SAMA has updated its Regulatory Sandbox operating model and processes to give greater guidance to applicants on the stages and requirements to move between the different Sandbox stages.

The new operating model gives applicants greater clarity on the different stages, the timeframes for stages and more transparency on the requirements to move from Stage 1 (Application Submission) to Stage 2 (Operational Readiness), and to Stage 3 (Regulatory Sandbox Live Testing).

Stage (1) One: Application Stage “60 business days”

• Innovators complete and submit the application form.

• Thereafter, SAMA will assess the application form completeness against the eligibility criteria demonstrated in the Regulatory Sandbox framework and revert back to the innovator within the frame of 60 business days with the final decision.

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Stage (2) Two: Operational Readiness “120 days”

• The eligible innovators are informed of pre-go live requirements in the form of an Assessment Criteria (AC), which is based on the business model/concept.
• The Regulatory Sandbox team will provide support in order to finalize the innovators operational readiness against the communicated AC through providing clarifications on the requirements.
• Successful compliance with the AC within the specified period, will result in obtaining the temporary permission “LoA”

Stage (3) Three: Testing phase “Up to 12 months”

• Permitted innovators will test their solutions and products in the Regulatory Sandbox for a minimum period of six months and up to 12 months.
• Upon successful testing SAMA will have issued and/or amended regulations, which would enable the Innovator to apply for a full Regulatory License.

Stage (4) Four: Exit the Sandbox “Graduation”

• Upon successfully accomplishing the objectives of the testing phase, the applicant will be eligible to graduate and exit the Regulatory Sandbox environment. And follow one of the mentioned paths: 
  • Apply for a full license and/or amend existing license.
  • Executing the exit plan without pursing a license.
  • SAMA confirms the product does not require a license/permission.