# Article 3 — Meaning of execution of a transaction **Commission Delegated Regulation (EU) 2017/590 · binding · OJ L 87, 31.3.2017 · dated 28 Jul 2016 [in force]** *In force · Commission Delegated Regulation (EU) 2017/590, OJ L 87, 31.3.2017 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/eli/reg_del/2017/590/oj/eng)* 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. 1. An investment firm shall not be deemed to have executed a transaction where it has transmitted an order in accordance with Article 4.