Public Review Period Commences for CAN/DGSI 123: Design, Implementation and Evaluation of Regulatory Sandboxes

OTTAWA – The Digital Governance Standards Institute (DGSI) is pleased to announce the opening of the public review period for CAN/DGSI 123: Design, Implementation, and Evaluation of Regulatory Sandboxes. This crucial standard outlines the framework and guidelines for regulatory sandboxes, aiming to foster innovation and streamline regulatory processes across various sectors.  

In the recent Federal 2024 Budget, the Government of Canada highlighted the importance of regulatory sandboxes by proposing amendments to the Red Tape Reduction Act. These amendments aim to expand the use of regulatory sandboxes by offering limited exemptions from existing legislation and regulations. This initiative seeks to modernize regulatory frameworks to better match today’s business needs and technological advancements. Regulatory sandboxes help evaluate and adapt legal frameworks, easing the market entry for new innovative products.  Additionally, they enhance communication between regulators and organizations, supporting effective policy impact assessments. 

Internationally, regulatory sandboxes have been successfully implemented for emerging technologies such as AI, fintech, and blockchain, and are used across various industries including finance, banking, telecommunications, health, and transportation. Since regulatory sandboxes are considered a relatively new regulatory instrument, CAN/DGSI 123 aims to provide a consistent and clear definition and approach to implementing them in Canada. It includes elements of a sandbox lifecycle, factors for determining when a sandbox is an appropriate policy tool, and considerations for designing, implementing, and evaluating a sandbox. 

DGSI invites experts, stakeholders, and the public to participate in this public review period and provide valuable feedback.  

 

Public Review Details 

Start Date: June 18, 2024
End Date: August 19, 2024
Review Period: 62 days 

 

How to Participate 

To review the standard and submit your feedback, please CLICK HERE. 

 

Join us in advancing the regulatory landscape to better accommodate modern business realities and emerging technologies. Together, we can build a more adaptive and effective regulatory future! 

 

For media inquiries:
Cherlene Tay
Manager, Standards Development
Digital Governance Standards Institute
cherlene.tay@dgc-cgn.org 

 

About the Digital Governance Standards Institute  

The Digital Governance Standards Institute develops digital technology governance standards fit for global use. The Institute works with experts, as well as national and global partners and the public to develop national standards that reduce risk to Canadians and Canadian organizations adopting and using innovative digital technologies in today’s digital economy. The Institute is an independent division of the Digital Governance Council. To learn more about the organization and its initiatives, visit www.dgc-cgn.org or contact info@dgc-cgn.org. 

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