FRANCE CONTENTS
6. Marketplaces, Exchanges and Trading Platforms p.262 6.1 Permissible Trading Platforms p.262 6.2 Regulation of Different Asset Classes p.263 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.263 6.4 Listing Standards p.264 6.5 Order Handling Rules p.264 6.6 Rise of Peer-to-Peer Trading Platforms p.264 6.7 Rules of Payment for Order Flow p.265 6.8 Market Integrity Principles p.266 7. High-Frequency and Algorithmic Trading p.266 7.1 Creation and Usage Regulations p.266 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.266 7.3 Regulatory Distinction Between Funds and Dealers p.266 7.4 Regulation of Programmers and Programming p.266 8. Insurtech p.266 8.1 Underwriting Processes p.266 8.2 Treatment of Different Types of Insurance p.267 9. Regtech p.267 9.1 Regulation of Regtech Providers p.267 9.2 Contractual Terms to Assure Performance and Accuracy p.267 10. Blockchain p.267 10.1 Use of Blockchain in the Financial Services Industry p.267 10.2 Local Regulators’ Approach to Blockchain p.268 10.3 Classification of Blockchain Assets p.269
10.4 Regulation of “Issuers” of Blockchain Assets p.269 10.5 Regulation of Blockchain Asset Trading Platforms p.270 10.6 Staking p.271
10.7 Crypto-Related Lending p.272 10.8 Cryptocurrency Derivatives p.272 10.9 Decentralised Finance (DeFi) p.272 10.10 Regulation of Funds p.273 10.11 Virtual Currencies p.274 10.12 Non-Fungible Tokens (NFTs) p.274 11. Open Banking p.275 11.1 Regulation of Open Banking p.275 11.2 Concerns Raised by Open Banking p.276 12. Fraud p.276 12.1 Elements of Fraud p.276
12.2 Areas of Regulatory Focus p.277 12.3 Responsibility for Losses p.277
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