Spain: Regulatory Sandbox to be launched shortly

Following in the UK's footsteps, Spain is now also about to launch its own regulatory sandbox. A regulatory sandbox allows businesses to test innovative products, services, business models and delivery mechanisms in a live environment while ensuring that consumers are appropriately protected.

The Spanish financial services regulator, the "Secretaría de Estado del Tesoro", is currently drafting the regulation to establish the regulatory sandbox in Spain. The Madrid office of Hogan Lovells has worked jointly with the Spanish FinTech and InsurTech Association (AEFI) to establish the sandbox, co-operating with the regulator to draft an efficient and appropriate law.

Like its British counterpart, the aim of the Spanish regulatory sandbox is to foster competition and growth in financial services by supporting small and large businesses that are developing products and services that could improve customers' experiences and outcomes.

For more on the Spanish project, take a look at this article on HL Engage (registration required).

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