The FCA has identified those firms that have succeeded in their applications to begin testing in the first cohort of its regulatory sandbox. The FCA states that it expects these firms to begin testing shortly and tests will be conducted on a short-term and small-scale basis. In addition to the firms listed, the FCA explains that six firms were not ready to begin testing and will be part of the second cohort. The FCA has also confirmed details of the application window for the second cohort. Firms can apply to be part of this from 21 November 2016 until 19 January 2017. The sandbox is part of Project Innovate and aims to create a "safe space" in which businesses can test innovative products, services, business models and delivery mechanisms in a live environment while ensuring that consumers are appropriately protected.