In brief
FinTech regulatory sandbox: 1) adoption of the regulations implementing the administrative procedures and the procedural phases of the experimentation, and 2) publication of FAQs on the experimentation
In connection with the opening of the first window for the presentation of FinTech projects in order to participate to the FinTech regulatory sandbox, which started on 15 November 2021 and will last until 15 January 2022 (read here our latest Newsletter), the three Italian supervisory authorities in charge of running the experimentation, the Bank of Italy, the Consob, and the IVASS, issued a set of regulations that implement the administrative procedures required in connection with the admission to the FinTech regulatory sandbox and the other procedural phases of the experimentation (e.g., the termination of the experimentation), the “Implementing Decrees”.
Each Italian supervisory authority is competent for the experimentations relating to the relevant regulated industry (e.g., the Bank of Italy for the banking and payment industries, the Consob for the investment services industry, and the IVASS for the InsurTech industry), and the Implementing Decrees apply accordingly. The Bank of Italy’s Implementing Decree is available here, while the form for the application is available here. The Consob’s Implementing Decree is available here, while the form for the application is available here. The IVASS’ Implementing Decree is available here, while the form for the application is available here.
On a related note, each Italian supervisory authority published a set of FAQs on the FinTech regulatory sandbox: the Bank of Italy’s FAQs are available here, the Consob’s FAQs are available here, and the IVASS’ FAQs are available here.
For further information on the implementation of the FinTech regulatory sandbox, please kindly refer to our Alert of 23 July 2021.
