Template:TOC COBS 11.2: Difference between revisions

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==={{cobsprov|11.2}} {{cobsprov|Best Execution}}===
:[[COBS]] {{cobsprov|11.2}} {{cobsprov|Best Execution}}
:''Note that, courtesy of {{cobsprov|1 Annex 1}} [[best execution]] obligations are not owed to an {{fcaprov|eligible counterparty}}, but only to a {{fcaprov|professional client}} or a {{fcaprov|retail client}}.''
::[[COBS]] {{cobsprov|11.2.1}}  {{cobsprov|Obligation to execute orders on terms most favourable to the client}} <br>
::[[COBS]] {{cobsprov|11.2.2}}  {{cobsprov|Application of best execution obligation}}
::[[COBS]] {{cobsprov|11.2.3}} <br>
::[[COBS]] {{cobsprov|11.2.4}} <br>
::[[COBS]] {{cobsprov|11.2.5}} <br>
::[[COBS]] {{cobsprov|11.2.6}}  {{cobsprov|Best execution criteria}} <br>
::[[COBS]] {{cobsprov|11.2.7}}  {{cobsprov|Role of price}} <br>
::[[COBS]] {{cobsprov|11.2.19}}  {{cobsprov|Following specific instructions from a client}}
::[...] <br>
::[[COBS]] {{cobsprov|11.2.25}}: {{cobsprov|Consent to best execution policy generally}} <br>
::[[COBS]] {{cobsprov|11.2.26}}: {{cobsprov|Client consent to execution policy and execution of orders outside a regulated market or MTF}} <br>


====Application of best execution obligation====
''Note that, courtesy of {{cobsprov|1 Annex 1}} [[best execution]] obligations are not owed to an {{fcaprov|eligible counterparty}}, but only to a {{fcaprov|professional client}} or a {{fcaprov|retail client}}.''
*{{tag|COBS}} {{Cobsprov|11.2.2}}
*{{tag|COBS}} {{Cobsprov|11.2.3}}
*{{tag|COBS}} {{Cobsprov|11.2.4}}
*{{tag|COBS}} {{Cobsprov|11.2.5}}


====Management companies: execution and transmission of orders====
Best execution criteria


====Client consent to execution policy and execution of orders outside a {{fcaprov|regulated market}} or {{fcaprov|MTF}}====
 
*{{tag|COBS}} {{Cobsprov|11.2.25}}: consent to best execution policy generally <br>
 
*{{tag|COBS}} {{Cobsprov|11.2.26}}: permission to execute outside a [[regulated market]] or [[MTF]] <br>
COBS 11.2.6R28/02/2014
 
 
 
When executing a client order, a firm must take into account the following criteria for determining the relative importance of the execution factors:
(1) the characteristics of the client including the categorisation of the client as retail or professional;
 
(2) the characteristics of the client order;
 
(3) the characteristics of financial instruments that are the subject of that order;
 
(4) the characteristics of the execution venues to which that order can be directed; and
 
(5) for a management company, the objectives, investment policy and risks specific to the UCITS scheme or EEA UCITS scheme, as indicated in its prospectus or instrument constituting the fund.
 
 
 
[Note: article 44(1) of the MiFID implementing Directive and article 25(2) second sentence of the UCITS implementing Directive]

Latest revision as of 13:30, 14 August 2024

COBS 11.2 Best Execution
Note that, courtesy of 1 Annex 1 best execution obligations are not owed to an eligible counterparty, but only to a professional client or a retail client.
COBS 11.2.1 Obligation to execute orders on terms most favourable to the client
COBS 11.2.2 Application of best execution obligation
COBS 11.2.3
COBS 11.2.4
COBS 11.2.5
COBS 11.2.6 Best execution criteria
COBS 11.2.7 Role of price
COBS 11.2.19 Following specific instructions from a client
[...]
COBS 11.2.25: Consent to best execution policy generally
COBS 11.2.26: Client consent to execution policy and execution of orders outside a regulated market or MTF


Best execution criteria


COBS 11.2.6R28/02/2014


When executing a client order, a firm must take into account the following criteria for determining the relative importance of the execution factors: (1) the characteristics of the client including the categorisation of the client as retail or professional;

(2) the characteristics of the client order;

(3) the characteristics of financial instruments that are the subject of that order;

(4) the characteristics of the execution venues to which that order can be directed; and

(5) for a management company, the objectives, investment policy and risks specific to the UCITS scheme or EEA UCITS scheme, as indicated in its prospectus or instrument constituting the fund.


[Note: article 44(1) of the MiFID implementing Directive and article 25(2) second sentence of the UCITS implementing Directive]

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