What Directive 2014/65/EU on markets in financial instruments (MiFID II), Article 27: Obligation to execute orders on terms most favourable to the client requires
Investment firms must take all sufficient steps to obtain the best possible result for their clients when executing orders, considering factors like price, costs, speed, and likelihood of execution.
Pillar: Banking & Global Finance · Authority: European Securities and Markets Authority (ESMA) · Version: 1.0.0 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32014L0065
SHA-256 integrity: ec737b3eff8b2b34f9a21da1e4764eab2b96d0107337ee5e95997957aeb82e60
Primary Citations — 6 traced to source
- Article 27(1): Member States shall require that investment firms take all sufficient steps to obtain, when executing orders, the best possible result for their clients taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.
- Article 27(3): Member States shall require that where an investment firm executes an order on behalf of a client, it shall obtain the client's prior express consent before proceeding to execute the order outside a trading venue.
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