10. Exit Routes

10-1	Participation in the Regulatory Sandbox can terminate in two possible scenarios: expiry of the testing period or discontinuation of testing.
10-2	Expiry of the testing period: the Participant shall submit a report to the Central Bank prior to expiry of the testing period. The contents of the report and the timing for submission of the report will be directed by the Central Bank to the Participant. The Participant will have to ensure that the timing of the report submission will not interfere with its activities while it is in the Regulatory Sandbox. The Central Bank will review the report to evaluate whether the Participant can apply to the Central Bank for a Licence for market wide deployment of its product, service or solution. The Central Bank may expedite the Participant’s request to obtain a Licence subject to the Participant, at a minimum, adhering to the following:
		(a)	comply with all the relevant legal, regulatory and supervisory requirements;
		(b)	fulfil all its obligations to its Consumers; and
		(c)	have a defined transition strategy for market wide deployment.
10-3	In the event that the Central Bank does not deem that the Participant is able to apply for a Licence, the Participant shall cease the activity that formed the basis of its Regulatory Sandbox application and must comply with 10.6.
10-4	Discontinuation of testing: the testing can be discontinued either during the testing phase or after its completion, when one of the following are met:
		(a)	the testing has not achieved its intended purpose, based on, amongst other things, the defined test scenarios, outcomes, and schedules;
		(b)	the risks of the proposed innovative product or service outweighs the benefits, and these risks cannot be mitigated during the testing phase;
		(c)	there is an incidence of breach of any of the requirements imposed by the Central Bank;
		(d)	the Participant decides to exit the Regulatory Sandbox at its own discretion; or
		(e)	the testing period lapses.
10-5	In all circumstances, the Central Bank can require the Participant to cease providing its services and discontinue its business immediately. The Central Bank will discuss the wind-down mechanics with the Participants.
10-6	The Participant must execute the defined exit strategy upon discontinuation of its participation in the Regulatory Sandbox. This includes, but is not limited to, informing the testing termination to Consumers, fulfilling all its obligations to Consumers (e.g., compensation), reporting to the Central Bank on the implementation of the exit strategy (at such intervals and in such manner agreed with the Central Bank), and securely disposing of Consumer information in accordance with the regulatory requirements.