--- title: "ESMA Q&A 1043 — Q&A — Best Execution [Answer Published]" shortTitle: "ESMA Q&A 1043 — Q&A — Best Execution [Answer Published]" answer_id: ESMA_QA_1043 topic: "Best Execution" status: "Answer Published" type: qa instrument_type: qa authority: ESMA binding: false binding_character: non_binding legal_status: in_force regulation: "MiFIR" mifir_level3: true mica_level2: false legal_basis: "MiFIR" date: 4 April 2017 source_link: https://www.esma.europa.eu/publications-data/questions-answers/1043 lifecycle: "Answer Published" text_version: "ESMA Q&A register, 4 April 2017" source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1043" check_status: matched verified: true last_checked: 2026-10-26 checked_against: "the ESMA publication" source: prepared_by: "ESMA" published_by: "ESMA" published_in: "ESMA Q&A tool" evidence: prepared_by: "ESMA Answer" locator: "ESMA Q&A entry ESMA_QA_1043: field 'ESMA Answer', no 'Answer provided by' line" document_type: "qa_answer" legal_nature: "not_legislation" addressees: "not stated in the document" dates: published_on: "2017-04-04" question_submitted_on: "2017-04-04" locators: published_on: "ESMA Q&A Excel export ESMA_QA_1043, column 'Esma responses', date line" question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1043, column 'Date of submission'" lifecycle_label: "Answer Published" --- **Answer by ESMA, published in its Q&A tool · not legislation · published 4 Apr 2017 [Answer Published]** *Answer Published · ESMA Q&A register, 4 April 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1043)* | | | |---|---| | **Full title** | ESMA Q&A 1043 — Q&A — Best Execution \[Answer Published\] | | **Prepared by** | ESMA | | **Published by** | ESMA, in the ESMA Q&A tool | | **Reference** | ESMA_QA_1043 | | **Document type** | Q&A | | **Legal nature** | Not legislation | | **Addressees** | Not stated in the document | | **Dates** | Published 4 April 2017; question submitted 4 April 2017 | | **Legal basis** | MiFIR | | **Related instruments** | None recorded | | **Text on this page** | Word for word — the full text of the ESMA publication | **Best Execution** ### Question If portfolio managers or receivers and transmitters of orders use different entities within a single group to execute orders, should they list those entities separately, or aggregate them and list the group parent as a single entry for the purposes of the RTS 28 report that it is required to be published under Article 65(6) of the Delegated Regulation? *** ### Answer \[ESMA35-43-439 MiFIDII Investor protection Best execution 11\] Where portfolio managers or receivers and transmitters send orders for execution to different brokers or entities within a common legal or corporate group, ESMA is of the view that, in line with Article 65(6) of the Delegated Regulation, the annual report on the top five entities chosen for execution should be provided at the level of the individual firm and not be aggregated or consolidated at the group level. Where an investment firm’s top five entities listed in the annual report are dominated by individual brokers or entities from a single group, thereby potentially displacing other third party brokers or entities that it uses on a regular basis, then, in these circumstances, the investment firm could consider providing additional information on these other third-party brokers or entities chosen for execution that is deems relevant to its order execution practices, so as to provide a complete picture of the various entities it selects for execution services (in line with Recital 15 of RTS 28). *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1043)