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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":"2016-12-16","question_submitted_on":"2016-12-16","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1019, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1019, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1019","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1019-best-execution.md","body_sha256":"7f65d6745e4c037b5bdaa94f2a55b5c1f6f67a571045d99d92fbfb1adfe33cae"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1019 — Q&A — Best Execution [Answer Published]\"\nshortTitle: \"ESMA Q&A 1019 — Q&A — Best Execution [Answer Published]\"\nanswer_id: ESMA_QA_1019\ntopic: \"Best Execution\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"MiFIR\"\ndate: 16 December 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1019\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 16 December 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1019\"\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_1019: 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: \"2016-12-16\"\n  question_submitted_on: \"2016-12-16\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1019, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1019, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 16 Dec 2016 [Answer Published]**\n\n*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/1019)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1019 — Q&A — Best Execution \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1019 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 16 December 2016; question submitted 16 December 2016 |\n| **Legal basis** | MiFIR |\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\nWhere execution venues and firms publish reports as required under RTS 27 and 28 , how long should the reports be kept in the public domain and freely accessible?\n\n***\n\n### Answer\n\n\\[ESMA35-43-349 MiFID Investor Protection Q&A Best execution nr 4\\]\n\nThe information published under RTS 27 is intended to provide the public and firms with relevant data to measure the quality of execution. These objectives are particularly important as the MIFID II Delegated Regulation requires, amongst other things, that firms assess whether the list of venues they ordinarily use for execution should be updated following a material change at a particular venue. ESMA considers that to achieve these outcomes, it is appropriate for execution venues to keep each report available in the public domain for a minimum period of two years.\n\nRTS 281 is intended to enable the public and investors to evaluate the quality of a firm’s execution practices by requiring publication of valuable information about how and where the firm has executed client orders. It is important that these reports allow for a robust comparison between different firms and also to enable comparison of performance over time. Therefore, ESMA considers it suitable for firms to keep each report available in the public domain for a minimum period of two years.\n\n1. RTS 28 refers to the regulatory technical standards under Article 27(10)(b) of MiFID II adopted by the EC on 08/07/2016, Commission Delegated Regulation (EU) 2017/576\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1019)\n"}