ROMANIA CONTENTS
6. Marketplaces, Exchanges and Trading Platforms p.728 6.1 Permissible Trading Platforms p.728 6.2 Regulation of Different Asset Classes p.728 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.729 6.4 Listing Standards p.729 6.5 Order Handling Rules p.729 6.6 Rise of Peer-to-Peer Trading Platforms p.730 6.7 Rules of Payment for Order Flow p.730 6.8 Market Integrity Principles p.730 7. High-Frequency and Algorithmic Trading p.731 7.1 Creation and Usage Regulations p.731 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.731 7.3 Regulatory Distinction Between Funds and Dealers p.732 7.4 Regulation of Programmers and Programming p.732 8. Insurtech p.732 8.1 Underwriting Processes p.732 8.2 Treatment of Different Types of Insurance p.733 9. Regtech p.733 9.1 Regulation of Regtech Providers p.733 9.2 Contractual Terms to Assure Performance and Accuracy p.733 10. Blockchain p.733 10.1 Use of Blockchain in the Financial Services Industry p.733 10.2 Local Regulators’ Approach to Blockchain p.734 10.3 Classification of Blockchain Assets p.734
10.4 Regulation of “Issuers” of Blockchain Assets p.735 10.5 Regulation of Blockchain Asset Trading Platforms p.735 10.6 Staking p.736
10.7 Crypto-Related Lending p.736 10.8 Cryptocurrency Derivatives p.736 10.9 Decentralised Finance (DeFi) p.736 10.10 Regulation of Funds p.737 10.11 Virtual Currencies p.737 10.12 Non-Fungible Tokens (NFTs) p.737 11. Open Banking p.737 11.1 Regulation of Open Banking p.737 11.2 Concerns Raised by Open Banking p.738 12. Fraud p.738 12.1 Elements of Fraud p.738
12.2 Areas of Regulatory Focus p.738 12.3 Responsibility for Losses p.739
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