Article 3 Meaning of execution of a transaction

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.

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