Article 27 — Obligation to execute orders on terms most favourable to the client — compare

2.An investment firm shall not receive any remuneration, discount or non-monetary benefit for routing client orders to a particular trading venue or execution venue which would infringe the requirements on conflicts of interest or inducements set out in paragraph 1 of this Article and Article 16(3) and Articles 23 and 24. [in_force → deleted]

3.Member States shall require that forWith regard to financial instruments that are subject to the trading obligation obligations laid down in Articles  23 and  28 of Regulation (EU) No  600/2014 each trading venue and systematic internaliser and for other financial instruments each execution venue makes available to the public, without any charges, data relating toMember States shall require that, following the quality of execution of transactions on that venue on at least an annual basis and that following execution of a transactionorder on behalf of a client, an the investment firm shall inform the client of the venue where the order was executed. Periodic reports shall include details about price, costs, speed and likelihood of execution for individual financial instruments.

6.Member States shall require investment firms who execute client orders to summarise and make public on an annual basis, for each class of financial instruments, the top five execution venues in terms of trading volumes where they executed client orders in the preceding year and information on the quality of execution obtained. [in_force → deleted]

7.Member States shall require investment firms whowhich execute client orders to monitor the effectiveness of their order execution arrangements and execution policy in order to identify for the purpose of identifying and, where appropriate, correctcorrecting any deficiencies. In particular, they 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, taking account of, inter alia, the information published under paragraphs 3 and 6. 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.

10.ESMA shall develop draft regulatory technical standards to determine: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.