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For the purposes of this Regulation, words and expressions shall have the usual meaning assigned to them, unless the context otherwise requires, as mentioned below and/or it is defined in other laws and Regulations:

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Applicant: the person making an application to enter the Regulatory Sandbox in accordance with the terms of the Conditions.

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Banks: any juridical person licensed in accordance with the provisions of the Central Bank Law, to primarily carry on the activity of taking deposits, and any other Licensed Financial Activities.

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Board of Directors: the Board of Directors of the Central Bank.

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Central Bank: the Central Bank of the United Arab Emirates.

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Central Bank Law: the Decretal Federal Law No. 14 of 2018 Regarding the Central Bank & Organisation of Financial Institutions and Activities, as amended.

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Conditions: the Sandbox Conditions Regulation issued by the Central Bank.

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Consumer: a customer, being any natural person or juridical person who obtains or may prospectively obtain services by Participants, with or without charge, to satisfy his/her personal need or others’ needs.

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Consumer Protection Regulation: the Consumer Protection Regulation issued by the Central Bank under Circular No. 8/2020, as amended.

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Exemption Right: the right of the Board of Directors to exempt any activities or practices, or exempt natural or juridical persons, either generally or in particular from the prohibition to carry on or promote Licensed Financial Activities.

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Licence: authorisation issued by the Central Bank to conduct Licensed Financial Activities.

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Licensed Financial Activities: the financial activities subject to Central Bank licensing and supervision, which are specified in Article (65) of the Central Bank Law.

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Licensed Financial Institution: Banks and Other Financial Institutions licensed in accordance with the provisions of the Central Bank Law, to carry on a Licensed Financial Activity or more, including those which carry on the whole or a part of their business in compliance with the provisions of Islamic Shari’ah, and are either incorporated inside the State or in other jurisdictions, or have branches, subsidiaries or Representative Offices inside the State.

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Other Financial Institutions: any juridical person, other than Banks, licensed, in accordance with the provisions of the Central Bank Law, to carry on a financial activity or more, of the Licensed Financial Activities.

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Participant: a person whose application to enter the Regulatory Sandbox has been accepted in full by the Central Bank.

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Regulations: any resolution, regulation, circular, rule, standard or notice issued by the Central Bank.

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The State: The United Arab Emirates.