LUXEMBOURG CONTENTS
6. Marketplaces, Exchanges and Trading Platforms p.513 6.1 Permissible Trading Platforms p.513 6.2 Regulation of Different Asset Classes p.513 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.513 6.4 Listing Standards p.513 6.5 Order Handling Rules p.514 6.6 Rise of Peer-to-Peer Trading Platforms p.514 6.7 Rules of Payment for Order Flow p.514 6.8 Market Integrity Principles p.514 7. High-Frequency and Algorithmic Trading p.514 7.1 Creation and Usage Regulations p.514 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.515 7.3 Regulatory Distinction Between Funds and Dealers p.515 7.4 Regulation of Programmers and Programming p.515 8. Insurtech p.515 8.1 Underwriting Processes p.515 8.2 Treatment of Different Types of Insurance p.516 9. Regtech p.516 9.1 Regulation of Regtech Providers p.516 9.2 Contractual Terms to Assure Performance and Accuracy p.516 10. Blockchain p.516 10.1 Use of Blockchain in the Financial Services Industry p.516 10.2 Local Regulators’ Approach to Blockchain p.517 10.3 Classification of Blockchain Assets p.517
10.4 Regulation of “Issuers” of Blockchain Assets p.518 10.5 Regulation of Blockchain Asset Trading Platforms p.518 10.6 Staking p.519
10.7 Crypto-Related Lending p.519 10.8 Cryptocurrency Derivatives p.519 10.9 Decentralised Finance (DeFi) p.519 10.10 Regulation of Funds p.519 10.11 Virtual Currencies p.520 10.12 Non-Fungible Tokens (NFTs) p.520 11. Open Banking p.520 11.1 Regulation of Open Banking p.520 11.2 Concerns Raised by Open Banking p.520 12. Fraud p.521 12.1 Elements of Fraud p.521
12.2 Areas of Regulatory Focus p.521 12.3 Responsibility for Losses p.521
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