PANAMA CONTENTS
6. Marketplaces, Exchanges and Trading Platforms p.602 6.1 Permissible Trading Platforms p.602 6.2 Regulation of Different Asset Classes p.603 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.603 6.4 Listing Standards p.603 6.5 Order Handling Rules p.604 6.6 Rise of Peer-to-Peer Trading Platforms p.604 6.7 Rules of Payment for Order Flow p.604 6.8 Market Integrity Principles p.604 7. High-Frequency and Algorithmic Trading p.604 7.1 Creation and Usage Regulations p.604 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.604 7.3 Regulatory Distinction Between Funds and Dealers p.605 7.4 Regulation of Programmers and Programming p.605 8. Insurtech p.605 8.1 Underwriting Processes p.605 8.2 Treatment of Different Types of Insurance p.605 9. Regtech p.606 9.1 Regulation of Regtech Providers p.606 9.2 Contractual Terms to Assure Performance and Accuracy p.606 10. Blockchain p.606 10.1 Use of Blockchain in the Financial Services Industry p.606 10.2 Local Regulators’ Approach to Blockchain p.606 10.3 Classification of Blockchain Assets p.606
10.4 Regulation of “Issuers” of Blockchain Assets p.607 10.5 Regulation of Blockchain Asset Trading Platforms p.607 10.6 Staking p.607
10.7 Crypto-Related Lending p.607 10.8 Cryptocurrency Derivatives p.607 10.9 Decentralised Finance (DeFi) p.607 10.10 Regulation of Funds p.607 10.11 Virtual Currencies p.607 10.12 Non-Fungible Tokens (NFTs) p.608 11. Open Banking p.608 11.1 Regulation of Open Banking p.608 11.2 Concerns Raised by Open Banking p.608 12. Fraud p.608 12.1 Elements of Fraud p.608
12.2 Areas of Regulatory Focus p.608 12.3 Responsibility for Losses p.609
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