EU Delegated Regulation on order execution policies under MiFID II published in OJ

The Commission Delegated Regulation (EU) 2026/825 supplementing the Markets in Financial Instruments Directive 2014/65/EU (MiFID II) was published in the Official Journal of the European Union (OJ). The Delegated Regulation sets out regulatory technical standards (RTS) specifying the criteria to be taken into account by investment firms when establishing and assessing the effectiveness of their order execution policies. The Delegated Regulation is based on the final draft RTS published by the European Securities and Markets Authority in April 2025. The European Commission subsequently adopted the Delegated Regulation in April of this year. The RTS is covered in more detail in our blog post headed "EC adopts Delegated Regulation setting RTS on order execution policy".

The Delegated Regulation will repeal Delegated Regulation (EU) 2017/575, which sets out data to be published by execution venues on the quality of execution of transactions on their venues, and Delegated Regulation (EU) 2017/576, which sets out obligations for investment firms to publish information on the identity of execution venues and the quality of execution obtained.

The Delegated Regulation enters into force on 12 August, 20 days after its publication in the OJ, and will apply from 12 February 2028.

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