Article 4 of the RTS provides that the investment firm intending to transmit the order must agree with the firm receiving the order whether the company receiving the order reports all the details of the resulting transaction or transmits the order to another investment firm in order to avoid non-reporting or double carry-over by investment firms transmitting orders to each other. In the absence of an agreement, the order shall be considered as not transmitted in accordance with the definitive RTS and, therefore, each investment firm must submit its own transaction report containing the details of the transaction notified by each investment firm. This requirement is different from that of the draft RTS, according to which the transmission company had to submit a transaction report containing all the details of the resulting transaction and the company receiving a transaction report containing the transmitted details. For the purposes of point (c) of the first subparagraph, the agreement shall set the time limit for the transmission of the details of the order by the transfer company to the recipient company and shall provide that the entity receiving the certificate of receipt shall verify whether the details of the order received contain obvious errors or omissions before submitting a transaction report or transmitting the order referred to in this Article. Although this may seem restrictive, ESMA has emphasised that compliance with the conditions of transmission is only a choice for the undertakings that transmit. Another entity may present itself. We have developed two solutions in which we can either report on your behalf as part of a free transmission service, our preferred approach, or we can provide data for you to report. – the application of the transfer to direct market access (DMA) is no different from its general applicability. If a DMA user meets the transmission requirements, they are not required to file a transaction report and the DMA provider communicates the details provided by the DMA user. The terms of transmission must be agreed with each receiving company, which a transmission company wishes to rely on to report, but this is not the case per customer. 4.

Investment firms transmitting orders shall, when transmitting that order, include all the information referred to in paragraphs 1 and 3. Instead of providing that information when transmitting orders, an investment firm may decide to report the transmitted order when it is executed as a transaction in accordance with the requirements of paragraph 1. In that case, the investment firm`s transaction report must indicate that it is a transmitted order. The objective of box 25 (transmission of the order indicator) is to indicate that a transfer to another investment firm has been made within a chain without complying with the conditions set out in Article 4 of Regulation (EU) 2017/590 of 28 July 2016. Article 3 of the RTS specifies when investment firms are required to report transactions by indicating the activities or services that lead to a transaction. An investment firm executes an operation in which it carries out, on its own account, the activities of receiving and transmitting orders, executing orders on behalf of clients or trading, making the investment decision in accordance with a client`s discretionary mandate or transferring financial instruments to accounts or accounts, provided that those services or activities have given rise to a transaction. However, investment firms which have transmitted orders which have given rise to transactions shall not be considered to have carried out those transactions. and does not meet the conditions for transmission referred to in Article 4, it must declare the transaction and fill in box 25 (“Transmission of the order indicator”) of “true”. – boxes 26 and 27 may be fulfilled only for transactional messages from a receiving company if all the conditions for transmission referred to in Article 4 are fulfilled. In the absence of such an agreement, the order should not be transmitted and each investment firm should submit its own transaction report, which shall contain the details of the transaction considered to be executed by each investment firm. . .

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