12. Testing and Reporting

12-1	The Participant(s) shall periodically report the testing information. This requires the Participant(s) to document information during the Regulatory Sandbox testing phase and maintain detailed records to support regular reviews by the Central Bank.
12-2	The Participant’s chief executive officer or equivalent shall validate all reports produced by the Participant during the testing period.
12-3	The Central Bank will assist and agree with the Participant in defining the frequency and specific details of the interim reports based on the duration, complexity, scale, and risks associated with the test.
12-4	During the testing phase, the Participant shall submit interim reports to the Central Bank on the testing progress. This may include information such as, but not limited to:
		(a)	performance indicators, milestones, other statistics;
		(b)	key issues (e.g. fraud) or operational incident reports;
		(c)	compliance with regulatory safeguards implemented; and
		(d)	actions taken to address key issues.
12-5	During the testing stage, a representative from the Licensing team at the Central Bank will participate as a stakeholder in meetings between the Regulatory Sandbox team and the Participant's team. The Licensing team will also receive all periodic reports submitted by the Participant. The Licensing team’s responsibility will be to assist the Participant in comprehending the general licensing requirements and ensuring that they initiate preparations for their licensing application in a well-organized and timely manner, once agreed. Once the Central Bank issues the specific regulatory requirements, the Participant may proceed to complete their full licensing application. The Central Bank may introduce or revise additional criteria on a case-by-case basis.
12-6	On completion of testing activity, the Participant shall submit a report to the Central Bank in accordance with 10.2.