(4)

Article 27 is amended as follows: paragraph 2 is deleted; paragraph 3 is replaced by the following: ‘3. With regard to financial instruments that are subject to the trading obligations laid down in Articles 23 and 28 of Regulation (EU) No 600/2014, Member States shall require that, following the execution of an order on behalf of a client, an investment firm inform the client of the venue where the order was executed.’ ; paragraph 6 is deleted; paragraph 7 is replaced by the following: ‘7. Member States shall require investment firms which execute client orders to monitor the effectiveness of their order execution arrangements and execution policy for the purpose of identifying and, where appropriate, correcting any deficiencies. In particular, Member States shall require such investment firms to assess, on a regular basis, whether the execution venues included in the order execution policy provide for the best possible result for the client or whether they need to make changes to their execution arrangements. Member States shall require investment firms to notify clients with whom they have an ongoing client relationship of any material changes to their order execution arrangements or execution policy.’ ; paragraph 10 is replaced by the following: ‘10. ESMA shall develop draft regulatory technical standards to specify the criteria to be taken into account in establishing and assessing the effectiveness of the order execution policy pursuant to paragraphs 5 and 7, taking into account whether the orders are executed on behalf of retail or professional clients. Those criteria shall include at least the following: ESMA shall submit those draft regulatory technical standards to the Commission by 29 December 2024. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’ ; factors determining the choice of execution venues included in the order execution policy; the frequency of assessing and updating the order execution policy; the manner in which to identify classes of financial instruments as referred to in paragraph 5.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.