Official participation guidelines for the Spanish Regulatory Sandbox

Apr 9, 2021

On the 15th of December 2020, the Secretary General of the Treasury and International Finance published a Resolution announcing access to the controlled testing space provided for in Law 7/2020, of 13th of November, for the digital transformation of the financial system. This Resolution announced the first cohort and established the official participation guidelines for the Spanish Regulatory Sandbox.

Below, we summarize the most relevant steps and information established in the official rules for the first cohort of the Regulatory Sandbox. It should be noted that the application must be accompanied by a supporting project memorandum, which must be prepared in advance due to the length and level of detail required.

Dates of application admissions to participate in the Sandbox

Where should applications be submitted?

How will I be notified whether the application has been accepted or rejected?

What happens if I do not submit my application on time?

What documentation must accompany the application?

Dates of application admissions to participate in the Sandbox

The application period for the first Spanish Sandbox cohort  began on the 13th of January 2021 and ended on the 23rd of February 2021. The application period for the second cohort is scheduled to open for submissions in the month of July.

Where should applications be submitted?

Applications must be submitted, at the electronic headquarters of the General Secretariat of the Treasury and International Finance or at the general access point (https://sede.administracion.gob.es/).

What documentation must accompany the application for access into the Regulatory Sandbox?

Annex attached to the Resolution

Applications must be submitted together with the Annex attached to the Resolution. The Annex to the Resolution contains a series of questions that can be divided into three sections:

  • Details of the pilot project promoter
  • Description of the pilot project
  • Information about the tests to be carried out

Supporting project Memorandum

  • Applications must be accompanied by a supporting project memorandum explaining the functioning of the project and its justification for entry into the Sandbox.
  • It must also explain how the system of guarantees and protection of participants will be complied with.

The project Memorandum is essential and that which is better prepared and justified will have a better chance of entering the Sandbox. It is therefore advisable to prepare this document sufficiently in advance and with the assistance of professionals from the sector with knowledge regarding the Regulatory Sandbox.

Download our Sandbox Guide 2021 and learn all you need to know about the Spanish Regulatory Sandbox!

“The project Memorandum which is better prepared will have a better chance of entering the Sandbox”

What happens if I do not submit my application on time?

Failure to submit the application in due time and form will result in the project not being accepted. In the case of factual errors, they may be corrected at any time, either ex officio or at the request of the interested party.

On the other hand, in the event that the application submitted does not meet any of the aforementioned requirements, the promoter will be granted a period of 10 days to rectify the lack of or to attach the required documents.

How will I be notified whether the application has been accepted or rejected?

The supervisory authority, designated on the basis of the subject matter of the project, will issue a single reasoned report classifying the project as favourable or unfavourable.

If your project is innovative, technology-based and has an impact on the financial market, it could be a great business opportunity.

Learn about the benefits offered by the Spanish Regulatory Sandbox. Read more

Do you need help to boost your business?

If you’re a FinTech, InsurTech, RegTech or a large corporation in the financial market, you are interested in entering the Sandbox.

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