Phases of the process

Vai alla versione italiana Site Search

Informal talks (Article 8 of the Ministerial Decree)

Before submitting their application, operators can initiate informal talks with the Bank of Italy by filling in and submitting the form to the dedicated mailbox

The objective is to help them identify the competent supervisory authority and/or submit the application correctly. When more than one supervisory authority is potentially involved in the assessment of the proposed idea, the informal talks take place in a coordinated manner with all the authorities involved.

Submitting the application for admission (Article 9 of the Ministerial Decree)

The request for admission must be sent in writing to the certified electronic mailbox (PEC), along with the application form as indicated in the section 'How to participate' on the page 'Admission to the test'.

Before submitting the application, the entity must verify that the project complies with all the eligibility criteria and other prerequisites outlined on the page 'Admission to the test'.

The application window for the second sandbox cohort will be open from 3 November to 5 December 2023.

Processing of applications (Article 12 of the Ministerial Decree)

The supervisory authorities will assess the applications received during each cohort to check their eligibility based on the requirements indicated on the page 'Admission to the test' and detailed on the page 'Criteria for admission', in order to select eligible projects.

For projects falling within the remit of several supervisory authorities, admission to the test will be possible only in the event of a positive assessment by all the competent authorities.

Launch of the test and monitoring (Articles 13-14-15-16 of the Ministerial Decree)

If the initial assessment is positive, the competent supervisory authority notifies the public of the entity's admission to the test.

Each project is allowed to enter the regulatory testing for a maximum duration of 18 months, except for the extensions set forth by the Ministerial Decree (Article 17).

The competent authority monitors the testing phase and may consider adopting the measures envisaged pursuant to the provisions of the Ministerial Decree.

End of the test (Article 17 of the Ministerial Decree)

At the end of the test, the participants will submit an economic and operational report on the test to the competent supervisory authority; they will also inform the public of the test's conclusion. The end of the testing phase entails the termination of the sandbox regime, including any waiver granted to applicable rules and regulations, except for extensions envisaged under the Ministerial Decree.

The competent supervisory authority notifies the FinTech Committee's Technical Secretariat of the conclusion of the test. It also reports on the outcomes of the testing phase and indicates whether - in light of the technological developments observed and the results of the tests - any regulatory change or interpretative clarification is warranted.

Language of the test (Article 18 of the Ministerial Decree)

All the supporting documents provided to the competent authorities to apply for the regulatory sandbox or to request informal talks shall be submitted in Italian or, if the prospective participant so prefers, in English, except for the application form that must be filled out in Italian.

All the information, advertising and promotional communications and documentation, including contractual documents, addressed to customers shall be in Italian.