Monday, March 4, 2019

The Government will approve on Friday the 'sandbox' to regulate financial innovations

The Government will approve on Friday the 'sandbox' to regulate financial innovations

With this test bench there will be a controlled space for the 'fintech' to make their technological changes under supervision

  It has been made to wait, in spite of the conformity of the parliamentary groups, but finally the Government will approve this Friday in Council of Ministers the ' sandbox ', the regulatory test bank of the financial innovations.

Thus, the draft law on digital transformation of the financial system will regulate the 'fintech' to have a controlled space of evidence that allows to guarantee a regulation and supervision framework for these innovations . The Minister of Economy, Nadia Calviño, during his last appearance before the Economic Commission of the Congress, assured that "except surprise of last hour" the project will be approved this Friday in the meeting of the ministers.

Likewise, Calviño announced that before the end of the legislature they want to take forward the normative project for the creation of the Financial Customer Protection Authority , as well as the royal decree to complete the creation of the Macroprudential Authority. Also transpose pending directives, such as real estate credit.

In an appearance that sounded goodbye, the minister explained that she hopes to be able to resume in "a few months" the package , "as indispensable as it can not be postponed", of reforms that Spain needs to put at the head of the most advanced societies in social cohesion, environmental sustainability and productive model of the future.

No comments:

Post a Comment