Best execution
Best execution obligations are reaching into the Technology, AI and Competition sector through a convergence of financial market structure rules and emerging platform accountability frameworks, with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and the European Securities and Markets Authority each applying pressure on how algorithmic systems route, price, and execute transactions on behalf of clients. The SEC's Rule 605 and 606 overhaul, finalized in 2024, expanded disclosure requirements in ways that directly implicate firms using AI-driven order routing. Compliance teams are now auditing execution quality workflows to confirm their algorithmic vendors can produce the documentation those rules require.
Watch
- SEC Rule 605/606 amendments: expanded venue disclosure deadlines for order routing systems
- FCA's multi-firm review of algorithmic execution quality in wholesale markets, findings expected 2025
- ESMA MiFID II best execution RTS 27/28 reinstatement proposals still pending Council sign-off
- AI vendor contracts: whether execution logic disclosures meet regulator audit trail standards
- U.S. Department of Justice scrutiny of algorithmic pricing coordination as a competition law trigger
Recent material activity in Technology, AI & Competition
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The FTC filed a complaint and proposed settlement order against Nuvei Corporation and four subsidiaries on September 4, 2026, for opening payment processing accounts for merchants engaged in deception. The $4.85 million …
Read a full sample brief →CISA adds Google Chromium V8 type confusion vulnerability to Known Exploited Vulnerabilities catalog with federal remediation deadline of September 18 2026
CISA added CVE-2026-85046, a type confusion vulnerability in Google Chromium V8, to its Known Exploited Vulnerabilities catalog on September 4, 2026. Federal agencies face a mandatory remediation deadline of September 18…
Read a full sample brief →DOJ files proposed final judgment against KKR in antitrust consent decree proceeding
The Department of Justice filed a proposed final judgment and competitive impact statement in United States v. KKR & Co. Inc., et al., published in the Federal Register on September 4, 2026. This filing opens the Tunney …
Read a full sample brief →European Commission adopts final guidelines on exclusionary abuses of dominance, replacing 2009 enforcement priorities
The European Commission's Directorate-General for Competition published final guidelines on exclusionary abuses of dominance on September 3, 2026. The guidelines replace the 2009 enforcement priorities paper and establis…
Read a full sample brief →China's SAMR publishes second batch of administrative monopoly enforcement cases targeting local protectionism in pharmaceuticals, internet services, and coal
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Read a full sample brief →FTC extends personalized pricing policy comment period by seven days to September 25, 2026
The FTC extended the public comment deadline on its proposed enforcement policy statement on personalized pricing from September 18 to September 25, 2026. The proposed statement addresses the use of personal data to set …
Read a full sample brief →FCC issues technical correction to broadband data collection final rule effective July 24, 2026
On September 3, 2026, the FCC published a correcting amendment to its final rule on the Digital Opportunity Data Collection and modernized Form 477 broadband data program. The correction restores a defined term that was …
Read a full sample brief →CMA finalizes revised merger efficiencies guidance, replacing existing assessment framework under its 4Ps reform programme
The Competition and Markets Authority published final revised guidance on rivalry-enhancing efficiencies in mergers on September 3, 2026. The guidance replaces the existing text in the Merger Assessment Guidelines and co…
Read a full sample brief →CNIL fines Hôpital Privé de la Loire €500,000 for inadequate patient data security under GDPR
The CNIL sanctioned Hôpital Privé de la Loire €500,000 on September 3, 2026, for failing to implement adequate security measures protecting patient and related-party health data. The decision sets an enforcement benchmar…
Read a full sample brief →CISA adds SonicWall SMA1000 OS command injection flaw to Known Exploited Vulnerabilities catalog with September 5 federal remediation deadline
CISA added CVE-2026-83549, an OS command injection vulnerability in SonicWall SMA1000 Appliances, to its Known Exploited Vulnerabilities catalog on September 2, 2026. The addition imposes a federal remediation deadline o…
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