Experimental Regulation in Brazil: Between Expectations and International Evidence (Revista Conjuntura Econômica)
Summary
- The Financial Conduct Authority (FCA) proposed the regulatory sandbox concept to the UK Treasury in 2015 to foster fintech innovation post-2008 crisis.p.1
- Over 50 countries adopted regulatory sandbox mechanisms in the decade following 2016.p.2
- ANP opened Public Consultation nº 18/2026 on 9/9/2026 with a contribution deadline of 26/10/26 to structure experimental regulation.p.2
- ANP's sandbox framework allows normative derogations for up to 24 months, extendable for an equal period.p.2
- ANP proposed a pilot regulation instrument allowing a temporary regulatory framework lasting up to 36 months.p.2
- A study by Cornelli et al. showed that firms entering the UK sandbox raised on average 15% more capital with a 50% higher probability of obtaining funding.p.3
- Aneel approved its tariff sandbox governance in 2022 and presented initial sandbox results in March 2026.p.3
Key insights
- Experimental regulation provides controlled environments to test normative rules, mitigating regulatory obsolescence caused by rapid technological pace.p.1
- Regulatory sandboxes quickly expanded globally after 2016, being adopted by more than 50 countries.p.2
- The ANP draft framework categorizes experimental regulation into three distinct instruments: regulatory sandbox, pilot project, and pilot regulation.p.2
- Firm-level capital gains inside a sandbox do not necessarily translate into systemic regulatory learning for the overall legal framework.p.3
- Evidence regarding sandbox effectiveness in the energy sector remains sparser than in the financial sector, leading to increased regulatory caution.p.3
- Great Britain's Ofgem has maintained an Energy Regulation Sandbox since 2017 and introduced a Future Regulation Sandbox proposal in 2023.p.3
- Aneel and ANP are currently leading experimental regulation initiatives among Brazilian regulatory agencies.p.3
- A key missing element in Aneel's tariff sandboxes is independent evaluation demonstrating how trial results translate into broader tariff regulation changes.p.4
- The author proposes establishing a unified general normative framework across all Brazilian regulatory agencies to standardize governance and share lessons.p.4
Topics and entities
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