Commission Delegated Directive on third-party execution and research services under MiFID II published in OJ

The Commission Delegated Directive (EU) 2026/374 amending Delegated Directive (EU) 2017/593 under the Markets in Financial Instruments Directive (MiFID II) has been published in the Official Journal of the European Union (OJ). The Directive updates the rules on the provision of third-party execution and research services to investment firms that provide portfolio management or other investment or ancillary services. The amendments reflect changes introduced by Directive (EU) 2024/2811, allowing investment firms greater flexibility to pay for research and execution services either jointly or separately.

The Delegated Directive introduces enhanced requirements where firms operate research payment accounts, including obligations on budgeting, controls, and audit trails, and reinforces that research charges must be based on a pre-set budget and not linked to transaction volumes. It also imposes a strengthened obligation on firms to assess the quality, value and usability of third-party research on at least an annual basis against robust criteria, and to take remedial action where deficiencies are identified. The Directive will enter into force on 22 June, being the 20th day following publication in the OJ. Member states must transpose the Directive by 5 June, with application from 6 June.

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