<!-- headlesslaw {"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2026/825 — RTS — Effectiveness of order execution policies of investment firms [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/6","url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/6","title":"Article 6 — Dealing on own account when executing client orders","family":"l2_unit_view","work_id":"spaces/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms","view_of":"/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"Commission Delegated Regulation (EU) 2026/825, OJ L, 2026/825, 23.7.2026","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/eli/reg_del/2026/825/oj/eng","valid_from":"2026-08-12","valid_until":null,"content_id":"aa536794a849533d","versions":["2026-08-12"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/6/versions/2026-10-26","revision_url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/6/versions/2026-10-26/rev/aa536794a849533d","versions_url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/6/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/6/relations","act_url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms#art-6","source_line":"Commission 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":"6","index":6,"articles":11,"annexes":1},"prev":{"path":"/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/5","key":"5","title":"Article 5 — Client instruction"},"next":{"path":"/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/7","key":"7","title":"Article 7 — Monitoring of the order execution policy"},"act_anchor":"#art-6"}}} -->
# Article 6 — Dealing on own account when executing client orders

**Commission Delegated Regulation (EU) 2026/825 · binding · OJ L, 2026/825, 23.7.2026 · dated 14 Apr 2026 [in force]**

*In force · Commission Delegated Regulation (EU) 2026/825, OJ L, 2026/825, 23.7.2026 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/eli/reg_del/2026/825/oj/eng)*

1. <a id="art-6-p-1"></a>Investment firms the order execution policy of which permits those investment firms to execute orders of their clients by dealing on own account shall specify in their order execution policy the following:

    <a id="art-6-p-1-a"></a>**(a)** how the investment firm obtains the best possible result for its clients when executing client orders by dealing on own account;

    <a id="art-6-p-1-b"></a>**(b)** the measures implemented to identify, prevent, and manage the conflicts of interest related to executing client orders by dealing on own account;

    <a id="art-6-p-1-c"></a>**(c)** how the firm assesses the risks for clients when executing client orders by dealing on own account;

    <a id="art-6-p-1-d"></a>**(d)** the steps taken by the firm to comply with the obligations set out in Articles 67, 68, 69 and 70 of Delegated Regulation (EU) 2017/565;

    <a id="art-6-p-1-e"></a>**(e)** where the investment firm executes client orders in over-the-counter (OTC) products, how it complies with Article 64(4) of Delegated Regulation (EU) 2017/565 and how it ensures the fairness of the price.

2. <a id="art-6-p-2"></a>Investment firms the order execution policy of which permits those investment firms to execute orders of their clients by dealing on own account shall check the fairness of the price proposed to the client by taking into account the price of the financial instrument observed on the market at the time of the transaction. Where no reliable price is available, those investment firms shall establish the reference price through the market price of other similar, comparable, or underlying financial instruments. In the absence of reliable prices for similar, comparable, or underlying financial instruments, those investment firms shall use an internal pricing model, based on reliable and accurate data reflecting market conditions.
