CMA is now ready to receive applications from firms interested in joining its fintech incubating 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 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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