EU regulators publish report on Fintech sandboxes
17 de Enero, 2019
Tiempo estimado de lectura: 2 minutos
In recent years, the number of innovation facilitators in Europe, such as regulatory sandboxes and innovation hubs, has grown rapidly, reflecting the continued influence of fintech on financial services
Currently, 21 EU member states and three members of the European Economic Area (EEA) have established innovation hubs, while a further five EU states have regulatory sandboxes in operation. The report, which offers a comparative analysis of innovation facilitators, did not identify any issues within these environments that were atypical from traditional interactions between firms and regulatory bodies. The report also sets out best practices for the design and operation of innovation facilitators to provide support for national authorities considering establishing such initiatives.
Going forward, the ESAs highlight the need to promote coordination and cooperation between innovation facilitators across the EU. Previously, we noted that, while regulatory sandboxes can foster innovation, the added credibility acceptance into a sandbox provides creates an uneven playing field between those accepted and rejected. The current report echoes this concern and goes further by warning that consumers could perceive firms accepted into such initiatives as being endorsed by a regulator. While developing a harmonized fintech innovation scheme across the bloc is likely to be welcomed by fintechs, in its current form, the ESAs report doesn’t appear to amount to more than a rehashing of commitments and efforts we’ve seen from national bodies globally.
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