The Financial Services Commission said on the 15th that it will accept applications through the 31st for this year's fourth round of regular submissions to designate innovative financial services. The innovative financial services program grants temporary regulatory exemptions when a new service is difficult to launch under current rules, providing an opportunity to test it in the market.
This regular submission runs from 9 a.m. today to 6 p.m. on the 31st. Corporations seeking designation as an innovative financial service should check the application method in the Financial Services Commission notice, prepare the required documents, and submit the designation application via the Financial Regulatory Sandbox website within the application period.
Applications can be made by selecting the innovative financial services item in the system application menu on the Financial Regulatory Sandbox website and then clicking "Apply for designation" at the bottom.
The Financial Services Commission plans to conduct a review by the Innovative Finance Review Committee within the statutory review period of up to 120 days for applications received during this regular submission period. After that, the final decision on designation as an innovative financial service will be confirmed through the Financial Services Commission's regular meeting. Applicant corporations can check the review stage and schedule of their services through the Financial Regulatory Sandbox website.