Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 3 Meaning of execution of a transaction

  1. (1)

    An investment firm shall be deemed to have executed a transaction within the meaning of Article 2, where it provides any of the following services or performs any of the following activities that result in a transaction:

    1. (a)

      reception and transmission of orders in relation to one or more financial instruments;

    2. (b)

      execution of orders on behalf of clients;

    3. (c)

      dealing on own account;

    4. (d)

      making an investment decision in accordance with a discretionary mandate given by a client;

    5. (e)

      transfer of financial instruments to or from accounts.

  2. (2)

    An investment firm shall not be deemed to have executed a transaction where it has transmitted an order in accordance with Article 4.