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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":"9","index":9,"articles":11,"annexes":1},"prev":{"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 effectiveness of the order execution policy"},"next":{"path":"/mifid-ii/level-2/rts/2026-825-effectiveness-of-order-execution-policies-of-investment-firms/articles/10","key":"10","title":"Article 10 — Repeal"},"act_anchor":"#art-9"}},"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":"8927d0de826abb6a594fdb9dab482c850d9ecba8a9f64dd075569488c9e2eea3","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-9","kind":"article","key":"9","heading":"Article 9 — Classes of financial instruments","text":"## <a id=\"art-9\"></a>Article 9 — Classes of financial instruments\n\n1. <a id=\"art-9-p-1\"></a>Investment firms shall identify classes of financial instruments for which they execute orders on behalf of clients in accordance with the Annex.\n\n2. <a id=\"art-9-p-2\"></a>Investment firms shall identify separate subclasses of financial instruments, within the classes set out in the Annex, in either of the following circumstances:\n\n    <a id=\"art-9-p-2-a\"></a>**(a)** where a significant number of orders is executed or is expected to be executed in financial instruments with different methods of execution within the same class of financial instruments, as referred to in the Annex;\n\n    <a id=\"art-9-p-2-b\"></a>**(b)** where the classes set out in the Annex do not allow for an effective monitoring and assessment of the order execution quality.\n\n","marks":[],"text_hash":"8927d0de826abb6a594fdb9dab482c850d9ecba8a9f64dd075569488c9e2eea3","revision":1}}