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District of Columbia Financial Services Regualtory Sandbox and Innovation Council


PURPOSE AND FUNCTIONS
A. The Council shall, within six (6) months after its first meeting, produce a report
to the Mayor of legislative, programmatic, and policy recommendations after
having examined issues germane to the purpose of the Council, which issues
shall include:
 1. Investigating the feasibility of developing a regulatory sandbox for
financial services that will enable existing and new financial services
licensees to test innovative products, services, business models, and
delivery methods without immediately incurring all the normal
regulatory consequences of engaging in the proposed activity.
 2. Investigating the benefits of establishing a financial services regulatory
sandbox in the District.
 3. Studying how innovative financial technology services can Improve
service to consumers and the financial services market.
 4. Reviewing barriers FinTech, InsurTech, RegTech, and other technology
businesses face in bringing innovative services and products to the
District's financial services market, and how they can be mitigated or
eliminated to encourage innovation.
 5. Reviewing the amendment or elimination of unnecessary or unduly
burdensome regulatory provisions that impede financial services
innovation.
 6. Studying the dangers to consumers and the market from regulatory relief
of a regulatory sandbox and the necessary safeguards to protect
consumers and the financial services markets.
 7. Reviewing the legal challenges that must be overcome and any necessary
legislative changes in the establishment of a regulatory sandbox.
 8. Studying how blockchain, including smart contract technology, can be
used to improve the cost and delivery of financial services and how the
District can assist financial services providers in the development and
use of blockchain in the District, including how the District can utilize
blockchain to reduce the regulatory burden on the District's financial
services providers.
 9. Studying how other innovations such as artificial intelligence and the use
of big data can be deployed to improve financial services.
 10. Identifying how a regulatory sandbox can facilitate the implementation
of autonomous vehicles in the District.
 11. Reviewing and addressing consumer protection issues that may arise
with financial services innovation.
 12. Options for the development, implementation, and administration of a
regulatory sandbox for financial services in the and establishment of a
blockchain and innovation regulatory framework, to improve the
District's financial services market and attract and retain financial
services businesses and financial technology businesses to the District by
developing the District into a smart financial services center.
B. The report required by section II.A of this Order shall include recommendations
regarding the following:
 1. Establishment and implementation of a Blockchain and Innovation
Regulatory Framework ("Framework") for the regulation of blockchain
and other financial services innovations.
 2. Development, implementation, and administration of a regulatory
sandbox ("Sandbox") in the District for FinTech, InsurTech, RegTech,
and other technology businesses impacting the financial services market
in the District, which shall include:
a. Recommended scope of the Sandbox;
b. Criteria and eligibility for use of the Sandbox;
c. Level of, and criteria for, regulatory relief to be provided by the
Sandbox;
d. Consumer safeguards;
e. Safety and soundness and other market safeguards; and
f. Monitoring and compliance standards and activities.
C. The report required by section II.A of this Order shall be include draft
legislation, regulations, policies, and procedures, or other specific steps
recommended for implementing the recommendations.
D. The Council shall meet every six (6) months, or more frequently as determined
by the Council, to review and examine operations of the Sandbox and to review
the effectiveness of the Blockchain and Innovation Regulatory Framework.

 

MEMBERSHIP
The Council shall consist of the following twenty-one (21) members:
A. The Commissioner of the Department of Insurance, Securities and Banking, or his
or her designee, who shall serve as Chairperson of the Council;
B. The District of Columbia Chief Technology Officer, or his or her designee; and
C. The following nineteen (19) public members appointed by the Mayor:
1. Three (3) members from the insurance industry;
2. Three (3) members from the securities industry;
3. Three (3) members from the banking and lending industries;
4. Four (4) members representing consumers;
5. Three (3) members from the technology industries;
6. Two (2) members who specialize in financial services regulation; and
7. One (1) member from the captive insurance industry.

 

TERMS
Each member of the Council shall serve for a term of three (3) years, unless earlier
removed by the Mayor.

 

COMPENSATION
The members of the Council shall serve without compensation.

 

ADMINISTRATION
A. The Chairperson shall convene Council meetings and may form subcommittees
as deemed necessary to accomplish specific tasks.
B. The Department of Insurance, Securities, and Banking shall provide technical
and administrative support to the Council.

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