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21 February 2020
On 3 February 2020 the Ministry of Economy and Finance launched a public consultation process on a draft decree setting out the rules for a fintech sector regulatory sandbox.
The draft decree aims to promote technological innovation by allowing fintech companies to test new IT services and products in the financial, credit and insurance sectors under the supervision of the competent authorities for a limited period of time (the so-called 'sandbox'). Each project admitted to the scheme will have a maximum 18-month duration.
The draft decree implements Article 36, 2bis and 2octies of Decree-Law 34 of 30 April 2019, converted, with amendments, into Law 58 of 28 June 2019 (also known as the Growth Decree) which:
The draft decree defines such fintech activities as "all techno-finance activities aimed at pursuing, through new technologies, the innovation of services and products in the financial, credit and insurance sectors".
In particular, Section I of the draft decree lays down a framework of operational guidelines for the abovementioned FinTech Committee. Bringing together representatives of various authorities and administrations, this body will mainly be responsible for:
The second (and final) Section of the draft decree deals with the operational provisions that govern the fintech sandbox, including:
The Ministry of Economy and Finance's public consultation aims to generate comments and contributions from interested stakeholders and operators in the sector. To this end, the draft decree includes questions both guiding and facilitating active participation in the consultation process.
For further information on this topic please contact Marco Penna at Legance Avvocati Associati by telephone (+39 02 89 63 071) or email (firstname.lastname@example.org ). The Legance Avvocati Associati website can be accessed at www.legance.com.
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