Sandbox
With the entry into force of the Decree of the Minister of Economy and Finance no. 100 of 30 April 2021 ("Sandbox Regulation"), it has been established that tests of techno-finance (FinTech) activities can be managed, also in Italy, with the support of the supervisory authorities.
The regulatory Sandbox allows FinTech operators to test innovative solutions, benefiting from a simplified transitional regime, in a constant dialogue with the supervisory authorities.

The Sandbox Regulation identifies the cases in which operators in the FinTech sector can access the regulatory Sandbox (Article no. 5) and, in any case, it guarantees FinTech operators the possibility of initiating a dialogue with Consob and with the other supervisory authorities (Bank of Italy and IVASS) through the LIFTECH section.
The Sandbox managed by Consob - in coordination with the FinTech Committee, the Bank of Italy, and IVASS (each activating the Sandbox for their respective framework of competence) - can participate in projects concerning:
 
  • activities subject to authorization or registration in a register, list, or register kept by Consob (e.g., provision of investment services and management of crowdfunding portals);
  • activities subject to authorization or registration in a register, list, or register kept by Consob, but eventually falling within a case of exclusion provided for by law, including cases of activities not being addressed to the public, or being addressed to a limited public, pursuant to the law;
  • activities affecting regulated areas being carried out by outsourcers with relation to subjects supervised or regulated by Consob;
  • activities affecting regulated areas carried out by subjects supervised or regulated by Consob (e.g., an Italian Investment Firm-SIM, a bank for the areas relating to the provision of investment services supervised by Consob, a manager of crowdfunding portals, a listed issuer, a manager of UCITS, a manager of regulated markets, etc.).
Application windows for participating in the Regulatory Sandbox Sandbox will soon be available. You may find all the information here in due course. Please click on the following link (Decree no. 100 of 30 April 2021) if you want to consult the Decree containing the regulating provisions of the Sandbox

A dedicated communication channel through which operators can have informal discussions with Consob, if possible, in coordination with the other supervisory authorities, has been activated (ct@consob.it). Please fill out the form on our CONSOB-TECH page and send it to ct@consob.it if you want to use this tool.

The aim of this comparison tool is, first, to help operators wishing to participate in the Sandbox by allowing them to receive support for the submission of their applications, as well as for the appropriate identification of the correct supervisory authority.