The questions below relate to the Sandbox Operations process.
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For any questions relating to the Sandbox Operations, please email (info@blockchain-sandbox.eu). The answers will be published below for all project dialogue participants to benefit from.
1. How will the use-case’s business confidential information shared as part of the application process or during Sandbox operations be protected?
All business confidential information, contained in the application and during Sandbox operations will be kept confidential in accordance with Clause 10 of the Application Terms and clause 12 of the Sandbox protocol. The application forms, selection process outcomes and other associated data will be destroyed after the end of the Sandbox operations of each cohort (after a maximum of one year); wait-listed applications that participate in the next cohort will be retained until after the end of the Sandbox operations for the next cohort (Clause 8 of the Application Terms).
Information that is shared during the Sandbox operation will be kept confidential in accordance with clause 12 of the Sandbox protocol. This information will be no longer accessible at the end of the Sandbox operations of that cohort and all data on the secure platform will be archived offline in accordance with the bar rules after the end of the sandbox operations of that cohort (after a maximum of one year - Clause 14 of the Sandbox protocol). Confidential information will not be published and will not be disclosed in the best practices report (Clause 10 of the Sandbox protocol and paragraph 5 of the Annex to the Sandbox protocol).
2. Is it correct to assume that the applicant will not be bound to consent to the use of confidential information, trade secrets and IP rights that is shared in the application form or during the sandbox operations by other parties (including the consortium, the European Commission and the participating regulators)?
Yes this is correct. However, on the basis of Clause 9 of the Application Terms and Clause 11 of the Sandbox protocol, the applicant will not object to further use of information that is not identified as business confidential by the participants in the sandbox (Clause 12 of the Sandbox protocol) and that is published in accordance with the Application Terms and the Sandbox protocol (see the answer to question 6, Clause 10 Application Terms and Clause 10 Sandbox protocol).
3. How will information that is contributed by the regulators during the Sandbox operations be protected?
Information contributed by the regulators is governed by the same confidentiality rules as information contributed by the use cases participating in the Sandbox. Information exchanged in the Sandbox is only to be accessible to the individual persons who participate in the Sandbox on behalf of the use case owners and the regulators and this information may not be copied or disseminated outside this group unless otherwise permitted under the Sandbox protocol. Bird & Bird will participate in the Sandbox on an as needed basis and Bird & Bird lawyers are governed by the professional rules on integrity and client confidentiality in the applicable bar rules.
4. Are the regulatory sandbox meetings taking place remotely, offline or in a hybrid format?
The meetings will be carried out remotely/virtually.
5. Are there any immediate benefits, for the successful applicants, coming from the sandbox participation?
The regulatory Sandbox aims to provide legal certainty through facilitating regulatory dialogue and cooperation between innovators and regulators at the national and the EU level. Blockchain companies participating in the Sandbox have the opportunity to demonstrate their innovative solutions and highlight their needs regarding regulatory guidance and legal certainty to regulators and supervisors in a safe and confidential environment. They will receive legal advice from legal experts and be part of a constructive dialogue with national and EU regulators. Also, they will be able to develop their regulatory understanding and extend their network and reputation through their participation in this pan-European project. The participation in the Sandbox is free of charge for the applicants. There will be no reimbursement of costs of participation.
6. Does the European Blockchain Sandbox provide a derogation from existing regulatory requirements to its participants?
The goal of the regulatory sandbox is to foster dialogue and cooperation between national and EU-level regulators and innovators and thus remove regulatory and legal uncertainties for DLT use cases. Concretely, the sandbox will (1) at the level of the individual use case projects in the sandbox, deliver legal advice and regulatory guidance in a safe and confidential environment, thus increasing legal certainty and understanding of the relevant rules and standards for companies and allowing regulators and supervisors to enhance their knowledge of cutting edge blockchain technologies; and (2) at the broader industry and ecosystem level, summarize the experience and lessons learned in the sandbox in best practices reports for the benefit of the wider blockchain community raising the attention of regulators to issues with the law as it stands.
However, the sandbox does not provide a derogation from existing regulatory requirements.
7. Is participation in the sandbox limited to regulators that are supporting a specific use case.
No, participation in the sandbox is not limited to regulators that are supporting a specific use case. Regulators who are interested to participate in the regulatory dialogues in the sandbox are invited to contact the sandbox team at info@blockchain-sandbox.eu in order to make sure that the interest can be taken into account in the matching process.
8. What are the anticipated time commitments of taking part in the Sandbox for the regulators
The dialogues in the sandbox are organised in an efficient way with a focus on two sandbox meetings that will be well-prepared in accordance with the sandbox operations roadmap that is attached to the sandbox protocol Participants in the sandbox meetings are requested to support the dialogue and cooperation in the sandbox by providing information and by participating in these meetings.
9. Could regulatory issues in relation to interoperability be discussed as part of the sandbox?
A wide range of regulatory topics could be covered in the sandbox including in relation to interoperability. Applicants are requested to mention specific regulatory topics in which they are particularly interested in part E.14 of the application form.