{"id":4029,"date":"2019-01-10T12:22:18","date_gmt":"2019-01-10T10:22:18","guid":{"rendered":"https:\/\/fintechbulgaria.org\/report-on-regulatory-sandboxes-and-innovation-hubs\/"},"modified":"2022-02-25T11:19:44","modified_gmt":"2022-02-25T09:19:44","slug":"report-on-regulatory-sandboxes-and-innovation-hubs","status":"publish","type":"post","link":"https:\/\/fintechbulgaria.org\/bg\/report-on-regulatory-sandboxes-and-innovation-hubs\/","title":{"rendered":"Report on Regulatory Sandboxes and Innovation Hubs"},"content":{"rendered":"\r\n<figure class=\"wp-block-image\"><img width=\"1024\" height=\"683\" class=\"lazyload wp-image-3180\" src=\"https:\/\/fintechbulgaria.org\/wp-content\/uploads\/2019\/09\/qtq80-4glmSe-1024x683.jpeg\" data-orig-src=\"https:\/\/fintechbulgaria.org\/wp-content\/uploads\/2019\/09\/qtq80-4glmSe-1024x683.jpeg\" alt=\"\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271024%27%20height%3D%27683%27%20viewBox%3D%270%200%201024%20683%27%3E%3Crect%20width%3D%271024%27%20height%3D%27683%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/fintechbulgaria.org\/wp-content\/uploads\/2019\/09\/qtq80-4glmSe-200x133.jpeg 200w, https:\/\/fintechbulgaria.org\/wp-content\/uploads\/2019\/09\/qtq80-4glmSe-300x200.jpeg 300w, https:\/\/fintechbulgaria.org\/wp-content\/uploads\/2019\/09\/qtq80-4glmSe-400x267.jpeg 400w, https:\/\/fintechbulgaria.org\/wp-content\/uploads\/2019\/09\/qtq80-4glmSe-600x400.jpeg 600w, https:\/\/fintechbulgaria.org\/wp-content\/uploads\/2019\/09\/qtq80-4glmSe-768x512.jpeg 768w, https:\/\/fintechbulgaria.org\/wp-content\/uploads\/2019\/09\/qtq80-4glmSe-800x533.jpeg 800w, https:\/\/fintechbulgaria.org\/wp-content\/uploads\/2019\/09\/qtq80-4glmSe-1024x683.jpeg 1024w, https:\/\/fintechbulgaria.org\/wp-content\/uploads\/2019\/09\/qtq80-4glmSe-1200x800.jpeg 1200w, https:\/\/fintechbulgaria.org\/wp-content\/uploads\/2019\/09\/qtq80-4glmSe.jpeg 1254w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p>The European Supervisory Authorities (ESAs, i.e. EBA, EIOPA and ESMA) have published the attached\u00a0<a href=\"https:\/\/eba.europa.eu\/documents\/10180\/2545547\/JC+2018+74+Joint+Report+on+Regulatory+Sandboxes+and+Innovation+Hubs.pdf\">Report &#8211; FinTech: Regulatory sandboxes and innovation hubs<\/a>, JC 2018 74 of 7 January 2019 under Article 9(4) of each ESA Regulation and following the Commission&#8217;s March 2018 FinTech Action Plan that mandates the ESAs to carry out an analysis of innovation facilitators and to identify best practices. The report contains a comparative analysis of the innovation facilitators established to date in the EU (21 EU Member States and 3 EEA States have established innovation hubs and 5 EU Member States have regulatory sandboxes in operation), including comparison of their objectives, legal bases, phases and interaction with other competent authorities. From this analysis, the ESAs have developed a set of best practices, which are intended to promote consistency in design and operation, foster regulatory and supervisory transparency and facilitate cooperation between national authorities in relation to innovation facilitators.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The best practices are intended to:\u00a0<\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li>promote consistency across the single market in the design and operation of innovation facilitators;\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul>\r\n<li>promote transparency of regulatory and supervisory policy outcomes from arising from interactions in the context of innovation facilitators; and\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul>\r\n<li>facilitate cooperation between national authorities, including consumer and data protection authorities.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>The report also sets out options to be considered in future EU-level work on innovation facilitators, including:<\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li>the development of ESA own-initiative guidance on cooperation and coordination between innovation facilitators; and<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul>\r\n<li>the creation of an EU network to connect innovation facilitators established at the Member State level which would support the scaling-up of FinTech across the single market.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>Link to the press release:\u00a0<a href=\"https:\/\/eba.europa.eu\/-\/esas-publish-joint-report-on-regulatory-sandboxes-and-innovation-hubs\" target=\"_BLANK\" rel=\"noreferrer noopener\">https:\/\/eba.europa.eu\/-\/esas-publish-joint-report-on-regulatory-sandboxes-and-innovation-hubs<\/a>\u00a0<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>The European Supervisory Authorities (ESAs, i.e. EBA, EIOPA and ESMA) have published the attached\u00a0Report &#8211; FinTech: Regulatory sandboxes and innovation hubs, JC 2018 74 of 7 January 2019 under Article 9(4) of each ESA Regulation [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3546,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[116],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.0 - 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