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Regulatory Sandboxes refer to a controlled experiment under which certain emerging business models or technologies or initiatives can be tested, without attracting the full gamut of regulatory compliances. In India, the “regulatory sandbox” approach has...
September 7, 2023- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Perspectives on Challenges in the Property Insurance Market and...
Last month, the regulator had invited stakeholder views on the ideal eligibility criteria for companies to participate in such a sandboxing framework and on ways to encourage participation of startups and small & medium-sized enterprises (SMEs) in the mega digital tech innovations endeavour. It has also sought suggestions on ways to protect consumer interests in a sandboxing environment, especially from potential data breaches, fraud and other security risks.
The Situation: Regulatory "sandboxes" are trending. They represent a unique approach to regulation that permits selected companies to test and experiment with new and innovative products and services.
In its pharmaceutical package proposal, the Commission aims to simplify the regulatory framework for the development of new medicines and the repurposing of existing ones.