Article premier Définitions

This is a foundational definitions article that establishes the precise meaning of three key terms used throughout the Regulation: "transaction," "undertaking a transaction," and "executing a transaction." It is a purely interpretive article, setting the conceptual boundaries that underpin all subsequent record-keeping obligations.

Notably, the scope of what counts as a "transaction" is deliberately limited by reference to Regulation (EU) 2023/1114 (MiCA), meaning certain categories of crypto-assets are excluded from the outset.

Important points:

• Understand that "transaction" in this Regulation excludes crypto-assets falling under Article 2(3) and (4) of MiCA, meaning the record-keeping obligations that follow do not apply universally to all crypto-assets.
• "Executing a transaction" covers five distinct activities, including order reception and transmission, order execution, crypto-asset exchanges, discretionary investment decisions, and transfers of crypto-assets to or from accounts.
• "Undertaking a transaction" is the broader of the two action terms, encompassing both executing a transaction and merely transmitting an order on behalf of a client.