MiFID Monitor Q2 2026

For further information on any of the issues discussed in this publication please contact the related contact(s) on this page.

1 MiFID Framework developments

1.1 Delegated Regulation on order execution policies

On 14 April 2026, the European Commission adopted a Delegated Regulation supplementing the MiFID II Directive¹ with regard to regulatory technical standards (RTS) specifying the criteria for establishing and assessing the effectiveness of order execution policies of investment firms.

The Delegated Regulation, which was made under Article 27(10) of the MiFID II Directive, is based on draft RTS developed by ESMA.

The proposed changes include:

• Specifying criteria for the selection of execution venues to maximise results when executing client orders;