Page 33 - 期货和衍生品行业监管动态（2025年4月）

期货和衍生品行业监管动态

下一步

最终报告已提交给欧盟委员会，如果欧盟委员会提出要求，ESMA 将在此领

域提供进一步的建议和技术指引。

关于《欧盟金融工具市场指令 II》（MiFID II）/《欧盟金融工具市场条例》

（MiFIR）审查以及即将进行的意见征集和最终报告的更多信息，请点击此处查

阅。

ESMA Finalises Rules on Firms’ Order Execution Policies under MiFID II

(2025/4/10)

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, is publishing today the Final Report on the rules

explaining how investment firms should establish their order execution policies and

assess their effectiveness.

In the draft Regulatory Technical Standards (RTS) ESMA specifies the rules,

with the objective to enhance investment firms’ order execution and foster investor

protection.

The RTS includes requirements on:

 the establishment of an investment firm’s order execution policy; this

includes the classification of financial instruments in which firms execute

client orders and the selection of venues for the order execution policy;

 the investment firm’s procedures and criteria to monitor and regularly assess

the effectiveness of its order execution arrangements and order execution

policy;

 the investment firm’s execution of client orders through own account dealing;

and

 how an investment firm should deal with specific client instructions.

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