Featured Product

    FCA Regulatory Sandbox Open for Applications to Cohort 6

    October 23, 2019

    FCA announced that it is accepting applications from firms for Cohort 6 of its regulatory sandbox until December 31, 2019. The sandbox is open to authorized firms, unauthorized firms that require authorization, and technology businesses that are looking to deliver innovation in the UK financial services market. FCA has identified two technology areas where it would like to see more innovation and testing. Thus, it is welcoming applications from firms using federated learning and traveling algorithms as well as complex scenario modeling and simulation.

    The regulatory sandbox allows businesses to test innovative propositions in the market, with real consumers. FCA has specified the eligibility criteria for application and is particularly interested in receiving applications from firms with the following propositions:

    • Make finance work for everyone by addressing issues around access, exclusion, and vulnerability
    • Support the UK in the move to a greener economy by responding to the challenges posed by climate change
    • Use technology to overcome regulatory challenges by helping regulated firms comply with their obligations

    To apply for cohort 6 of the sandbox, firms should review the eligibility criteria and submit the completed application form. The sandbox seeks to provide firms with the ability to test products and services in a controlled environment, reduced time-to-market at potentially lower cost, support in identifying appropriate consumer protection safeguards to build into new products and services, and better access to finance. The sandbox provides access to regulatory expertise and a set of tools to facilitate testing. The tools include restricted authorization, individual guidance, informal steers, waivers and no enforcement action letters. FCA closely oversees the development and implementation of tests. Sandbox tests are expected to have a clear objective and to be conducted on a small scale. Firms will test their innovation for limited duration with a limited number of customers.


    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Fintech, Regtech, Regulatory Sandbox, Climate Change, Scenario Change, Scenario Modeling, Cohort 6, FCA

    Related Articles

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News

    BaFin Consults on Resolvability Requirements for Resolution Planning

    The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.

    June 10, 2022 WebPage Regulatory News

    EBA Consults on Certain Standards and Guidelines Under CRR and BRRD

    The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.

    June 08, 2022 WebPage Regulatory News

    OJK Publishes Regulatory Updates for Financial Sector Entities

    The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)

    June 03, 2022 WebPage Regulatory News

    EU Publishes Rules on DLT and Data Governance

    The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).

    June 03, 2022 WebPage Regulatory News

    EBA Publishes Phase 2 of Reporting Framework 3.2

    The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications

    June 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8267