5.3.1 General
A chain of reporting occurs when a Firm or Investment Firm does not complete a transaction itself but sends the order to another Firm or Investment Firm for completion. It includes the situation where
(i) a Firm or Investment Firm sends its own order to a Firm for completion;
(ii) a Firm or Investment Firm receives an order from its client and sends it to another Firm or Investment Firm for completion; or
(iii) makes a decision to acquire or dispose of a financial instrument in accordance with a discretionary mandate provided to it by its client and places it with another Firm or Investment Firm.
Unless there is transmission of an order within the meaning of Article 4 of Commission Delegated Regulation (EU) 2017/590, the fact that an Investment Firm is part of a chain makes no difference to its reporting obligations except that the transaction reports of the Investment Firm in the chain that is transmitting an order not in compliance with Article 4 of Commission Delegat
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