Art. 27 of MiFID II Art. 65(6) of the MiFID II Delegated Regulation RTS 28
If portfolio managers or receivers and transmitters of orders use different entities within a single group to execute orders, should they list those entities separately, or aggregate them and list the group parent as a single entry for the purposes of the RTS 28 report that it is required to be published under Article 65(6) of the Delegated Regulation?
Answer 11
Where portfolio managers or receivers and transmitters send orders for execution to different brokers or entities within a common legal or corporate group, ESMA is of the view that, in line with Article 65(6) of the Delegated Regulation, the annual report on the top five entities chosen for execution should be provided at the level of the individual firm and not be aggregated or consolidated at the group level.
Where an investment firm’s top five entities listed in the annual report are dominated by individual brokers or entities from a single group,
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