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Version date: 4 April 2017 - onwards

Question 14 Information on passive and aggressive orders in the context of portfolio management and RTO [Last update: 4 April 2017]

Art. 27 of MiFID II Art. 65(6) of the MiFID II Delegated Regulation RTS 28

How should passive and aggressive orders be understood in the context of portfolio management or of reception and transmission of orders for the purposes of the RTS 28 report to be published under Article 65(6) of the Delegated Regulation?

Answer 14

Investment firms providing portfolio management or reception and transmission of orders services are required to publish information that is consistent with the RTS 28 which includes, among others, data on passive and aggressive orders. The relevance of these descriptive terms in the context of portfolio managers will however vary according to the nature of the activities undertaken, the trading system used and the classes of financial instruments. If a portfolio manager, or a receiver and transmitter of orders, sends an order to an entity for execution (broker), the distinction between passive and aggressive orders as defined in Article 2 of RTS 28 is likely not r

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