Receipt and transmission of orders
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The JC’s Reg and Leg resource™
EU Edition
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“Reception and transmission of orders in relation to one or more financial instruments” is the very first investment service and activity listed in part A of Annex I of MiFID 2.
A person or firm only carrying out the regulated activity of receipt and transmission of orders under MiFID II would not have the same best execution obligations as those executing orders.
Most of the pain and anguish surrounding RTO relates to transaction reporting.