Dealing and managing client orders
Dealing and managing client orders

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Dealing and managing client orders
  • MiFID II: changes to client order handling requirements
  • Client order handling
  • Client limit orders
  • Record keeping
  • Personal account dealing

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: The impact of Brexit on the MiFID II regime.

MiFID II: changes to client order handling requirements

The Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID) has been replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together the MiFID II framework). Both MiFID II and MiFIR entered into force on 2 July 2014. As amended, the majority of the MiFID II framework has applied since 3 January 2018, and EU Member States had until 3 July 2017 to transpose the provisions of MiFID II into national law. MiFID II contains provisions which amended requirements relating to client order handing requirements under the original MiFID. For more information about the MiFID II requirements, see Practice Note: MiFID II conduct of business and investor protection requirements—Best execution and client order handling.

For more information on the MiFID II framework, see:

Client order handling

This Practice Note explains how firms authorised