Regulatory Sandbox in Italy: applications for admission opened on November 15th
The time slot for the submission of applications for the simplified regime of testing of FinTech services and products has opened on 15 November 2021.
Thanks to the Sandbox, companies operating in the FinTech industry will have the opportunity to test their innovative business models by applying the regulatory exemptions granted by the competent supervisory authorities for a limited period of time (no more than 18 months).
By virtue of the Regulatory Sandbox, the lawmaker seeks to promote and support the development and evolution of the Italian market through the introduction, in a favourable environment, of innovative products and services in the banking, finance and insurance sectors while ensuring an adequate level of consumers’ protection in compliance with the principles of free competition.
The following short paper provides a brief background on the requirements and procedure for admission to the simplified testing regime.