The European Supervisory Authorities (ESAs) has published a joint report on regulatory sandboxes and innovation hubs.
Its new report provides a comparative analysis of the innovation facilitators currently established across the EU. In addition to this, it outlined the best practices for the design and operations for these organisations.
According to the study, the number of ‘innovation facilitators’ in the EU has grown ‘rapidly’ over recent years. There are currently 21 EU Member States and three EEA States with established innovation hubs, and five Member States have regulatory sandboxes in operations.
After researching and analysis each of these institutions, the ESA complied the best practices.
In doing so, it hopes to promote consistency across the single market, promote transparency of regulatory and supervisory policy outcomes from arising from interactions and facilitate co-operation between national authorities, this includes consumer and data protection authorities.
The ESA has also offered options to be considered for the future of EU-level work on innovation facilitators, in order to boost cooperation and coordination between various facilitators. Its goal is to aid FinTechs scaling across Europe.
This analysis of innovation facilitators was carried out as an obligation of ESA under the European Commission’s March 2018 FinTech Action Plan.
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