Welcome to the District of Columbia Financial Services Regulatory Sandbox and Innovation Council
The Council is charged with two primary missions for the District: (1) studying and reporting on the feasibility of implementing a financial services regulatory sandbox; and (2) developing a blockchain and innovation regulatory framework to facilitate financial services. If a sandbox is feasible, the Council will provide a report with legislative, programmatic and policy recommendations to the Mayor.
The membership of the Council is a cross section of professionals from the insurance, securities, captive insurance and banking industries; the technology industry; financial services regulatory professionals; and consumers representatives. The Council will issue a report on the feasibility of establishing a sandbox; the Council also will review and help administer the regulatory sandbox.
By fostering innovation and allowing new products and services to come to market, a sandbox can benefit consumers by increasing choice and reducing costs. This is especially important for consumers traditionally underserved by current financial services. Technology innovations can lead to more affordable products and services, new distribution channels that reach excluded groups, operational efficiencies that make it possible to serve low-margin customers profitably, and better compliance and risk-management approaches.
Making the DC Sandbox Successful
The District is poised to move forward with the creation of a financial services regulatory sandbox, and the Department wants input from innovators and industry experts to assist us in ensuring that the District’s legislation will be capable of accommodating entrepreneurs interested in Fintech, Insurtech and Regtech. This is your opportunity to weigh in on the precise features you want to see in the District’s regulatory sandbox legislation.
The State of Arizona was the first U.S. jurisdiction to create a regulatory sandbox. We are providing the authorizing legislation from Arizona to use as framework for your comments. Thinking about the business and innovation communities, what, if anything, would you change related to Arizona’s law to ensure that the District’s sandbox will be the most successful sandbox in the U.S.? View Arizona’s law here.
Please send comments and suggestions to [email protected] by 5 pm on January 19, 2021. With your comments, please provide: (1) name; (2) business affiliation (if any); (3) address; and (4) telephone number.
- Arizona Regulatory Sandbox Law
- District of Columbia Financial Services Regulatory Sandbox and Innovation Council Feasibility Report
- 2019-003: District of Columbia Financial Services Regulatory Sandbox and Innovation Council