SFE members’ views sought on FCA Innovate’s new Global Sandbox initiative
The Financial Conduct Authority have published a short update on a new FCA Innovate initiative – the global sandbox.
It’s an idea to bring interested firms and international regulators together to collaborate on common areas of interest related to innovation. This could include concurrent testing and launching across multiple jurisdictions for firms, supporting specific firms with cross border ambitions across any sector or addressing pre-identified global regulatory and policy challenges.
FCA Innovate sees the potential to support firms wishing to test and enter new markets with innovative products that could benefit consumers, in addition to promoting greater collaboration and cooperation between regulators on mutual areas of interest. It would, of course, need to function within existing (and future) national and multinational legal frameworks.
The creation of a global sandbox is ambitious and raises a number of questions about how this will operate in practice and what the global sandbox could most usefully deliver. FCA Innovate are keen to hear from Scottish Financial Enterprise members about how this could work.
They are seeking initial comments on the following questions by Friday 2 March, with the view of providing a further update later in March 2018.
- Are you an organisation with an interest in testing in more than one jurisdiction? If so, what challenges do you face and how might a global sandbox help?
- Do you feel that the proposal outlined above would assist firms in launching innovative products?
- Which jurisdictions would be most important to include in a global sandbox?
- What regulatory challenges or topics should be targeted?
- How would an application process work for firms looking to apply to be considered for the global sandbox?
- Are there opportunities for multilateral virtual testing, in addition to live testing and would these be useful?
- Do you have any other suggestions as to how a global sandbox might work?
Please go to the FCA website here for more details and to answer the questions.