Two-year validity period
The FSP granted under the RegLab will have a validity period of up to two years for the FinTech Participant to test its FinTech solution.
At the end of the two-year validity period (or earlier if the size, scale or progress of the FinTech Proposal warrants), the FinTech Participant will exit the RegLab and, if eligible, migrate to the full authorisation and supervisory regime under the FSMR.
To be eligible to migrate to the full authorisation and supervisory regime, the FinTech Participant will be required to demonstrate to the Regulator that it:-(a) has achieved its intended test outcomes under the RegLab so as to deploy the FinTech product on a broader scale, and(b) continues to be fit and proper to be an Authorised Person in the ADGM.
If the FinTech Participant is unable to satisfy the above criteria, it will be required to cease carrying on the Regulated Activity of Developing Financial Technology Services within the RegLab. The deadline for ceasing the Regulated Activity will be upon the expiry of its RegLab FSP, or at such time as the Regulator varies or cancels the FSP in accordance with section 33 of the FSMR. Please refer to section 8 below for more details.
During the two-year validity period, the Regulator will engage with and support the FinTech Participant and ensure the FinTech Participant operates within the parameters as set and agreed to prior to the grant of the FSP.
The two-year validity period of the authorisation granted under the RegLab may be extended in exceptional circumstances only, determined at the Regulator's discretion on a case-by-case basis.