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<h1>Regulatory sandbox exemptions permit temporary relaxation of regulations for live testing under specified conditions and oversight.</h1> The Board may exempt any person or class of persons from all or any provisions of these regulations for a period not exceeding twelve months to further innovation by testing new products, processes, services or business models in a regulatory sandbox. Such exemptions are subject to conditions specified by the Board, including continuous compliance obligations, and the regulatory sandbox is defined as a live testing environment with a limited set of eligible customers under Board-prescribed conditions.