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What it is

A testing ground for tech innovations in Spanish finance

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 19 February 2020. Introduced by: Gobierno.

Official title: Government bill for the digital transformation of the financial system.

Follow this law

Source: Congreso de los Diputados, file 121/000003· updated 11 Nov

Automatic summary, not yet reviewed

  1. The law creates a controlled testing environment, a safe space where tech companies, financial institutions and research centers can trial technology-based financial innovations before requesting a final authorization.
  2. To get in, a project must have a prototype with minimum functionality and add value, such as making regulatory compliance easier, benefiting users, increasing efficiency, or improving regulation and supervision.
  3. Applications are submitted through the electronic office of the Directorate General of the Treasury and International Financing (Secretaría General del Tesoro y Financiación Internacional), with twice-yearly deadlines. Supervisory authorities evaluate the projects and, if the review is favorable, a protocol is signed setting the conditions, limits and safeguards of the tests.
  4. During the tests, participants sign an information document and give their consent, can withdraw at any time, and the promoter is liable for damages and must hold financial guarantees such as insurance or bank guarantees. The tests can be suspended if rules are broken or risks arise.
  5. When the tests end, the promoter submits a report on the results and, if the activity requires authorization, procedural deadlines can be shortened when the tests allow a simpler but equally rigorous review.
  6. The law adds complementary measures: direct communication channels and written inquiries to supervisors, a coordination committee chaired by the Treasury directorate, and an annual report sent to the Spanish Parliament (Cortes Generales).

Who it affects

  • Tech companies and financial institutions that want to test innovations in the financial system.: They can submit projects to the controlled testing environment and, if they pass the review, trial them with streamlined procedures afterward.
  • People who take part as users in the tests.: They sign an information document, give consent, can withdraw at any time, and are protected through guarantees and compensation.
  • Supervisory authorities (Bank of Spain, the National Securities Market Commission and the Directorate General of Insurance and Pension Funds).: They evaluate, Monitor A person appointed by the supervisory authority to track each project or test. and can interrupt the tests, and publish reports on innovation applied to supervision.
  • Research centers and other interested promoters.: They can also apply for access to the controlled testing environment.

Words worth knowing

Espacio controlado de pruebas (controlled testing environment, or regulatory sandbox)
A safe, limited environment where financial innovations are trialed under the authorities' oversight, with risks reduced or removed.
Promotor (promoter)
The person or entity that asks to start a pilot project, such as a tech company or a research center.
Proyecto piloto (pilot project)
A set of experimental tests on a technology innovation, monitored by supervisors and never permanent.
Protocolo (protocol)
A document signed by the promoter and the supervisors that sets the exact terms under which the tests will run.
Monitor
A person appointed by the supervisory authority to track each project or test.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced19 February 2020Someone registers the text in the Congreso.
  2. Admitted25 February 2020The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendments28 February 2020Groups propose changes.
  4. Committee18 April 2020A committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senate17 September 2020The Senate can pass it, amend it or veto it.
  7. BOE4 November 2020It is published in the Official State Gazette (BOE) and comes into force.
See the 8 official steps on a timeline
Mar 2020Jun 2020Sept 202011. 19 February 2020: Presentación22. 25 February 2020: Comisión de Asuntos Económicos y Transformación Digital Publicación desde 25/02/2020 hasta 28/02/202033. 25 February 2020: Calificación44. 28 February 2020: Comisión de Asuntos Económicos y Transformación Digital Enmiendas desde 28/02/2020 hasta 18/04/202055. 18 April 2020: Comisión de Asuntos Económicos y Transformación Digital Informe desde 18/04/2020 hasta 03/09/202066. 3 September 2020: Comisión de Asuntos Económicos y Transformación Digital Aprobación con competencia legislativa plena desde 03/09/2020 hasta 17/09/202077. 17 September 2020: Senado desde 17/09/2020 hasta 04/11/202088. 4 November 2020: Concluido - (Aprobado con modificaciones) desde 04/11/2020 hasta 04/12/2020

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

The same initiative in the other chamber:

Published in the BOE: Law 7/2020, of November 13, on the digital transformation of the financial system.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

Read the full method · Report an error