I have a question for the financial attorney about the financial regulatory sandbox.

Hello. The financial attorney will respond.

The financial regulatory sandbox you mentioned is a system that, under the 'Special Act on Financial Innovation Support,' suspends or exempts the application of existing regulations for a certain period so that innovative financial services can be tested in the market without being blocked by regulations.

Eligibility for application is financial companies and companies under the Commercial Act with business offices in Korea.

The Financial Services Commission may announce the application period for innovative financial service designation by financial service or by application round, and those who wish to apply for innovative financial service designation must apply within the period set in the announcement.

Both corporations and individual businesses are possible, and the service to be applied for must be recognized as having "financial innovativeness." The Financial Services Commission examines based on criteria such as technological creativity, consumer benefits, and differentiation from existing finance.

Those who wish to apply for innovative financial service designation must prepare an innovative financial service designation application including information about the applicant, key contents of the applied service, and matters concerning the satisfaction of examination requirements, and submit it to the Financial Services Commission with related supporting documents attached.

The financial regulatory sandbox procedure is somewhat complex and there are many parts requiring legal and institutional interpretation, so it is advisable to receive advice from a financial attorney related to financial regulations and prepare.

Financial attorneys provide consulting from the type of sandbox application, considering it together, and based on the application preparation according to the type, innovativeness examination criteria, and consumer benefit examination criteria.

This is because the Financial Services Commission may request supplementation from the applicant if deficiencies are found in the application review.

With the help of a financial attorney, you can improve the completeness of the application and reduce risks during the examination process.