Art. 36 of D.L. no. 34/2019 (the Growth Decree), as amended by the conversion Law no. 58/2019, provides in par. 2-bis, for the adoption of one or more regulations of the Ministry of Economy and Finance, following consultation with the Bank of Italy, CONSOB and IVASS concerning the regulation of conditions and methods for carrying out a trial (“Sandbox”) with regard to Fintech activities aimed at pursuing innovation in services and products in the finance, credit and insurance sectors through new technologies.
The objective of the consultation held by the Ministry of Economy and Finance is to gather comments and contributions from interested parties. The proposed regulatory scheme allows Fintech companies to test new services and products linked to the use of information technologies in the finance, credit and insurance sector, under the monitoring of the relevant supervisory Authority and for a period of time no longer than 18 months. A Fintech Committee will also be set up, with the task of:
