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Delegated Regulation (EU) 2026/825 · binding · OJ L, 2026/825, 23.7.2026 · dated 14 Apr 2026 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2026-04-14","published_on":"2026-07-23","entry_into_force":"2026-08-12","locators":{"document_date":"CELLAR 32026R0825 work_date_document","published_on":"CELLAR 32026R0825 official-journal-act_date_publication","entry_into_force":"CELLAR 32026R0825 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms","path":"/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms","name":"Commission Delegated Regulation (EU) 2026/825","number":"2026/825","celex":"32026R0825","title_official":"COMMISSION DELEGATED REGULATION (EU) 2026/825 of 14 April 2026 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria to be taken into account in establishing and assessing the effectiveness of order execution policies of investment firms and repealing Commission Delegated Regulations (EU) 2017/575 and (EU) 2017/576 (Text with EEA relevance)","document_date":"2026-04-14"},"position":{"kind":"article","key":"5","index":5,"articles":11,"annexes":1},"prev":{"path":"/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/4","key":"4","title":"Article 4 — Order routing criteria"},"next":{"path":"/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/6","key":"6","title":"Article 6 — Dealing on own account when executing client orders"},"act_anchor":"#art-5"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2026/825/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms.md","unit_text_sha256":"590c86c68f1a22b43f5fb45b7970c87f974d2c37f554ad8ca78c1a57db63e405","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/art-5","kind":"article","key":"5","heading":"Article 5 — Client instruction","text":"## <a id=\"art-5\"></a>Article 5 — Client instruction\n\n1. <a id=\"art-5-p-1\"></a>Investment firms shall set out in their order execution policy that specific instructions from their clients may prevent the investment firm:\n\n    <a id=\"art-5-p-1-a\"></a>**(a)** from complying with all or part of the requirements laid down in Article 3;\n\n    <a id=\"art-5-p-1-b\"></a>**(b)** from obtaining the best possible result when executing the client’s order.\n\n    Investment firms that execute orders based on client instructions shall have in place arrangements on how to deal with those instructions in the client’s best interest.\n\n2. <a id=\"art-5-p-2\"></a>In their order execution policy, investment firms shall lay down how to differentiate between orders with and without specific client instructions.\n\n    An order with specific client instructions shall contain clear instructions from the client, including any of the following:\n\n    <a id=\"art-5-p-2-a\"></a>**(a)** a choice by the client of one option out of multiple options offered by the investment firm related to a part or aspect of the order, or, where explicitly requested by the client, all parts and aspects of the order;\n\n    <a id=\"art-5-p-2-b\"></a>**(b)** an instruction by the client to the investment firm to handle the order in a different way than provided for by the order execution policy of that investment firm.\n\n3. <a id=\"art-5-p-3\"></a>Investment firms that receive a specific client instruction related to a part or aspect of the order shall only treat that part or aspect of the order as a specific client instruction. Investment firms shall ensure that all other parts or aspects are processed in the same way as orders without specific client instructions.\n\n4. <a id=\"art-5-p-4\"></a>Investment firms that offer a retail client a choice of the execution venue shall lay down the following in their order execution policy:\n\n    <a id=\"art-5-p-4-a\"></a>**(a)** how the order execution policy prevents inducing a client to choose a specific execution venue;\n\n    <a id=\"art-5-p-4-b\"></a>**(b)** where the commissions charged differ per execution venue, how the investment firm complies with Article 64(3) and Article 66(5) of Delegated Regulation (EU) 2017/565;\n\n    <a id=\"art-5-p-4-c\"></a>**(c)** that clients are free not to specify the execution venue of their choice, in which case the choice of the execution venue and the obligation to obtain the best possible result for the execution of the order remain the responsibility of the investment firm;\n\n    <a id=\"art-5-p-4-d\"></a>**(d)** that the order will be routed in accordance with the order execution policy of the investment firm where the client does not choose the execution venue.\n\n","marks":[],"text_hash":"590c86c68f1a22b43f5fb45b7970c87f974d2c37f554ad8ca78c1a57db63e405","revision":1}}