This section includes examples relating to:
a) Chains where the conditions in Article 4(1)(a) and (b) are not met (sub-section 5.26.1).
b) Chains where conditions in Article 4(1)(a) and (b) are met but not all the other conditions in Article 4 are met (sub-section 5.26.2).
c) Chains where there is transmission and the conditions set out in Article 4 of Commission Delegated Regulation (EU) 2017/590 are met by all Investment Firms (sub-section 5.26.3).
d) Chains where the conditions set out in Article 4 of Commission Delegated Regulation (EU) 2017/590 are met by some Investment Firms (sub-section 5.26.4).
For a general explanation of chains and transmission please see the relevant sections in 5.3 in Part I.
Example 63
Client 1 who is a client of Investment Firm X, decides to sell some shares and instructs Investment Firm X. Trader 1 decides to accept the order from Client 1 and decides to send the order to Investment Firm Y. Trader 4 decides to accept the order from Investment Firm X an
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