Services

Sanbox

Law 7/2020 of 13 November, for the digital transformation of the financial system, includes a set of measures that seek to accompany the digital transformation of the financial system and creates a controlled testing environment or regulatory sandbox.

The purpose of this regulatory sandbox is to implement, with all necessary guarantees, technologically-based innovation projects in the financial system (through new applications, processes, products or business models), provided they comply with the requirements of Article 5 of Law 7/2020. This implies, among other matters, that they are sufficiently advanced to be tested, entail a possible benefit for the users of financial services, facilitate regulatory compliance, increase the efficiency of entities or markets and/or provide mechanisms to improve regulation or financial supervision work.

This Regulatory Sandbox, which is coordinated by the General Secretariat of Treasury and International Financing, is managed by the respective competent supervisory authorities.

Access to the Regulatory Sandbox or the performance of tests within a pilot project does not, under any circumstances, entail the granting of an authorisation to start the exercise of a reserved activity or for the regular provision of financial services on a professional basis.

How to access the regulatory sandbox

Sponsors must submit the applications for access, within the established period, through the electronic office of the General Secretariat of Treasury and International Financing, in a standard form accompanied by a supporting report in accordance with the provisions of Article 6 of Law 7/2020.

The General Secretariat of Treasury and International Financing has published a guide for the submission of applications for access to the regulatory sandbox by the sponsors. The guide is available at the following link:

How to submit queries on the regulation

You can submit written queries electronically, regarding the regime, classification or application of sectoral financial regulation related to a case application of technology to the provision of financial services (Article 21 of Law 7/2020), through the electronic register:

How to submit queries on technological innovation

For queries regarding new applications, processes, products, business models and other issues related to technological innovation applied to the provision of financial services (Article 20 of Law 7/2020), use the following form: