Sandbox regulatorio español: impacto en los promotores de los proyectos monitorizados por el Banco de España
Series: Occasional Papers. 2427.
Author: Concepción Fernández Zamanillo and Carolina Toloba Gómez.
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Abstract
The rapid pace of technological development poses significant challenges for regulatory and supervisory authorities worldwide. While digital financial innovation provides opportunities, it also entails considerable risks. To address these challenges, Spanish Law 7/2020 of 13 November 2020 on the digital transformation of the financial system establishes measures to promote financial innovation while ensuring the protection of financial services users, financial stability, market integrity and the prevention of money laundering and terrorist financing. The most notable measure is the establishment of a sandbox or controlled testing environment, as a tool to enhance the work of legislators and supervisors, while promoting the innovative ecosystem.
This paper describes the operation, phases and eligibility criteria of the Spanish regulatory sandbox. Next, it analyses the impact of participating in the controlled testing environment on the promoters whose projects have been monitored by the Banco de España, their experiences, how their projects have evolved, and presents their suggestions for improving the instrument. Finally, it describes alternative direct communication channels for interacting with supervisory authorities.