(1) An investment firm, when providing the service of portfolio management, to comply with Regulation 76 shall act in accordance with the best interests of the firm's clients when placing, with other entities, execution orders that result from decisions by the firm to deal in financial instruments on behalf of the firm's client.
(2) An investment firm, when providing the service of reception and transmission of orders, to comply with Regulation 76 shall act in accordance with the best interests of the firm's clients, when transmitting client orders to other entities for execution.
(3) In order to comply with paragraphs (1) or (2), an investment firm shall do as follows:
(a) take all reasonable steps to obtain the best possible result for the firm's clients, taking into account the factors referred to in Regulation 106 (1);
(b) determine the relative importance of those factors by reference -
(i) to the criteria set out in Regulation 97(2), and
(ii) for retail clients, to the requ