8. Application Process

8-1	The application process is comprised of three distinct stages:
		(a)	Preliminary stage;
		(b)	Evaluation stage; and
		(c)	Decision stage.
8-2	Applicants that are satisfied they can meet the eligibility criteria must submit their application to the Central Bank’s Regulatory Sandbox team via online channels provided by the Central Bank. Applications must address each of the criteria in 7 and include the information requested in the application form made available to Applicants by the Central Bank. Admission to the Regulatory Sandbox is solely at the discretion of the Central Bank and is on a case by case basis.
8-3	Preliminary stage: the Central Bank will review the application once received and will endeavour to inform the Applicant of its potential suitability for entry to the Regulatory Sandbox within fifteen (15) working days after the Central Bank receives a complete set of information necessary for the assessment. The notification of potential suitability will not constitute approval of the Applicant’s entry into the Regulatory Sandbox.
8-4	Evaluation stage: the Central Bank will engage with the Applicant to determine whether any adjustments should be made to the Applicant’s application. This may also include the Central Bank determining the extent of safeguards that the Applicant must comply with, for which the Applicant must demonstrate how it will comply. The Applicant will then be invited to resubmit their application, as required. The evaluation stage will last no more than twenty-one (21) working days.
8-5	Decision stage: following completion of the evaluation stage, the Central Bank will have a further fifteen (15) working days following resubmission of the application to make a final decision on whether to approve the Applicant for entry into the Regulatory Sandbox. Where the Applicant is informed that its application has been rejected, the Central Bank will provide reasons. A rejected Applicant may reapply within six (6) months provided they have addressed the original reasons for the rejection.
8-6	An Applicant who is approved must notify its Consumers that the financial services or products it is providing are part of the Central Bank’s Regulatory Sandbox.
8-7	Where a Participant intends to make any change(s) relating to any information provided in its application, it must notify and request approval from the Central Bank at least one (1) month before it intends to make such changes along with a copy of the reasons for making such change(s) and the proposed date from which the change(s) will take place (such date to be at least one month after notification to the Central Bank). The Central Bank will review the proposed change and provide its decision within fourteen (14) working days of the date on which the Participant notifies the Central Bank of the proposed change. The Participant may continue operating within its existing approval during such period whilst the Central Bank makes its determination on the proposed change. The Central Bank may request additional information and documentary evidence that supports the requested change.
8-8	For the purpose of transparency and provision of information to Consumers, relevant information of all approved Regulatory Sandbox applications such as the name of the Participant, and the start and expiry date of the testing (to the extent determined by the Central Bank), shall be published on the Central Bank’s website.