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Book III - Service providers
Title I ter - Asset management companies of UCITS
Chapter IV - Conduct of business rules
Section 2 - Handling and executing orders
Sub-section 2 - Best execution obligation
Paragraph 1 - Principles
Article 321-110 from 03/01/2018

Article 321-110 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/321-110/20180103/notes

For the purposes of I of Article L. 533-22-2-2 of the Monetary and Financial Code, asset management companies executing orders on behalf of UCITS shall take account of the following criteria to determine the relative importance of the factors referred to in I of the said Article:

  1. The characteristics of the order concerned;

  2. The characteristics of the financial instruments covered by the order;

  3. The characteristics of the execution venues to which the order may be routed;

  4. The objectives, investment policy and risks specific to the UCITS and listed in the prospectus or, where such is the case, its fund rules or instruments of incorporation.

For the purposes of this Sub-section, "execution venue" shall mean a trading platform, a systematic internaliser, a market maker, another liquidity provider, or an entity that performs similar tasks in a country that is not party to the European Economic Area agreement.