Art. 78 Execution of orders for crypto-assets on behalf of clients | MiCA regulation | MiCA

1. Crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; executing orders for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; on behalf of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; shall take all necessary steps to obtain, while executing orders, the best possible result for their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; taking into account factors of price, costs, speed, likelihood of execution and settlement, size, nature, conditions of custody of the crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; or any other consideration relevant to the execution of the order.
2. Notwithstanding the first subparagraph, crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; executing orders for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; on behalf of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; shall not be required to take the necessary steps as referred to in the first subparagraph in cases where they execute orders for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; following specific instructions given by its clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;.
1. To ensure compliance with paragraph 1, crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; executing orders for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; on behalf of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; shall establish and implement effective execution arrangements. In particular, they shall establish and implement an order execution policy to allow them to comply with paragraph 1. The order execution policy shall, amongst others, provide for the prompt, fair and expeditious execution of clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; orders and prevent the misuse by the crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;’ employees of any information relating to clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; orders.
1. Crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; executing orders for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; on behalf of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; shall provide appropriate and clear information to their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; on their order execution policy referred to in paragraph 2 and any significant change thereto. That information shall explain clearly, in sufficient detail and in a way that can be easily understood by clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;, how clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; orders are to be executed by crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;. Crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; shall obtain prior consent from each clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; regarding the order execution policy.
1. Crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; executing orders for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; on behalf of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; shall be able to demonstrate to their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;, at their request, that they have executed their orders in accordance with their order execution policy and shall be able to demonstrate to the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;, at the latter’s request, their compliance with this Article.
1. Where the order execution policy provides for the possibility that clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; orders might be executed outside a trading platform, crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; executing orders for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; on behalf of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; shall inform their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; about that possibility and shall obtain the prior express consent of their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; before proceeding to execute their orders outside a trading platform, either in the form of a general agreement or with respect to individual transactions.
1. Crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; executing orders for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; on behalf of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; shall monitor the effectiveness of their order execution arrangements and order execution policy in order to identify and, where appropriate, correct any deficiencies in that respect. In particular, they shall assess, on a regular basis, whether the execution venues included in the order execution policy provide for the best possible result for clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; or whether they need to make changes to their order execution arrangements. Crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; executing orders for crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; on behalf of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; shall notify clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; with whom they have an ongoing clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; relationship of any material changes to their order execution arrangements or order execution policy.