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.