Handling of client orders; authorisation to issue statutory instruments

(1) An investment services undertaking must take appropriate arrangements to 1. execute client orders promptly and honestly in relation to other client orders and the trading interests of the investment services undertaking, or transmit them to third parties, and 2. execute comparable client orders, or transmit them to third parties for execution, in the order of their receipt.
(2) Where limit orders of clients in respect of shares admitted to trading on a regulated market or traded on a trading venue cannot, owing to market conditions, be executed promptly, the investment services undertaking must make those orders known promptly in a manner readily accessible to other market participants, unless the client gives other instructions. The obligation under the first sentence is deemed satisfied where the orders have been, or are, transmitted to a trading venue that satisfies the requirements of Article 70(1) of Delegated Regulation (EU) 2017/565. The Bundesanstalt may waive the duty under the first sentence in respect of orders that significantly exceed the normal market size.
(3) Further provisions on the obligations under subsections (1) and (2) are laid down in Articles 67 to 70 of Delegated Regulation (EU) 2017/565.
(4) The Federal Ministry of Finance may, by statutory instrument not requiring the consent of the Bundesrat, adopt further provisions on the conditions under which the Bundesanstalt may, under subsection (2), third sentence, waive the duty under subsection (2), first sentence. The Federal Ministry of Finance may transfer this authorisation, by statutory instrument, to the Bundesanstalt.