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Directive 2006/73/EC - Markets in Financial Instruments Directive (MiFID Implementing Directive)RecitalsChapter I Scope and Definitions (arts. 1-4)Article 1 Subject-matter and scopeArticle 2 DefinitionsArticle 3 Conditions applying to the provision of informationArticle 4 Additional requirements on investment firms in certain casesChapter II Organisational Requirements (arts. 5-25)Section 1 Organisation (arts. 5-12)Article 5 General organisational requirementsArticle 6 ComplianceArticle 7 Risk managementArticle 8 Internal auditArticle 9 Responsibility of senior managementArticle 10 Complaints handlingArticle 11 Meaning of personal transactionArticle 12 Personal transactionsSection 2 Outsourcing (arts. 13-15)Article 13 Meaning of critical and important operational functionsArticle 14 Conditions for outsourcing critical or important operational functions or investment services or activitiesArticle 15 Service providers located in third countriesSection 3 Safeguarding of client assets (arts. 16-20)Article 16 Safeguarding of client financial instruments and fundsArticle 17 Depositing client financial instrumentsArticle 18 Depositing client fundsArticle 19 Use of client financial instrumentsArticle 20 Reports by external auditorsSection 4 Conflicts of interest (arts. 21-25)Article 21 Conflicts of interest potentially detrimental to a clientArticle 22 Conflicts of interest policyArticle 23 Record of services or activities giving rise to detrimental conf lict of interestArticle 24 Investment researchArticle 25 Additional organisational requirements where a firm produces and disseminates investment researchChapter III Operating Conditions for Investment Firms (arts. 26-52)Section 1 Inducements (art. 26)Article 26 InducementsSection 2 Information to clients and potential clients (arts. 27-34)Article 27 Conditions with which information must comply in order to be fair, clear and not misleadingArticle 28 Information concerning client categorisationArticle 29 General requirements for information to clientsArticle 30 Information about the investment firm and its services for retail clients and potential retail clientsArticle 31 Information about financial instrumentsArticle 32 Information requirements concerning safeguarding of client financial instruments or client fundsArticle 33 Information about costs and associated chargesArticle 34 Information drawn up in accordance with Directive 85/611/EECSection 3 Assessment of suitability and appropriateness (arts. 35-39)Article 35 Assessment of suitabilityArticle 36 Assessment of appropriatenessArticle 37 Provisions common to the assessment of suitability or appropriatenessArticle 38 Provision of services in non-complex instrumentsArticle 39 Retail client agreementSection 4 Reporting to clients (arts. 40-43)Article 40 Reporting obligations in respect of execution of orders other than for portfolio managementArticle 41 Reporting obligations in respect of portfolio managementArticle 42 Additional reporting obligations for portfolio management or contingent liability transactionsArticle 43 Statements of client financial instruments or client fundsSection 5 Best execution (arts. 44-46)Article 44 Best execution criteriaArticle 45 Duty of investment firms carrying out portfolio management and reception and transmission of orders to act in the best interests of the clientArticle 46 Execution policySection 6 Client order handling (arts. 47-49)Article 49 Aggregation and allocation of transactions for own accountArticle 48 Aggregation and allocation of ordersArticle 47 General principlesSection 7 Eligible counterparties (art. 50)Article 50 Eligible counterpartiesSection 8 Record-keeping (art. 51)Article 51 Retention of recordsSection 9 Defined terms for the purposes of Directive 2004/39/EC (art. 52)Article 52 Investment adviceChapter IV Final Provisions (arts. 53-55)Article 53 TranspositionArticle 54 Entry into forceArticle 55 AddresseesDone at
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Section 5 Best execution (arts. 44-46)

Article 44 Best execution criteria
Article 45 Duty of investment firms carrying out portfolio management and reception and transmission of orders to act in the best interests of the client
Article 46 Execution policy
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