Recital 8

(8) Article 27(3) and (6) of Directive 2014/65/EU contain the requirement for execution venues to publish reports with a list of details relating to the obligation to execute orders on terms most favourable to the client (‘best execution’). Evidence and feedback from stakeholders have shown that those reports are rarely read and do not enable investors or other users of those reports to make meaningful comparisons based on the information provided in them. As a consequence, Directive (EU) 2021/338 of the European Parliament and of the Council (6) suspended the reporting requirement under Article 27(3) of Directive 2014/65/EU for two years in order for that requirement to be reviewed. Regulation (EU) 2024/791 amends Regulation (EU) No 600/2014 to remove the obstacles that have prevented the emergence of a consolidated tape. The data that the consolidated tape is expected to disseminate are the European best bid and offer, post-trade information regarding transactions in shares and exchange-traded funds (ETFs) and post-trade information regarding transactions in bonds and over-the-counter (OTC) derivatives. That information can be used for proving best execution. The reporting requirement laid down in Article 27(3) of Directive 2014/65/EU will therefore no longer be relevant and should be removed.

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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.