| المحتويات CONTENTS | |||
|---|---|---|---|
| Subject | الصفحة Page | الموضوع | |
| 1. | Introduction | 3 | 1. المقدمة |
| 2. | Objective | 5 | 2. الهدف |
Circular No.: 6/2023 Date: 31/12/2023 To: All Licensed Financial Institutions Subject: Sandbox Conditions Regulation
| # 1. INTRODUCTION 1.1 One of the Central Bank's objectives, as mandated by the Central Bank Law is to organise Licensed Financial Activities, establish the foundations for carrying them on, and determine the standards required for developing and promoting prudential practices in accordance with the provisions of the Central Bank Law. 1.2 A regulatory sandbox is a supervisory tool which enables its Participants to test innovative business models, products and services in relation to financial services within a defined space and duration and subject to appropriate regulatory oversight and supervision, to ensure the best outcomes for all stakeholders (the "Regulatory Sandbox"). 1.3 The Sandbox Conditions Regulation lays down the Conditions established by the Central Bank for exempting from the requirement to obtain a Licence all persons who wish to test innovative business models, products an... |