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---
title: "ESMA Q&A 1067 — Q&A — Best Execution [Answer Published]"
shortTitle: "ESMA Q&A 1067 — Q&A — Best Execution [Answer Published]"
answer_id: ESMA_QA_1067
topic: "Best Execution"
status: "Answer Published"
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date: 29 May 2019
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 29 May 2019 [Answer Published]**

*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)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1067 — Q&A — Best Execution \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1067 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 29 May 2019; question submitted 29 May 2019 |
| **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

Do 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?

***

### Answer

\[ESMA35-43-349 Investor protection Best execution Q&A 24\]

The 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.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1067)