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Version date: 2 February 2017 - onwards

Part 10 SME banking comparison tools and Open Up Challenge (paras. 35-41)

35. Open Up Challenge funding and cooperation with process

35.1 Providers shall contribute in the proportions given in Schedule 3 to the costs of the Open Up Challenge process.

35.2 The costs of the Open Up Challenge process shall include funding Nesta’s reasonable administrative costs, sufficient and appropriate prizes to encourage entry and participation and the costs arising from project delivery (including, for the avoidance of doubt, the costs of the Open Up Challenge Data Sandbox).

35.3 The funding contributions to be made in accordance with Article 35.1 shall be made in a timeframe and manner agreed between Nesta and the Providers, and approved by the CMA.

35.4 In the event that no such agreement under Article 35.3 is reached by Nesta and the Providers, Providers shall contribute to Nesta in the proportions given in Schedule 3 the amount specified by the CMA in a timeframe and manner specified by the CMA.

35.5 Subject to Article 35.6 below, in the event that Nesta notifies the

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