Regulatory Alerts2019-01-01
Financial Services Authority Regulatory Sandbox Exemption Regulations 2019
The Seychelles Financial Services Authority, acting through the Minister for Finance, has enacted regulations establishing a regulatory sandbox framework that exempts eligible persons from standard licensing, disclosure, and reporting requirements under the Securities Act. Eligible persons must submit applications, pay tiered fees, and comply with specified risk management, customer protection, and exposure limit conditions while testing innovative financial services for a maximum initial period of twenty-four months. The Authority retains the power to impose, vary, or withdraw conditions, extend testing periods by up to twelve months upon request, and enforce compliance through inspections, administrative penalties, or exemption cancellations.