Regulatory Alerts2020-11-14
Law 7/2020, of November 13, for the Digital Transformation of the Financial System
King Felipe VI enacted Law 7/2020 to establish a controlled testing environment (regulatory sandbox) for technological innovations in Spain's financial sector while reinforcing supervisory instruments. The legislation defines key terms, mandates a single-window application system for pilot projects, and ensures strict protections for data privacy, consumer rights, and anti-money laundering compliance during trials. It also creates a coordination commission to oversee digital transformation, promotes international cooperation, and requires annual reporting to the General Courts to ensure accountability and regulatory adaptation.
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