Completion of testing

20. As the purpose of the DFSA's approach is to allow a Fintech Operator to test and develop its Fintech business, and not to carry on a fully operational business, the DFSA would expect the Person to use the simplified regulatory framework only for a limited period. It is, therefore, likely to grant waivers and modifications only for a finite period, normally six to twelve months. In exceptional cases, it may consider extending that period.
21. When the testing period ends, the Fintech Operator would be expected either:
(a) if the testing is successful, to carry on its Fintech business on a broader scale, in which case it will need to demonstrate to the DFSA's satisfaction that it is able to comply fully with relevant legal and regulatory requirements before the DFSA will remove the various restrictions and conditions; or
(b) to cease carrying on activities in the DIFC, in which case it should implement its exit plan and ensure that all obligations to customers are fulfilled.
22. The DFSA will not permit a Licensee that has completed testing to continue to hold a restricted Licence (i.e. that only permits it to carry on testing). At this point the Licensee will be required either to apply to remove the restrictions or to apply to have the Licence withdrawn.
23. In appropriate cases, if testing is successful, the DFSA may consider granting further waivers or modifications to the Fintech Operator if the innovative nature of its business model, once fully operational, means that certain Rules are either not appropriate or disproportionate.
Derived from DFSA GMI11/2017 (Made 24th May 2017) [VER39/05-17]