(1)In this Regulation, "execution venue" means -
(c) a systematic internaliser,
(d) a market maker or other liquidity provider, or
(e) an entity that performs a similar function in a third country to the functions performed by any of the foregoing.
(2) When executing client orders, an investment firm shall take into account the following criteria for determining the relative importance of the factors referred to in Regulation 106:
(a) the characteristics of the client including the categorisation of the client as retail or professional;
(b) the characteristics of the client order;
(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.
(3) An investment firm satisfies its obligation under Regulation 106(1) to take all reasonable steps to obtain the best possible result for a client to the extent that it executes -
(a) an order, or