Skip to the text
In this act Article 5 of 11
Text as of 26 Oct 2026 · Commission Delegated Regulation (EU) 2026/825, OJ L, 2026/825, 23.7.2026 · Same wording as today’s text.Today’s text

Article 5 — Client instruction

Financial servicesLevel 2RTSMiFID IIIn forceOfficial source

5(1)

1.Investment firms shall set out in their order execution policy that specific instructions from their clients may prevent the investment firm:

Copy link
5(1)(a)
(a)from complying with all or part of the requirements laid down in Article 3;
Copy link
5(1)(b)
(b)from obtaining the best possible result when executing the client’s order.
Copy link

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.

5(2)

2.In their order execution policy, investment firms shall lay down how to differentiate between orders with and without specific client instructions.

An order with specific client instructions shall contain clear instructions from the client, including any of the following:

Copy link
5(2)(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;
Copy link
5(2)(b)
(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.
Copy link
5(3)

3.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.

Copy link
5(4)

4.Investment firms that offer a retail client a choice of the execution venue shall lay down the following in their order execution policy:

Copy link
5(4)(a)
(a)how the order execution policy prevents inducing a client to choose a specific execution venue;
Copy link
5(4)(b)
(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;
Copy link
5(4)(c)
(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;
Copy link
5(4)(d)
(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.
Copy link