ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has opened the first cohort under Pakistan’s first ever regulatory sandbox to spur innovation in its regulated sectors.
A 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 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 would 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 successful experiment. The application form, eligibility criteria and related documents are provided in the Regulatory Sandbox Guidelines placed on the SECP’s website. All the applications would undergo preliminary screening and detailed evaluation.