The Capital Markets Authority (CMA) is now ready to receive
applications from firms interested in joining its fintech incubating
platform after its board approved the policy guidance note that anchors
in law the regulations governing the platform.
The the
platform, known as a regulatory sandbox, is now set to go live with at
least 70 firms having expressed an interest to join.
“The
board of the CMA has approved the regulatory sandbox policy guidance
note setting the stage for the Authority to begin accepting applications
for admission of fintech firms to its regulatory sandbox,” said the CMA
in a statement.
“Where they are successful, applicants will have a 12-month
period to deploy and conduct live tests of their innovative products,
solutions and services.”
The guidance note will, among
other things, guide the CMA on when it can revoke or suspend an
applicant, and lays out the regulatory and enforcement actions to be
taken in the event of a participant's misconduct.
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