{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2019-05-29","gaps":[],"covered":["ESMA Q&A 1067 — Q&A — Best Execution [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/level-3/q-and-a/esma/esma-qa-1067-best-execution","url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1067-best-execution","title":"ESMA Q&A 1067 — Q&A — Best Execution [Answer Published]","family":"l3","work_id":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-1067-best-execution","status":"answer published","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 29 May 2019","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1067","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"ec370e714ceec719","change_date":null,"nearest_versions":["2019-05-29"],"first_text_date":null,"correction_applies":false,"versions":["2019-05-29"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1067-best-execution/versions/2019-05-29","revision_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1067-best-execution/versions/2019-05-29/rev/ec370e714ceec719","versions_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1067-best-execution/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1067-best-execution/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 29 May 2019 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2019-05-29","question_submitted_on":"2019-05-29","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1067, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1067, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1067","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-1067-best-execution.md","body_sha256":"08b3f89e2df69328bf477f6f227de613a8b6280d954052ae00743ae30c7648b0"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1067 — Q&A — Best Execution [Answer Published]\"\nshortTitle: \"ESMA Q&A 1067 — Q&A — Best Execution [Answer Published]\"\nanswer_id: ESMA_QA_1067\ntopic: \"Best Execution\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFID II\"\nmifid_level3: true\nmica_level2: false\nlegal_basis: \"MiFID II\"\ndate: 29 May 2019\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1067\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 29 May 2019\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1067\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1067: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2019-05-29\"\n  question_submitted_on: \"2019-05-29\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1067, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1067, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 29 May 2019 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 29 May 2019 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1067)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1067 — Q&A — Best Execution \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1067 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 29 May 2019; question submitted 29 May 2019 |\n| **Legal basis** | MiFID II |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Best Execution**\n\n### Question\n\nDo the RTS 28 reporting requirements of investment firms related to the execution of client orders through third-country execution venues only apply to third-country venues qualified as equivalent by the European Commission?\n\n***\n\n### Answer\n\n\\[ESMA35-43-349 Investor protection Best execution Q&A 24\\]\n\nThe wording in Recital 2 of RTS 28 on “any entity that performs a similar function in a third country” refers to execution venues located in third countries, irrespective whether or not the European Commission has made an equivalence decision on the third-country market.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1067)\n"}