 Canadian Capital Markets Securities Regulators (members of the Canadian Securities Administrators) are recent entrants to Canadian Peer-to-Peer P2P lending and are only issuing interim approvals "...in order to test their products, services and applications throughout the Canadian market on a time limited basis., through "Regulatory Sandbox" programs including the CSA Regulatory Sandbox and the Ontario Securities Commission Sandbox, branded as "OSC Launchpad".Since April 2018, Brazilian p2p lending companies may operate directly without the intermediation of a bank or other financial institution.By means of the Resolution 4656/2018, the Central Bank of Brazil created a new type of institution called SEP (personal lending society) that aims to provide a platform for direct negotiation of loans between individuals and companies.