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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":"8","index":8,"articles":11,"annexes":1},"prev":{"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"},"next":{"path":"/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/9","key":"9","title":"Article 9 — Classes of financial 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id=\"art-8-p-1-a\"></a>**(a)** the monitoring of the order execution policy in accordance with Article 7 indicates that the investment firm does not comply with its order execution policy or with the requirements set out in Article 27(1) of Directive 2014/65/EU;\n\n    <a id=\"art-8-p-1-b\"></a>**(b)** a material change, as referred to in Article 65(7), fourth subparagraph of Delegated Regulation (EU) 2017/565, occurs that affects the ability of the investment firm to continue to obtain the best possible result for its clients.\n\n2. <a id=\"art-8-p-2\"></a>The periodic assessment referred to in paragraph 1 shall in particular take into account:\n\n    <a id=\"art-8-p-2-a\"></a>**(a)** the costs and fees charged to the investment firm as referred to in Article 3(1), point (c);\n\n    <a id=\"art-8-p-2-b\"></a>**(b)** the results of the monitoring referred to in Article 7;\n\n    <a id=\"art-8-p-2-c\"></a>**(c)** financial market developments, including liquidity dry-ups, and the impact of such developments on:\n\n    <a id=\"art-8-p-2-c-i\"></a>**(i)** the obtained and expected execution quality of the selected execution venues;\n\n    <a id=\"art-8-p-2-c-ii\"></a>**(ii)** the ability of the selected execution venues to obtain the best possible result for clients of the investment firm on a consistent basis;\n\n    <a id=\"art-8-p-2-d\"></a>**(d)** the emergence of new execution venues, including:\n\n    <a id=\"art-8-p-2-d-i\"></a>**(i)** new functionalities offered by those new execution venues;\n\n    <a id=\"art-8-p-2-d-ii\"></a>**(ii)** the cost-efficiency of the fee structures offered by those new execution venues;\n\n    <a id=\"art-8-p-2-d-iii\"></a>**(iii)** the transparency in price formation offered by those new execution venues;\n\n    <a id=\"art-8-p-2-d-iv\"></a>**(iv)** levels of liquidity or execution services offered by those new execution venues;\n\n    <a id=\"art-8-p-2-e\"></a>**(e)** the disappearance of the selected execution venues, including due to mergers or bankruptcies.\n\n3. <a id=\"art-8-p-3\"></a>In addition to compliance with the requirements set out in paragraphs 1 and 2, investment firms that selected only one execution venue to execute client orders in a given class of financial instruments identified in accordance with Article 9 or all client orders shall assess periodically whether executing client orders on one execution venue continues to ensure that those investment firms obtain the best possible result for clients on a consistent basis. As part of the assessment, investment firms shall make a comparison with available alternative execution venues.\n\n4. <a id=\"art-8-p-4\"></a>Investment firms shall update their order execution policy and internal arrangements to correct any deficiencies to the effectiveness identified in their periodic assessments as soon as possible within a reasonable period after the assessment, considering the seriousness of the deficiency.\n\n","marks":[],"text_hash":"caa67b22d2a6d28a2d6f1f3cbadfa5fca6bd1f75bd5deac564807f4ee39e2be8","revision":1}}