Application to the Regulatory Sandbox

1. Information on the applicant

Name of the company *

Registration number *

Registered office *

Website address (if any)

Contact person, full name *

E-mail address *

Phone number *

2. Information on the innovative financial service

3. Brief description of eligibility criteria

Genuine innovation/upgrade *

Please describe how your innovation makes a significantly different offer in the Latvian financial market. Your response should include: an explanation of why your idea is innovative at the national level and who are your market rivals.

Consumer benefits *

Please describe how your idea benefits consumers (directly or through increased competition). Your response should include: an explanation of how this idea can benefit consumers directly or indirectly. You may also include a summary of the risks your idea can pose to customers (both consumers and businesses), as well as measures to reduce the risks identified in the sandbox testing.

Necessity/purpose of the test *

Please clarify why you need to test innovation in the sandbox with real customers. Your response should include: test target(s); why you need to perform test in real life situations; why you cannot start or continue product development without using the sandbox; and what sandbox tools or Latvijas Banka's support you might need for testing.

Product development stage *

Please clarify at what stage your innovative product is, whether it is at the drafting stage or is developed and ready solution. At a partial development stage, please specify additional tasks that are required to complete the product.

Product scope *

Please clarify whether and how your idea is a regulated activity in the field of financial services or whether it is a supporting function for other financial services. Your response should indicate whether and how your idea is part of the regulatory framework. If you believe that you are outside the perimeter of regulation, please clarify your point.

Objective of product development in Latvia *

Please describe how your idea will focus on the users of Latvian financial and service markets and users of services, which does not exclude the possibility of offering the service in other European Union states.

During the whole period of participation in the Regulatory Sandbox, I undertake without undue delay, but not later than five working days, to notify Latvijas Banka of any changes in the information submitted by this application or as part of this application.

I agree