(e)

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.