Regulatory sandbox

• Allows consultations with the NBS to help set up financial innovation in compliance with generally binding legal regulations within the NBS’s jurisdiction.
• Defines the course of the testing phase in the form of a testing plan.
• Lasts a maximum of 6 months (can be reasonably extended by the NBS if necessary).

• Allows the implementation of the tested financial innovation in the Slovak financial market according to the testing plan.
• The participant continuously informs the NBS about the progress of testing in line with the testing plan.
• The testing period must not exceed 6 months (it may be extended by the NBS for a maximum of another 6 months if necessary).

• Within one month after the end of testing, the participant submits a final report to the NBS.
• Within one month of receiving the final report, the NBS organizes a final meeting with the participant to discuss the final report and their participation in the regulatory sandbox.
• The NBS may replace the final meeting with a written statement on the final report.
• Participation in the regulatory sandbox ends on the day of the final meeting or the day the NBS delivers its written statement on the final report.
• Participation in the sandbox may also be terminated early by either the participant or the NBS.

On 15th May 2025, the participation of Crowdberry Investment Platform j. s. a. (hereinafter referred to as the “Participant”) in the regulatory sandbox terminated. The Participant provides crowdfunding services under the Crowdfunding Regulation, which facilitates investments in small and medium-sized enterprises in Slovakia and the Czech Republic.

The Participant entered the NBS regulatory sandbox on 22th November 2023. During the preparatory phase, experts, together with the Participant’s representatives, analyzed the regulation, in particular Art. 25 of the Crowdfunding Regulation, which regulates the operation of an electronic bulletin board (“bulletin board”).

The electronic bulletin board allows clients to advertise their interest in buying and selling transferable securities that were originally offered on its crowdfunding platform. This may provide existing investors with a certain degree of liquidity when selling securities, while the electronic bulletin board is not a multilateral system under MiFID II.

The aim of the tested innovation was to digitize the method of submitting advertisements of interest in selling or buying an investment, to automate the connection of investors to the greatest possible extent and to ensure the execution of orders for the transfer and acquisition of the relevant security.

During the testing phase, which took place from 15th December 2024 to 18th April 2025, the participant tested the electronic bulletin board on a pre-selected and agreed group of clients. Clients involved in the testing provided the participant with useful feedback during the testing.

Tests were successful and the testing objectives were met, with the main areas of testing focusing on regulatory compliance, efficiency of the technological solution, transaction security and client protection, including the readiness of the product for commercial launch.

You can submit an application to the NBS:

• By filling out an electronic form.
  • After submission, the NBS will confirm receipt of the form.

Or

• By sending a completed application (.docx)
• Electronically via email to sandbox@nbs.sk

Or

• By sending it in physical form to:

• National Bank of Slovakia
  Department of Financial Technologies and Innovations
  Imricha Karvaša 1
  813 25 Bratislava

The innovation hub and regulatory sandbox are two tools that allow interested parties to engage in dialogue with the NBS about applying regulation to financial innovation.

The innovation hub primarily serves to answer specific questions regarding regulatory applications for financial innovation. Once these questions are addressed, the interaction in the innovation hub ends.

The regulatory sandbox enables repeated consultations on the setup of financial innovation and its subsequent real-world testing in the financial market under the supervision of the NBS.

Collaboration within the innovation hub is usually one-time, whereas collaboration within the regulatory sandbox lasts several months.

Therefore, the number of interactions through the Innovation Hub is significantly higher than the number of participants in the Regulatory Sandbox.

Participation in the regulatory sandbox allows the participant to consult with the NBS on compliance of financial innovation with regulation. Based on consultations with NBS experts, the participant can appropriately configure financial innovation and then test it on real clients in the Slovak financial market in accordance with the testing plan.

An application for the regulatory sandbox can be submitted at any time during the year.

Participation in the regulatory sandbox can be terminated properly or prematurely.

Premature Termination of Participation

• The participant may withdraw from the sandbox at any time at their own initiative but must inform the NBS in advance.
• The NBS may also terminate participation if the participant fails to follow the NBS’s instructions.

Proper Termination of Participation

• Within one month after completing testing, the participant submits a final report summarizing the testing process.
• Within one month after receiving the final report, the NBS organizes a final meeting to discuss the report and the participant’s sandbox experience.
• The NBS may replace the final meeting with a written statement on the final report.
• Participation in the sandbox ends on the day of the final meeting or when the NBS issues its written statement.

The first step in cross-border testing is filling out a form on the EU Digital Finance Platform, specifying the type of cross-border testing and which supervisory authorities should be involved.

Applicants must apply separately to the NBS regulatory sandbox and all other regulatory sandboxes where they wish to test.

After expressing interest in cross-border testing, the NBS will coordinate with other relevant supervisory authorities to establish the next steps.

The NBS publishes the participant’s business name, entry date, testing start date, testing interruption date, completion date, and a short description of the tested financial innovation.

With the participant’s consent, the NBS may disclose additional details about their participation in the regulatory sandbox.