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:

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

(b) execution of orders on behalf of clients;

(c) dealing on own account;

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

(e) transfer of financial instruments to or from accounts.

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