sk sk

Methodology for the assessment of the criteria

to enter into the regulatory sandbox

  Key questions Positive indicators Negative indicators
The applicant’s readiness to participate in the regulatory sandbox and readiness of financial innovation for testing Is the applicant in all respects ready for testing in the regulatory?
Financial market supervision, Methodology for the assessment of the criteriaIs the applicant ready to meet all requirements stemming from the legislation? Financial market supervision, Methodology for the assessment of the criteriaThe applicant has analysed the legal aspects of the implementation of financial innovation and is able to meet the requirements of relevant legislation. Financial market supervision, Methodology for the assessment of the criteriaThe applicant does not have a legal analysis regarding the implementation of financial innovation and therefore cannot guarantee that it is able to meet the requirements of the relevant legislation.
Financial market supervision, Methodology for the assessment of the criteriaIs the applicant ready to handle testing from a technical perspective? Financial market supervision, Methodology for the assessment of the criteriaFinancial innovation is technically ready for implementation on the Slovak financial market. Financial market supervision, Methodology for the assessment of the criteriaThe applicant is still working on the technical aspects of financial innovation and therefore is not able to implement financial innovation on the Slovak financial market in a short amount of time.
Financial market supervision, Methodology for the assessment of the criteriaIs the applicant ready to deal with the risks that may arise during the testing of financial innovation? Financial market supervision, Methodology for the assessment of the criteriaThe applicant has already analysed the risks associated with the implementation of financial innovation and prepared measures to mitigate them. Financial market supervision, Methodology for the assessment of the criteriaThe applicant has not analysed the risks that may arise in the implementation of financial innovation.
Financial market supervision, Methodology for the assessment of the criteriaIs the applicant for authorisation ready for the licensing procedure? Financial market supervision, Methodology for the assessment of the criteriaThe applicant for authorisation is sufficiently prepared for the licensing procedure. Financial market supervision, Methodology for the assessment of the criteriaThe applicant for a authorisation is not ready for the licensing procedure and will need a longer time before it is able to submit the relevant application for an authorisation.
Financial market supervision, Methodology for the assessment of the criteriaDoes the applicant have a clear idea of what it expects from its participation in the regulatory sandbox? Financial market supervision, Methodology for the assessment of the criteriaThe applicant has a clear idea regarding issues it would like to consult with the NBS, the practical implementation of financial innovation, and the course of testing. Financial market supervision, Methodology for the assessment of the criteriaThe applicant has only a general idea regarding its participation in the regulatory sandbox and expects the NBS to provide comprehensive advice on which issues to focus on and how to practically implement financial innovation and test it within the regulatory sandbox.
Financial market supervision, Methodology for the assessment of the criteriaDoes the applicant have sufficient resources for testing within the regulatory sandbox? Financial market supervision, Methodology for the assessment of the criteriaThe applicant has sufficient financial and human resources, that enables him to successfully test financial innovation within the regulatory sandbox. Financial market supervision, Methodology for the assessment of the criteriaThe applicant does not have sufficient financial and human resources, and therefore it is not clear whether it will be able to successfully test in the regulatory sandbox.
The existence of the need for testing Is participation in the regulatory sandbox necessary for the implementation of financial innovation on the Slovak financial market?
Financial market supervision, Methodology for the assessment of the criteriaDoes financial innovation raise questions about the correct application of relevant legislation within the competence of the NBS? Financial market supervision, Methodology for the assessment of the criteriaUncertainties regarding the application of regulation prevent the applicant from successfully implementing financial innovation without participating in the regulatory sandbox. Financial market supervision, Methodology for the assessment of the criteriaThe application of regulation is clear and does not raise questions.
Financial market supervision, Methodology for the assessment of the criteriaDoes the applicant need to test financial innovation within the regulatory sandbox? Financial market supervision, Methodology for the assessment of the criteriaThe applicant needs to test financial innovation before fully implementing it on the Slovak financial market. Financial market supervision, Methodology for the assessment of the criteriaThe basic clarification of the applicable regulation (e.g., through an innovation hub) is sufficient for the applicant and it does not need to subsequently test the financial innovation.
Innovativeness Is it financial innovation?
Financial market supervision, Methodology for the assessment of the criteriaIs the financial product, service, business model, or solution different from the offer of other financial market participants in the Slovak Republic, or does it improve existing financial products, services, business models, or solutions? Financial market supervision, Methodology for the assessment of the criteriaThere are no comparable financial innovations on the financial market in the Slovak Republic or there are just a few of them. Financial market supervision, Methodology for the assessment of the criteriaA financial product, service, business model or solution is well established on the Slovak financial market.
Financial market supervision, Methodology for the assessment of the criteriaThe financial innovation, which the applicant wants to test, brings a new approach based on technologies, which changes the current way of providing financial services in the Slovak Republic. Financial market supervision, Methodology for the assessment of the criteriaThe financial product, service, business model, or solution does not contain an element of financial innovation.
Positive impacts on clients in the Slovak financial market and the absence of significant negative impacts on financial stability in the Slovak Republic Does financial innovation have positive effects for clients?
Financial market supervision, Methodology for the assessment of the criteriaDoes financial innovation have identifiable direct or indirect positive impacts on clients on the Slovak financial market? Financial market supervision, Methodology for the assessment of the criteriaFinancial innovation will have direct positive impacts on clients in the Slovak financial market – e.g., through lower prices, easier access, or by expanding the offer of financial products and services. Financial market supervision, Methodology for the assessment of the criteriaFinancial innovation does not have any identifiable positive direct or indirect impacts on clients.
Financial market supervision, Methodology for the assessment of the criteriaFinancial innovation will have indirect positive impacts on clients – e.g., RegTech solutions that increase efficiency and reduce back-office costs. Financial market supervision, Methodology for the assessment of the criteriaFinancial innovation can place clients in jeopardy.
Financial market supervision, Methodology for the assessment of the criteriaFinancial innovation can have significant negative impacts on financial stability in the Slovak Republic.