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Regulatory Sandbox - International Experience
Černecka, Anastasija ; Pečená, Magda (advisor) ; Teplý, Petr (referee)
The regulatory sandbox is a special regime provided by regulators and super- visory authorities to market participants for testing their innovative business models, while temporarily reducing certain regulatory requirements. It is a very recent topic and so far its impact has not been sufficiently empirically tested. However, the empirical evidence may be crucial for the authorities hesitating to adopt their regulatory sandboxes. The main contribution of this thesis is the empirical testing of the effect of the sandbox on the investments into FinTech in three European countries, using the Synthetic control method. The yearly aggregate amounts and numbers of FinTech investments were selected as mea- surable indices of the FinTech sector development. The most significant results show that in the United Kingdom, the aggregate yearly amounts invested into FinTech grew considerably compared to the values of the synthetic control unit, after the sandbox introduction. For the other two tested countries (the Nether- lands, Denmark), no significant outcomes were observed due to insufficiency of data. In the theoretical part, this thesis gathers information about the existing regulatory sandboxes in European countries. Also, the author seeks to outline the main legal issues related to the regulatory sandbox...
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