Tue, Mar 31, 2020
In light of the COVID-19 pandemic, ESMA issued a Public Statement to clarify issues regarding the publication by execution venues and firms of the best execution reports required under RTS 27 and 28 of MiFID II.
ESMA and national competent authorities (“NCA”) are aware of the current difficulties encountered by execution venues and firms in preparing these reports. As such, ESMA has recommended that NCAs consider the possibility that:
ESMA is encouraging NCAs to:
ESMA recommends that firms and execution venues keep records of the internal decisions taken in respect of any expected delay and reminds firms of their obligations to achieve best execution for clients and to ensure fair order handling and allocations during current market volatility.
The FCA has worked with ESMA on this and agreed to the supervisory forbearance.
The full public statement can be found here.
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