FINLAND CONTENTS
6. Marketplaces, Exchanges and Trading Platforms p.235 6.1 Permissible Trading Platforms p.235 6.2 Regulation of Different Asset Classes p.235 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.236 6.4 Listing Standards p.236 6.5 Order Handling Rules p.236 6.6 Rise of Peer-to-Peer Trading Platforms p.237 6.7 Rules of Payment for Order Flow p.237 6.8 Market Integrity Principles p.237 7. High-Frequency and Algorithmic Trading p.237 7.1 Creation and Usage Regulations p.237 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.237 7.3 Regulatory Distinction Between Funds and Dealers p.238 7.4 Regulation of Programmers and Programming p.238 8. Insurtech p.238 8.1 Underwriting Processes p.238 8.2 Treatment of Different Types of Insurance p.238 9. Regtech p.238 9.1 Regulation of Regtech Providers p.238 9.2 Contractual Terms to Assure Performance and Accuracy p.238 10. Blockchain p.239 10.1 Use of Blockchain in the Financial Services Industry p.239 10.2 Local Regulators’ Approach to Blockchain p.239 10.3 Classification of Blockchain Assets p.239
10.4 Regulation of “Issuers” of Blockchain Assets p.239 10.5 Regulation of Blockchain Asset Trading Platforms p.240 10.6 Staking p.240
10.7 Crypto-Related Lending p.240 10.8 Cryptocurrency Derivatives p.241 10.9 Decentralised Finance (DeFi) p.241 10.10 Regulation of Funds p.241 10.11 Virtual Currencies p.241 10.12 Non-Fungible Tokens (NFTs) p.242 11. Open Banking p.242 11.1 Regulation of Open Banking p.242 11.2 Concerns Raised by Open Banking p.242 12. Fraud p.242 12.1 Elements of Fraud p.242
12.2 Areas of Regulatory Focus p.243 12.3 Responsibility for Losses p.243
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