The FCA has published a web page regarding a proposed global sandbox.
The FCA is canvassing views on the merits of creating a global sandbox. This could potentially allow firms to conduct tests in different jurisdictions at the same time and allow regulators to work together and identify and solve common cross-border regulatory problems, through tests. Under such a model, testing could span two or more jurisdictions.
The FCA suggests that the global sandbox could focus on the following activities:
- invite applicants to address pre-identified challenges. Under this approach, participating regulators could set out areas where cross-border testing would be most beneficial, and invite firms to participate in the global sandbox to propose tests to explore these. Firms would benefit from having access to support from multiple regulators in the design and supervision of their test;
- support specific firms with cross border ambitions across any sector. The global sandbox could allow firms who have ambitions to grow at scale in different markets to bring their idea to market more quickly and easily, creating more effective competition; and
- seek to address policy and regulatory challenges. The global sandbox could convene joint events and/or papers on emerging trends and challenges to leverage the diverse experience of participating regulators and firms, and work toward consistent approaches.
The FCA is keen to hear from all interested parties on the viability of this proposal, and ideas for how regulators and other stakeholders can work together to take it forward. The deadline for sending views to the FCA is 2 March 2018.
View Global sandbox, 14 February 2018
