The UKNF is trying to develop a legal tool to test new FinTech solutions in accordance with the law—the Regulatory Sandbox. The Regulatory Sandbox project, initiated by the UKNF in 2018 as part of works on the new approach of the supervisory authority to the topic of financial innovations (FinTech), will consist in remodelling the topic.
The Regulatory Sandbox will be designed using EU funds:
October 2018. In October 2018, the UKNF and the Ministry of Finance applied to the European Commission (EC) for EU funds for the implementation of the project in cooperation with the Ministry of Finance within the third round of the Structural Reform Support Programme 2017–2020. Regulation (EU) 2017/825 (SRSP Regulation), to be coordinated by the Ministry of Entrepreneurship and Technology and financed by the EC.
To the extent relating to the UKNF, the project includes supporting the development of the regulatory sandbox in cooperation with business, legal and technical experts providing their assistance under a contract with the external contractor, i.e. the European Bank for Reconstruction and Development (EBRD), responsible for the supervision over the project.
March 2019. On 1 March 2019, the UKNF and the Ministry of Finance received confirmation of the support for the project ‘Feasibility study on innovative technological solutions in the Polish financial market and identification of any legal, regulatory and supervisory impediments to its use, especially regarding DLT and RegTech (#FinTech) & sandbox.’
July 2019. On 4 July 2019, the EBRD, as the institution using the funds of the EC under the SRSP, completed the selection of offers from consortia for the implementation of the Regulatory Sandbox project under the SRSP.
The first activities under the project are planned for the early fourth quarter of 2019.
The project of regulatory sandbox is suspended until completion of the project PWRS.
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