Article 64
Best execution criteria
1.
When executing client orders, investment firms shall take into account the following criteria for determining the relative importance of the factors referred to in Article 27(1) of Directive 2014/65/EU:
(a)
the characteristics of the client including the categorisation of the client as retail or professional;
(b)
the characteristics of the client order, including where the order involves a securities financing transaction (SFT);
(c)
the characteristics of financial instruments that are the subject of that order;
(d)
the characteristics of the execution venues to which that order can be directed.
For the purposes of this Article and Articles 65 and 66, ‘execution venue’ includes a regulated market, an MTF, an OTF, a systematic internaliser, or a market maker or other liquidity provider or an entity that performs a similar function in a third country to the functions performed by any of the foregoing.
2.
An investment firm satisfies its obligation under Article 27(1) of Directive 2014/65/EU to take all sufficient steps to obtain the best possible result for a client to the extent that it executes an order or a specific aspect of an order following specific instructions from the client relating to the order or the specific aspect of the order.
3.
Investment firms shall not structure or charge their commissions in such a way as to discriminate unfairly between execution venues.
4.
When executing orders or taking decision to deal in OTC products including bespoke products, the investment firm shall check the fairness of the price proposed to the client, by gathering market data used in the estimation of the price of such product and, where possible, by comparing with similar or comparable products.