Utah Code 63N-16-204. Requirements for exiting regulatory sandbox
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(1) At least 30 days before the end of the 12-month regulatory sandbox demonstration period, a sandbox participant shall:
Terms Used In Utah Code 63N-16-204
- demonstration: means to temporarily provide an offering in accordance with the provisions of the regulatory sandbox program described in this chapter. See Utah Code 63N-16-102
- Offering: means a product, production method, or service, including a financial product or service or an insurance product or service, that includes an innovation. See Utah Code 63N-16-102
- Regulatory relief office: means the Utah Office of Regulatory Relief created in Section
63N-16-103 . See Utah Code 63N-16-102 - Regulatory sandbox: means the General Regulatory Sandbox Program created in Section
63N-16-201 , which allows a person to temporarily demonstrate an offering under a waiver or suspension of one or more state laws or regulations. See Utah Code 63N-16-102 - Sandbox participant: means a person whose application to participate in the regulatory sandbox is approved in accordance with the provisions of this chapter. See Utah Code 63N-16-102
(1)(a) notify the regulatory relief office that the sandbox participant will exit the regulatory sandbox and discontinue the sandbox participant’s demonstration after the day on which the 12-month demonstration period ends; or
(1)(b) seek an extension in accordance with Section 63N-16-205.
(2) Subject to Subsection (3), if the regulatory relief office does not receive notification as required by Subsection (1), the regulatory sandbox demonstration period ends at the end of the 12-month testing period.
(3) If a demonstration includes an offering that requires ongoing duties, the sandbox participant may continue to do so but will be subject to enforcement of the laws or regulations that were waived or suspended as part of the regulatory sandbox.