The experimentation space for the Fintech sector will start on July 16

The Sandbox experimentation for the Fintech sector consists of a sort of fenced area where the supervisor can allow some rules to be set aside in the phase in which a new application is tested. Expected for two years, after the opinions of the Bank of Italy, Consob and Ivass between July and September 2020, the implementing decree of the Mef has landed in the Official Gazette in recent days and will be in force from next Friday, July 16. Fintech companies will thus be able to test new services and products related to the use of information technology in the financial, credit and insurance sectors for a maximum period of 18 months. The Fintech Committee, chaired by the Minister of Economy, has as permanent permanent members the Minister of Development, the Delegated Political Authority for European Affairs, the Governor of the Bank of Italy, the President of Consob, the President of Ivass, the President of the Antitrust Authority, the President of the Privacy Authority, the Director of the Agency for Digital Italy and the Director of the Revenue Agency. The Committee has the task of identifying the objectives, defining the programs and implementing the actions to favor the development of techno-finance, as well as formulating proposals of a regulatory nature and facilitating the contact of operators in the sector with institutions and authorities. . The secretary general of the supervisory authority Maria Antonietta Scopelliti declared: “The digital transformation of the financial market is now an unstoppable process” and “Consob is very much in favor of a transition from traditional finance to Fintech on the condition that, on the basis of the results of adequate surveys and experiments, the risks for the protection of savings are monitored “. For the sandboxes “Consob has already expressed itself in favor of extending the scope of application currently envisaged by the European proposal on a Pilot Regime on DLT. The institute is also launching an experimental laboratory to dialogue with the market and identify the technological options compatible with the rules to protect investors, any barriers and risks of innovation and the need to update and review the rules and supervisory approaches. in force. In this laboratory, operators will be able to receive information and addresses on innovation choices, with a view to a synergy between regulatory and technological know-how and taking advantage of a phase of informal dialogue, as also required by the rules on the national sandbox “. Bank of Italy, Ignazio Visco, stated, instead: “The regulatory sandbox, the ministerial regulation that governs the conditions and methods for carrying out the experimentation relating to Fintech activities, is a further step forward to encourage innovation while maintaining risk management. However, this is a delicate step, which requires the utmost attention to the correct balance of the interests of operators and customers. In the coming months, the Bank of Italy, Consob and Ivass will be committed to defining the application framework for the new regulation. We will proceed gradually ensuring close coordination between the authorities involved “.