ISLAMABAD: To spur innovation in its regulated sectors, the Securities and Exchange Commission of Pakistan (SECP) has opened the first cohort under Pakistan’s first-ever Regulatory Sandbox.
Regulatory Sandbox is a tailored regulatory environment that allows entities or firms to conduct limited scale live tests of innovative products, services, processes, and business models in a controlled environment.
SECP’s Regulatory Sandbox is available for the insurance sector, non-banking finance sector, capital markets, and overall corporate sector. SECP has already issued Regulatory Sandbox Guidelines 2019.
Under the first cohort, the application window will be open from February 1, 2020, till March 15, 2020, for all eligible persons including registered companies and unregistered startups.
The unregistered entities would have to get registered upon a successful experiment.
The application form, eligibility criteria and related documents have been provided in the Regulatory Sandbox Guidelines placed at the SECP’s website.
All the applications will undergo preliminary screening and detailed evaluation.
Successful applicants will be allowed to test and experiment with their innovative ideas and solutions for a period of six months.
Upon completion of the experimentation period, the entities registered in Sandbox will submit a detailed completion report to SECP, following which future course of action for the tested solutions will be determined.