Section 206 – Record keeping and reporting requirements.
Effective 5/4/2022 63N-16-206. Record keeping and reporting requirements. (1) A sandbox participant shall retain records, documents, and data produced in the ordinary course of business regarding an offering demonstrated in the regulatory sandbox. (2) If a sandbox participant ceases to provide an offering before the end of a demonstration period, the sandbox participant shall notify […]
Section 205 – Extensions.
Effective 5/5/2021 63N-16-205. Extensions. (1) Not later than 30 days before the end of the 12-month regulatory sandbox demonstration period, a sandbox participant may request an extension of the regulatory sandbox demonstration period. (2) The regulatory relief office shall grant or deny a request for an extension in accordance with Subsection (1) by the end […]
Section 201 – General Regulatory Sandbox Program — Application requirements.
Effective 5/4/2022 63N-16-201. General Regulatory Sandbox Program — Application requirements. (1) There is created in the regulatory relief office the General Regulatory Sandbox Program. (2) In administering the regulatory sandbox, the regulatory relief office: (a) shall consult with each applicable agency; (b) shall establish a program to enable a person to obtain legal protections and […]
Section 202 – Scope of the regulatory sandbox.
Effective 5/4/2022 63N-16-202. Scope of the regulatory sandbox. (1) If the regulatory relief office approves an application under this part, the sandbox participant has 12 months after the day on which the application was approved to demonstrate the offering described in the sandbox participant’s application. (2) An offering that is demonstrated within the regulatory sandbox […]
Section 203 – Consumer protection for regulatory sandbox.
Effective 5/5/2021 63N-16-203. Consumer protection for regulatory sandbox. (1) Before demonstrating an offering to a consumer, a sandbox participant shall disclose the following to the consumer: (a) the name and contact information of the sandbox participant; (b) that the offering is authorized pursuant to the regulatory sandbox and, if applicable, that the sandbox participant does […]
Section 204 – Requirements for exiting regulatory sandbox.
Effective 5/5/2021 63N-16-204. Requirements for exiting regulatory sandbox. (1) At least 30 days before the end of the 12-month regulatory sandbox demonstration period, a sandbox participant shall: (a) notify the regulatory relief office that the sandbox participant will exit the regulatory sandbox and discontinue the sandbox participant’s demonstration after the day on which the 12-month […]