In investment services, best execution is not just a regulatory phrase. It is one of the clearest indicators of whether an investment firm is acting in the best interests of its clients.
For Cyprus Investment Firms, the obligation goes far beyond having a policy available on a website. It requires documented arrangements, meaningful monitoring, clear governance, robust oversight, and the ability to demonstrate, in practice, that client orders are executed in a way that seeks the best possible result.
As markets evolve and trading becomes more complex, best execution remains a key focus for compliance, risk, audit, dealing, and senior management teams.
With this blog post,
Evdokia Pitsillidou, Global Chief Risk & Compliance Officer and Partner at
SALVUS Funds, introduces the “
Master Best Execution Requirements in 2026” workshop. The course is designed to provide professionals with practical knowledge of best execution responsibilities, reporting obligations, CySEC expectations, monitoring requirements, and preparation for a best execution inspection.
Whether you work in compliance, risk management, internal audit, dealing, or senior management, this workshop provides the practical insight needed to meet best execution obligations, monitor outcomes effectively, address regulatory expectations, and evidence that client orders consistently achieve the best possible result.
Why does best execution matter in 2026? Best execution is central to investor protection under MiFID II. It requires investment firms to take all sufficient steps to obtain the best possible result when executing client orders, taking into account factors like price, costs, speed, size, nature, likelihood of execution and settlement, and any other relevant consideration connected to the execution of the order.
This means that best execution is not a one-off obligation. It is a continuous process.
A firm must be able to explain how it executes client orders, why it uses specific execution venues or liquidity providers, how it monitors execution quality, how it checks price fairness, and how it identifies and corrects potential execution failures.
Under MiFID II, firms are expected to move beyond general statements and demonstrate that their execution arrangements work in practice. Policies, procedures, monitoring reports, escalation records, venue assessments, pricing checks, and internal reviews all form part of the evidence that a firm may need to produce.
This is especially important for Cyprus Investment Firms operating under CySEC supervision, where best execution has been an area of regulatory focus. CySEC Circular C343 highlighted findings and weaknesses identified in relation to best execution arrangements, order execution policies, monitoring programmes, record keeping, and oversight by compliance and internal audit functions.
For regulated firms, the lesson is clear: best execution must be embedded into day-to-day operations. It must be understood by the relevant teams, monitored through appropriate systems and controls, and supported by clear evidence.
- Ensure the investment firm takes all sufficient steps when executing client orders.
- Obtain the best possible result for the client.
- Consider key execution factors, including price, costs, speed, size, nature of the order, and likelihood of execution and settlement.
- Promote client protection and fair treatment.
- Ensure execution arrangements are designed, monitored, reviewed, and improved on an ongoing basis.
Preparing for a best execution inspection
Best execution inspections can be highly detailed. Firms may receive only a short notice period, and the regulator may expect key personnel to explain the firm’s execution arrangements clearly and consistently.
The inspection may involve interviews with the Risk Manager, Head of Dealing on Own Account, Head of Execution, Reception and Transmission of Orders, Compliance Officer, and Executive Director. This means that best execution knowledge should not sit with only one person or one department.
The firm may be expected to explain its main execution arrangements, the processes used to deliver best execution, the selection and review of execution venues, the use of independent price data providers, the monitoring of order execution quality, the technology used for execution, and the handling of conflicts of interest.
The regulator may also examine whether the Order Execution Policy is clear, whether it is reviewed at least annually and when material changes occur, whether significant issues are escalated to senior management, and whether staff involved in investment services understand their best execution obligations.
The workshop helps learners prepare these types of questions by connecting regulatory requirements with practical inspection expectations.
What does the “Master Best Execution Requirements in 2026” course include?
The course is delivered by
Evdokia Pitsillidou, Global Chief Risk & Compliance Officer and Partner at
SALVUS Funds. Designed for professionals across compliance, audit, execution, reporting, and governance, this workshop explores best execution in practice and how firms can evidence compliance with confidence.
The syllabus includes the following areas:
- Best Execution responsibility
- Best Execution responsibility under MiFID l and MiFID ll
- Best Execution Q&As
- CySEC’s Circular C343 & Best practices to comply with Best Execution
- Creating a sound Order Execution Policy
- Best Execution arrangements in practice
- ‘pre-trade’ execution settings
- Bad practices observed
- Monitoring program and record-keeping
- Onsite checks by the Compliance Officers
- Internal Auditor involvement
- Good practices observed- Preparation for a Best Execution inspection
- Regulator’s potential questions
- The importance of being Compliant The course is delivered through online video recordings and downloadable PDF study material, allowing professionals to learn whenever and wherever it suits them best. Participants can progress at their own pace; revisit topics as needed and reinforce their knowledge through accessible and structured learning resources.
Upon successful completion, participants receive a certificate awarding 5 CPD hours, recognised by CySEC, the Central Bank of Cyprus, and other professional supervisory bodies. The course contributes towards the annual CPD requirements of CySEC Advanced and Basic Certification holders, as well as professionals registered with ICPAC and the Cyprus Bar Association.
