6. 6. Application Process For Authorisation
If the applicant is suitable participant for the FSRA's RegLab framework (refer to section 3) and meets the authorisation criteria (set out in section 5 above), it can proceed to complete and submit the RegLab Application Form. A copy of the RegLab Application Form is attached at Appendix A to this Guidance and can be submitted to the Regulator by email at FinTech@adgm.com.
Once the applicant has submitted its RegLab application form, the Regulator will review the application and inform the applicant whether the FinTech Proposal potentially qualifies for the RegLab.
The Regulator will work with the applicant to determine the specific regulatory requirements and conditions (including test parameters and control boundaries) to be applied to the FinTech solution in question. The applicant will then assess if it is able to meet these requirements.
If the applicant is able and willing to meet the proposed regulatory requirements and conditions, the applicant will be granted an FSP in accordance with section 30 of the FSMR to carry on the Regulated Activity of "Developing Financial Technology Services within the RegLab".
Once the Regulator grants the FSP, the FinTech Participant will be able to develop and test its FinTech product within the parameters and control boundaries agreed upon with the Regulator.
Figure 1 overleaf depicts the RegLab application process.
Figure 1: RegLab Application Process