{"release":{"id":"c89ff15ec1240a456b40735def079beeda55a0c372be7f3da154287997367ecf","published":"2026-11-02T04:02:35Z","pinned":false},"limits":{"coverage":{"history":"from:2023-03-23","held_since":"2023-03-23","gaps":[],"covered":["MiFID II L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"c89ff15ec1240a456b40735def079beeda55a0c372be7f3da154287997367ecf","release_published":"2026-11-02T04:02:35Z","checked_at":null,"checked_against":null},"truncation":{"shown":4,"total":4,"capped":false,"cap":1000,"next_cursor":null},"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/articles/27","url":"https://www.headlesslaw.com/mifid-ii/articles/27","title":"Article 27 — Obligation to execute orders on terms most favourable to the client","work_id":"mifid2","date_state":"past","as_of":"2023-03-23","relations_url":"https://www.headlesslaw.com/mifid-ii/articles/27/relations"},"as_of":"2023-03-23","counts":{"implements:in":4},"relations":[{"edge_id":"c1500295d8854edcb0b2","scope":"unit","type":"implements","direction":"in","resolution":"resolved","basis":"curated_edge_tsv","method":"bl21-edge-tsv","confidence":"curated","src_from":"2017-04-20","src_until":null,"span":null,"dst_raw":"eu.mifid2.article.27","other":{"work_id":"spaces/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for","level":"L2","locator":"spaces/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/head","url":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for","title":"Delegated act — Organisational requirements and operating conditions [in force]","key":"2017/565","state_on_date":"in_force"},"evidence":{"tsv":"_research/coverage/bl21-l1-l2l3-edges.tsv","row":501,"evidence":"legal_basis: Article 2(3), the second subparagraph of Article 4(1)(2), and Articles 4(2), 16(12), 23(4), 24(13), 25(8), 27(9), 28(3), 30(5), 31(4), 32(4), 33(8), 52(4), 54(4), 58(6), 64(7), 65(7) and 79(8) MiFID II | CELLAR 32017R0565: A02P3 A04P1PT2L2 A04P2 A16P12 A23P4 A24P13 A25P8 A27P9 A28P3 A30P5 A31P4 A32P4 A33P8 A52P4 A54P4 A58P6 A64P7 A65P7 A79P8","doc_type":"delegated_act"}},{"edge_id":"a72743fb372d16a208ee","scope":"unit","type":"implements","direction":"in","resolution":"resolved","basis":"curated_edge_tsv","method":"bl21-edge-tsv","confidence":"curated","src_from":"2021-08-22","src_until":null,"span":null,"dst_raw":"eu.mifid2.article.27","other":{"work_id":"spaces/mifid-ii/level-2/delegated-acts/2021-1254-commission-delegated-regulation-eu-2021-1254-of-21-april","level":"L2","locator":"spaces/mifid-ii/level-2/delegated-acts/2021-1254-commission-delegated-regulation-eu-2021-1254-of-21-april/head","url":"/mifid-ii/level-2/delegated-acts/2021-1254-commission-delegated-regulation-eu-2021-1254-of-21-april","title":"Delegated act — Correcting 2017/565 [in force]","key":"2021/1254","state_on_date":"in_force"},"evidence":{"tsv":"_research/coverage/bl21-l1-l2l3-edges.tsv","row":506,"evidence":"legal_basis: Article 16(12) and Article 27(9) MiFID II | CELLAR 32021R1254: A16P12 A27P9","doc_type":"delegated_act"}},{"edge_id":"c327934c79a30dc04fa3","scope":"unit","type":"implements","direction":"in","resolution":"resolved","basis":"curated_edge_tsv","method":"bl21-edge-tsv","confidence":"curated","src_from":"2017-04-20","src_until":null,"span":null,"dst_raw":"eu.mifid2.article.27","other":{"work_id":"spaces/mifid-ii/level-2/rts/2017-575-regulatory-technical-standards-concerning-the-data-to-be","level":"L2","locator":"spaces/mifid-ii/level-2/rts/2017-575-regulatory-technical-standards-concerning-the-data-to-be/head","url":"/mifid-ii/level-2/rts/2017-575-regulatory-technical-standards-concerning-the-data-to-be","title":"RTS — Data to be published by execution venues on quality of execution [in force]","key":"2017/575","state_on_date":"in_force"},"evidence":{"tsv":"_research/coverage/bl21-l1-l2l3-edges.tsv","row":541,"evidence":"legal_basis: point (a) of the first subparagraph of Article 27(10) MiFID II | CELLAR 32017R0575: A27P10L1PTA)","doc_type":"rts"}},{"edge_id":"76b4e4762074b0e3589f","scope":"unit","type":"implements","direction":"in","resolution":"resolved","basis":"curated_edge_tsv","method":"bl21-edge-tsv","confidence":"curated","src_from":"2017-04-20","src_until":null,"span":null,"dst_raw":"eu.mifid2.article.27","other":{"work_id":"spaces/mifid-ii/level-2/rts/2017-576-the-annual-publication-by-investment-firms-of-information","level":"L2","locator":"spaces/mifid-ii/level-2/rts/2017-576-the-annual-publication-by-investment-firms-of-information/head","url":"/mifid-ii/level-2/rts/2017-576-the-annual-publication-by-investment-firms-of-information","title":"RTS — Annual publication on the identity of execution venues [in force]","key":"2017/576","state_on_date":"in_force"},"evidence":{"tsv":"_research/coverage/bl21-l1-l2l3-edges.tsv","row":542,"evidence":"legal_basis: point (b) of the first subparagraph of Article 27(10) MiFID II | CELLAR 32017R0576: A27P10L1PTB)","doc_type":"rts"}}],"not_served":["exempts","derogates_from"],"note":"inverse edges are computed from the stored direction; floating targets are resolved on as_of (other.state_on_date)"}