(Articles 27(1) and 24(1) of Directive 2014/65/EU)
1. When executing client orders, investment firms shall take into account the following criteria for determining the relative importance of the factors referred to in Article 27(1) of Directive 2014/65/EU:
(a) the characteristics of the client including the categorisation of the client as retail or professional;
(b) the characteristics of the client order, including where the order involves a securities financing transaction (SFT) ;
(c) the characteristics of financial instruments that are the subject of that order;
(d) the characteristics of the execution venues to which that order can be directed.
For the purposes of this Article and Articles 65 and 66, "execution venue" includes a regulated market, an MTF, an OTF, a systematic internaliser, or a market maker or other liquidity provider or an entity that performs a similar function in a third country to the functions performed by any of the foregoing.
2. An investment firm satisfies
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