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---
title: "ESMA Q&A 1035 — Q&A — Best Execution [Answer Published]"
shortTitle: "ESMA Q&A 1035 — Q&A — Best Execution [Answer Published]"
answer_id: ESMA_QA_1035
topic: "Best Execution"
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 16 Dec 2016 [Answer Published]**

*Answer Published · ESMA Q&A register, 16 December 2016 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1035)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1035 — Q&A — Best Execution \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1035 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 16 December 2016; question submitted 16 December 2016 |
| **Legal basis** | MiFID II |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Best Execution**

### Question

What is the latest date after year-end by which firms executing or transmitting client orders, or portfolio managers, should publish the report showing their top five execution venues or firms where they have sent client orders and information about the quality of the execution they obtained?

***

### Answer

\[ESMA35-43-349 MiFID II Investor protection Q&A Best execution 5\]

Reports published under RTS 28 or Article 65(5) of the MiFID II Delegated Regulation are intended to provide the public with valuable data that will diminish information asymmetries and help investors select the firms they want to work with. To ensure those investors have up-to-date information, ESMA considers it suitable that the reports should be made public on or before the 30th of April following the end of the period to which the report relates.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1035)