EU To Step Up Use Of Regulatory 'Sandboxes' For Business
Law360, London (November 17, 2020, 4:47 PM GMT) -- European Union industry and economy ministers have endorsed regulatory "sandboxes" and their legal framework, saying they offer "significant opportunities" for businesses to develop.
The European Council has also adopted conclusions on experimentation clauses, the legal provisions or rules for the programs, which allow businesses room to experiment. The council also encouraged the European Commission, the EU's executive arm, to continue considering the use of experimentation clauses when drafting laws.
"Regulatory sandboxes can offer significant opportunities, particularly to innovate and grow, for all businesses, especially [small and midsized enterprises] including micro-enterprises as well as start-ups, in industry, services and other sectors," the...
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