Recital 9

(9) Article 27 of Directive 2014/65/EU also contains more general provisions related to best execution. However, different interpretations of that Article by national competent authorities have led to diverging approaches to the application of best-execution requirements and to market practice supervision. That divergence is particularly evident in the different ways in which practices related to receiving payment for order flow are regulated across the Union. Regulation (EU) 2024/791 amending Regulation (EU) No 600/2014 prohibits investment firms from receiving such payment across the Union. However, feedback from regulators and stakeholders has shown that best-execution requirements for professional clients could also benefit from further clarification. Therefore, ESMA should develop draft regulatory technical standards on the criteria to be taken into account for the purpose of establishing and assessing the effectiveness of the order execution policy pursuant to Article 27(5) and (7) of Directive 2014/65/EU, taking into account the difference between retail and professional clients.

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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.