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5.2

In order to become authorised under the RegLab framework, the applicant must also demonstrate to the satisfaction of the Regulator that it:

(a) satisfies, and will continue to satisfy, any Threshold Conditions made under section 7(2) of the FSMR, including but not limited to the following:
i. the applicant has adequate and appropriate resources, including financial resources, to develop and test its FinTech Proposal;
ii. the applicant is fit and proper; and
iii. the applicant has relevant technical and business knowledge and experience to develop and test the FinTech Proposal;
(b) is able to clearly define the FinTech Proposal's test parameters, control boundaries, key milestones and intended outcomes;
(c) is able to propose an acceptable reporting schedule to report to the Regulator on the status and progress of development and testing of its FinTech Proposal;
(d) is able to satisfactorily detail the safeguards that have been put in place, and demonstrate how they are appropriate to the FinTech Proposal being tested, the risks that are posed and the type of clients that are likely to be affected by the proposed innovation;
(e) is able to set out a fair and proper exit strategy for clients should the FinTech Proposal be discontinued, completed or deployed on a broader scale outside the RegLab; and
(f) is able to satisfy all applicable ADGM Regulations, Rules, conditions and/or limitations that the Regulator may prescribe.