Information about the Poland KNF Authority (Financial Supervision Authority) Regulatory Sandbox program and its decentralized model. The Komisja Nadzoru Finansowego (KNF), the Poland Financial Supervision Authority, is the state superviser over the Polish financial market.
'The KNF Regulatory Sandbox’ is a decentralized sandbox model "under which IT test environments are made available by start-up accelerators, financial institutions, foundations and/or other qualified entities (called Sandbox Operators)." The Poland KNF Regulatory Sandbox operates under a decentralized model where approved entities - Sandbox Operators - provide testing environments (for one year periods and selected annually during a two week process) to an approved "Testing Entity", both of which must comply with the Rules Governing the KNF Regulatory Sandbox.
The general description (excerpt) is provided below:
The Sandbox is open to the entities which are planning to start operating in the financial market (start-ups) and have an untested innovative financial product and/or service based on innovative information technologies, and to the entities which already provide certain solutions on the financial market (supervised entities—financial institutions) and wish to conduct further tests in order to develop new services and/or business models.
The Operators’ test environments may be both virtual, in the form of a computer system simulating market behaviours, and completely real, involving interaction with real clients (however without the option for using clients’ funds). Both the test environments and the entities which are to test their solutions will be monitored and technically assisted by the UKNF.