New rules for order execution policies will require rewriting the thinking on how investment firms evidence execution quality.
On 12 August 2026, the European Commission adopted Commission Delegated Regulation (EU) 2026/825, which supplements Directive 2014/65/EU (MiFID II) by laying down regulatory technical standards specifying the criteria to be taken into account in establishing and assessing the effectiveness of order execution policies of investment firms. The new regulation repeals Commission Delegated Regulations (EU) 2017/575 (commonly referred to as RTS 27) and (EU) 2017/576 (commonly referred to as RTS 28).
Applying from 12 February 2028, this new regulatory framework around best execution gives investment firms roughly 18 months to overhaul their execution policies, monitoring frameworks and, in some cases, the technology that sits behind them.