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Regulatory Sandbox in Financial Services
Stupková, Michala ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Regulatory Sandbox in Financial Services This thesis examines the issue of regulatory sandboxes in financial services. A regulatory sandbox is a legal framework under which innovative technologies, products or services can be tested in a real environment and on real customers. Sandboxes are emerging in areas that are heavily regulated, while in financial services they serve to make it easier for innovative companies to navigate regulation and enter the market. This work then focuses on regulatory sandboxes in financial services in the European Union, which are currently established in 11 Member States. The main objective of this thesis is firstly to introduce this relatively widespread but not well-known concept and secondly to analyse its use in financial services. Although the establishment of a regulatory sandbox in the Czech Republic has been debated, it is a rather unknown and unexplored concept in the Czech academic environment, but one which deserves appropriate attention. Especially if it were to be established in the Czech Republic. The first chapter is dedicated to the regulatory sandbox itself, its functioning and the various benefits and risks associated with its operation. It then introduces some of the sandboxes in areas other than financial services. The second chapter discusses in...
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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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