: structuring, placement and fund management.
Caption SA -- ISP
Investment Services Provider licensed by the French Prudential Supervisory Authority (ACPR).
- Order Reception-Transmission (RTO)
- Non-guaranteed placement
Clint Capital -- AMC
Asset Management Company licensed by the French Financial Markets Authority (AMF). 100% subsidiary of Caption SA.
- Retail fund management (FCPR)
- Professional fund management (FPCI, SLP)
Investor member protection
Client categorisation
Each investor is classified under MiFID: retail client, professional client or eligible counterparty. This categorisation determines the applicable level of regulatory protection.
Product governance
Each deal undergoes a product governance process: target market definition, risk identification, compliance validation before any distribution.
Anti-money laundering
Systematic KYC/KYB
Identity verification of every investor (Know Your Customer) and every funded company (Know Your Business). Documents collected and verified before any transaction.
TRACFIN
Caption is subject to reporting obligations to TRACFIN. Any suspicious transaction is reported within the regulatory timeframe.
Scoring
A scoring system evaluates the risk level of each client and each transaction. Alerts are handled by our compliance team.
ISP vs CIF vs ECSP
Three statuses, three levels of requirements. The ISP offers the most comprehensive regulatory framework for investment services in France.
| PSI | CIF | PSFP | |
|---|---|---|---|
| Supervisor | ACPR + AMF | AMF (via association) | AMF |
| Minimum capital | EUR 50,000 to EUR 125,000 | None | EUR 25,000 |
| Fundraising cap | None | N/A (no fundraising) | EUR 5M / project / 12 months |
| Investment advice | |||
| Non-guaranteed placement | |||
| RTO | |||
| MiFID protection | Partial | ||
| Client fund custody | |||
| European passport | |||
| Permanent own funds |
Frequently asked questions
An Investment Services Provider (ISP, or PSI in French) is a company licensed by the ACPR to provide investment services: order reception-transmission and non-guaranteed placement. Caption SA is a licensed ISP under CIB number 18683.
The ISP (ACPR-licensed) offers the most comprehensive regulatory framework for investment services. The CIF (ORIAS-registered) is limited to advisory. The ECSP (AMF-licensed) is reserved for crowdfunding with a EUR 5M per project cap.
The ACPR conducts regular compliance audits of Caption: capital adequacy, MiFID compliance, internal controls, AML-CFT and TRACFIN. Caption is subject to the same prudential requirements as banking institutions.
MiFID (Markets in Financial Instruments Directive) is the European directive governing investment services. It imposes obligations of transparency, investor protection, product governance and more. Caption is fully compliant.
No. Investing in unlisted assets is not guaranteed and carries a risk of partial or total capital loss. Invested funds are not covered by deposit guarantee schemes. Each deal details its specific risks in its investment memo.
KYC (Know Your Customer) is the mandatory identity verification process for every investor. Caption verifies your identity, address, source of funds and investor profile in compliance with AML-CFT (Anti-Money Laundering) obligations.
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Invest with a licensed ISP
Caption provides the highest level of regulatory protection for your unlisted investments.