Law360, New York (September 20, 2016, 10:07 AM EDT) -- On May 9, 2016, the United Kingdom regulator, the Financial Conduct Authority, opened its "regulatory sandbox" scheme to financial services firms and technology companies. The regulatory sandbox will provide a "safe space" for firms accepted on to the scheme to test innovative products, services, business models and mechanisms of delivery, while ensuring that consumers are adequately protected and without immediately incurring all the usual regulatory consequences of engaging in the activity in question. The regulatory sandbox initiative is part of the FCA's "Project Innovate," which began in October 2014, to encourage innovation in the interests of consumers and to promote competition through innovation. Applications for the first cohort of the sandbox closed on July 8, 2016. The current plan is to run two cohorts per year. The sandbox is unique and the FCA is the first regulator to launch a program of this nature anywhere in the world. Accordingly, the results of this experiment are being closely watched by regulators across the globe....
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