Regulator is launching a new regulatory ‘safe space’ for testing new tech
The Financial Conduct Authority (FCA) has
said that it will welcome firms wishing to test new ideas for
meeting the technical requirements under sweeping regulatory
directive Mifid II in its new 'sandbox’
"Firms will always find better and/or more
effective ways to do business, and provided they meet the
eligibility criteria, we welcome these firms to test their
ideas in the sandbox," Christopher Woolard, director of
strategy and competition at the British regulator told FOW.
"MiFID is a vast piece of regulation
covering many different areas, so it’s difficult
to anticipate what specific business opportunities industry may
wish to pursue. Many aspects of MiFID are evolutionary, as
opposed to revolutionary, but that doesn’t mean
that there are no areas for dynamic change," he added.
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