On 7 December 2021, the International Organization of Securities Commissions issued a consultation report, The use of innovation facilitators in growth and emerging markets. The consultation report covers three types of innovation facilitators: innovation hubs, regulatory sandboxes, and regulatory accelerators. The consultation report proposes four recommendations for emerging market member jurisdictions to consider when setting up innovation facilitators.
The proposed recommendations cover four areas:
- Considerations prior to the establishment of innovation facilitators.
- Definition and disclosure of objectives and functions of innovation facilitators.
- Defined eligible entities and the criteria for application.
- Mechanisms for cooperation and exchange of information with both local and foreign relevant authorities.
The deadline for comments on the consultation report is 6 February 2022.