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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":"7","index":7,"articles":11,"annexes":1},"prev":{"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"},"next":{"path":"/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/8","key":"8","title":"Article 8 — Periodic assessment of the 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executed in compliance with the order execution policy;\n\n<a id=\"art-7-p-b\"></a>**(b)** the quality obtained by executing client orders in compliance with the order execution policy;\n\n<a id=\"art-7-p-c\"></a>**(c)** the price of execution, taking into account the reference data, including, where available, reference data from the consolidated tape that the firm may have used;\n\n<a id=\"art-7-p-d\"></a>**(d)** for each class of financial instruments identified in accordance with Article 9, based on a representative sample for each class, whether the execution quality is obtained on a consistent basis, based on thresholds pre-determined by the investment firm for the following indicators:\n\n<a id=\"art-7-p-d-i\"></a>**(i)** the accepted deviation of the execution price of client orders from the relevant value of execution prices in the reference data;\n\n<a id=\"art-7-p-d-ii\"></a>**(ii)** the minimum percentage of the total volume traded of executed client orders that meets the relevant values of execution prices in the reference data out of the total number of executed client orders;\n\n<a id=\"art-7-p-d-iii\"></a>**(iii)** the minimum number of executed client orders that meets the relevant values of execution prices in the reference data;\n\n<a id=\"art-7-p-e\"></a>**(e)** all other factors relevant to the execution of client orders as set out in Article 27(1) of Directive 2014/65/EU.\n\n","marks":[],"text_hash":"7b978f76cb197033d7b0cfaef1a67583bc37ea644288bac295f94af8348852fe","revision":1}}