Regulatory Sandbox

You have an innovative financial service, its presentation or business model? You may test it in a particular environment – apply to the Regulatory Sandbox!

Benefits

What is it for?

The Regulatory Sandbox is open to all financial service companies that want to introduce an innovative financial service or business model, regardless of whether they are subject to supervision or are newcomers. This is a place for innovative solutions and models that either have not been offered in Latvia until now or are not protected by the current regulation.

Regulatory Sandbox: Action Steps

1. Application

Information on the applicant and a detailed description of innovative services.

3. Development of test plan

FCMC in cooperation with the applicant draws up a test plan and sets the period of testing.

5. Assessment of the test and further actions

The applicant submits testing results and information on the achievement of the target (risk assessment, procedurs etc.).

If the test is successful, FCMC removes operational restrictions (if any), and the applicant is entitled to provide the chosen service fully in accordance with the regulatory enactments.

2. Evaluation of application

FCMC evaluates the application and gives an opinion on the compliance of applicant's innovative financial services with the principles of Regulatory Sandbox.

4. Testing

3 to 6 months, possibility to extend to 12 months.

The applicant provides regular reports on the implementation of the plan, risk assessment, information on the development of the required (missing) mesures and testing results.

Regulatory Sandbox: Action Steps

Information on the applicant and a detailed description of innovative services.

FCMC evaluates the application and gives an opinion on the compliance of applicant's innovative financial services with the principles of Regulatory Sandbox.

FCMC in cooperation with the applicant draws up a test plan and sets the period of testing.

3 to 6 months, possibility to extend to 12 months.

The applicant provides regular reports on the implementation of the plan, risk assessment, information on the development of the required (missing) mesures and testing results.

The applicant submits testing results and information on the achievement of the target (risk assessment, procedurs etc.).

If the test is successful, FCMC removes operational restrictions (if any), and the applicant is entitled to provide the chosen service fully in accordance with the regulatory enactments.

Applicants

What service is suitable for testing in the Regulatory Sandbox?

  • the service would be more beneficial, inexpensive and simpler for the consumer;
  • individual intermediate steps would be excluded from the traditional supply chain (e.g., excludes the card scheme);
  • the innovative service idea in the financial market could potentially result in a response from the traditional market participants, either by improving their service or by adopting the new innovative business model;
  • customers would have access to a financial market share that has not usually been available to them.

Application form for the Regulatory Sandbox

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1. Information on the applicant

2. Information on the innovative financial service

3. Brief description of eligibility criteria

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Types of activities

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