1. Investment firms shall ensure that their order execution policy contains the following:
the internal governance procedures for the selection of execution venues;
the measures taken to ensure that the selected execution venues are authorised by competent authorities or, where the execution venue is in a third country, by the third-country authorities.
2. Investment firms shall maintain an internal list of the execution venues selected as part of their order execution policy, which shall contain the following information in respect of each execution venue:
the name and identifier of the execution venue;
the date on which the investment firm approved the execution venue for its order execution policy;
the name and function of the person or the governance body of the investment firm that approved the selection of the execution venue;
the classes of financial instruments for which the execution venue may be used;
the types of transactions for which the execution venue may be used, including securities financing transactions as defined in Article 3, point (11), of Regulation (EU) 2015/2365 of the European Parliament and of the Council7;
whether the execution venue may be used only for retail or professional clients, or for both;
any limitations, other than those set out in points (d), (e) and (f), to the use of the execution venue.
3. Investment firms shall specify in their order execution policy the arrangements and valuation systems, including a list of data providers used for that valuation, that are used to perform systematic and robust checks of the fairness of the price for orders executed on behalf of clients in classes of financial instruments, including bespoke products, executed over the counter, as required by Article 64(4) of Delegated Regulation (EU) 2017/565.
4. Investment firms that offer both the investment services of execution of orders on behalf of clients and reception and transmission of orders shall specify in their order execution policy how they comply with the obligation to act in the best interests of their clients, as required by Article 24(1) of Directive 2014/65/EU, when deciding whether or not to execute an order.