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Parliamentary questions
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10 July 2018
E-002532/2018(ASW)
Answer given by Vice-President Dombrovskis on behalf of the Commission
Question reference: E-002532/2018

Regulatory sandboxes take the idea of innovation hubs a step further by creating an environment where supervision is tailored to innovative firms or services. However, it should be clear that national competent authorities must apply relevant EU financial services legislation. However, some of these rules include a margin of flexibility to allow for a proportionate application.

In its communication on FinTech, the Commission invited the European Supervisory Authorities (ESAs) to map the existing innovation hubs and regulatory sandboxes across the EU, assess them in detail, identify good practices, and, if appropriate, issue guidelines by the end of 2018. Building on this work, the Commission will issue a report with best practices on regulatory sandboxes in 2019.

As this mapping exercise has just begun, it would be premature to draw any conclusion at this stage. In the coming months, the ESAs will describe and assess the various features of the existing sandboxes.

This will, in all likelihood, include operational elements such as the criteria used to select firms, whether and how clients are informed about the testing, as well as the duration of the test. In addition, the ESAs will also assess whether and how supervisors use the flexibility and proportionality embedded in EU rules in a sandbox.

Based on the work of the ESAs, the Commission will present a report with best practices for regulatory sandboxes by Q1 2019.

Last updated: 10 July 2018Legal notice