Companies participating in the regulatory sandbox shall observe highest standards of transparency in all phases of the test to ensure customer protection and that customer are well informed of all the details of participation. To this end, the companies must execute integrated communication plan including the following:
- Disclosure to customers and end users:
Communication with customers’ plan must contain full explanation on the regulatory sandbox including the terms and conditions applying to the products or services to be tested and any potential risks in case of unsuccessful test.
Companies must provide end users with clear information on the responsibility toward them including the obligations in case of financial loss or inefficient service.
- Text required to be disclosed:
Participating companies must include the following text in addition to the link to be specified later on the website of the company or application as well as any advertisement campaign related to the regulatory sandbox.
“Company (name) licensed by (Regulator name) to test its products in the sandbox for more (link).
Reporting to the regulators of any material changes
The company participating in the sandbox shall be obliged to report to the regulators immediately of any changes to their legal form or ownership structure or trademark or merger with other companies. Such obligation shall include any change to the constitutive contract or entering into any projects or any change that may affect the operations during test period.
- Dissemination of information for knowledge and cooperation
The regulators shall reserve the right to disseminate public information about the participating companies on their websites or via the media to allow transfer of knowhow and to enhance cooperation with international regulators. However, regulators shall be obliged not to disclose any sensitive information related to intellectual property or confidential data.
