Skip to Main Content
The REGTECH Book
book

The REGTECH Book

by Janos Barberis, Douglas W. Arner, Ross P. Buckley
August 2019
Intermediate to advanced content levelIntermediate to advanced
392 pages
14h 11m
English
Wiley
Content preview from The REGTECH Book

Sandbox Games for RegTech

By Dominik Witz

Head of Banking Compliance and RegTech, Swisscom

On 2 August 2017, the rules for the license-exempt innovation space, the so-called sandbox, came in to force in Switzerland. Their purpose is to promote financial innovation and to improve the competitiveness of Switzerland as a financial centre. This chapter discusses this new proposition and examines its potential for the testing of RegTech solutions.

Regulatory Sandbox in the Stricter Sense

Through changes to the Swiss Banking Act and the Swiss Banking Ordinance, the shortcomings of the previous regime shall be addressed. So far, a Swiss financial service provider required a banking license approval as soon as it accepted more than 20 public deposits. Unless it could rely on one of the limited exemptions, it needed to seek authorization and subsequently ensure continuous compliance with the regulatory requirements. To abolish this obstacle to innovation, the new regulation establishes an approval-free room for innovation, the so-called ‘regulatory sandbox’. The regulatory sandbox allows financial service providers to offer new business models, products, and services and test their effectiveness, without having to seek approval and continuously ensure compliance with the regulations as well as without being supervised and monitored by the Swiss Financial Market Supervisory Authority (FINMA) in doing so.

Under the new rules, the parties eligible for the regulatory sandbox shall meet ...

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Start your free trial

You might also like

The PAYTECH Book

The PAYTECH Book

Susanne Chishti, Tony Craddock, Robert Courtneidge, Markos Zachariadis
The INSURTECH Book

The INSURTECH Book

Sabine L.B VanderLinden, Shân M. Millie, Nicole Anderson, Susanne Chishti
The WEALTHTECH Book

The WEALTHTECH Book

Susanne Chishti, Thomas Puschmann

Publisher Resources

ISBN: 9781119362142Purchase book