Title II: Investment services, services related to investment services and data communication services

The investment services referred to in Article L. 321-1 are defined as follows:

1. The service of reception and transmission of orders on behalf of third parties is the act of receiving and transmitting to another person or entity, on behalf of a third party, with a view to carrying out transactions, orders relating to financial instruments or to one or more of the units referred to in Article L. 229-7 of the Environmental Code;

2. The service of executing orders on behalf of third parties consists of concluding purchase or sale agreements relating to one or more financial instruments or to one or more units referred to in Article L. 229-7 of the Environmental Code, on behalf of a third party. The execution of orders includes the conclusion of subscription agreements for financial instruments and units referred to in article L. 229-7 of the Environmental Code, issued by an investment firm or a credit institution at the time of their issue. However, the execution of orders resulting from investment decisions taken by investment services providers as part of the service referred to in point 4 or the management of a collective investment scheme falls within the scope of the said service referred to in point 4 or the management of UCITS or FIAs covered by the aforementioned provisions, as the case may be;

3. The service of dealing on own account is the act of dealing, by committing one's own capital, in one or more financial instruments or one or more units referred to in Article L. 229-7 of the Environmental Code, with a view to concluding transactions;

4. The service of portfolio management on behalf of third parties consists of managing, on a discretionary and individualised basis, portfolios including one or more financial instruments or one or more units referred to in Article L. 229-7 of the Environmental Code under a mandate given by a third party;

5. The provision of personalised recommendations to a third party, either at the third party's request or at the initiative of the company providing the advice, concerning one or more transactions involving financial instruments or one or more of the units referred to in Article L. 229-7 of the Environmental Code, constitutes an investment advisory service;

6-1. The underwriting service consists of underwriting or acquiring financial instruments or one or more of the units referred to in Article L. 229-7 of the Environmental Code directly from the issuer or transferor, with a view to selling them;

6-2. The guaranteed placement service consists of seeking subscribers or purchasers on behalf of an issuer or transferor of financial instruments or on one or more of the units referred to in Article L. 229-7 of the Environmental Code and guaranteeing a minimum amount of subscriptions or purchases by undertaking to subscribe or purchase financial instruments that have not been placed;

7. A non-guaranteed placement service consists of seeking subscribers or purchasers on behalf of an issuer or transferor of financial instruments or on one or more of the units referred to in Article L. 229-7 of the Environmental Code without guaranteeing a subscription or purchase amount;

8. The service of operating a multilateral trading facility is constituted by managing one or more of the facilities referred to in Article L. 424-1;

9. The operation of one or more of the systems referred to in Article L. 425-1 constitutes the operation of an organised trading system.