Ohio Code 1355.09 – Recordkeeping, test failure, security breach
(A) A sandbox participant shall retain records, documents, and data produced in the ordinary course of business regarding a novel financial product or service tested in the regulatory sandbox.
Terms Used In Ohio Code 1355.09
- Financial product or service: means a product or service that requires licensure or other authorization under, or that includes a business model, delivery mechanism, or element that requires a license or other authorization to act as a financial institution or other person that is regulated by, Title XI or Chapter 1315. See Ohio Code 1355.01
- Novel financial product or service: means a financial product or service that makes use of or incorporates new or emerging technology, or reimagines uses of existing technologies, to address a problem, provide a benefit, or otherwise offer a product, service, business model, or delivery mechanism that is not known by the superintendent of financial institutions to have a comparable widespread offering in this state. See Ohio Code 1355.01
- Regulatory sandbox: means the program established by this chapter under which a person is licensed to temporarily test a novel financial product or service on a limited basis without otherwise being licensed or authorized to act under the laws of this state. See Ohio Code 1355.01
- Sandbox participant: means a person that has been granted a license to test a novel financial product or service in the regulatory sandbox. See Ohio Code 1355.01
(B) If a novel financial product or service fails before the end of the testing period, the sandbox participant shall notify the superintendent of financial institutions and report on actions taken to ensure consumers have not been harmed as a result of the failure of the novel financial product or service.
(C) A sandbox participant is subject to the requirements of section 1349.19 of the Revised Code and shall notify the superintendent of any breach of the security of the system as defined in section 1349.19 of the Revised Code.
Last updated January 17, 2023 at 5:46 PM