1. Member States shall ensure that investment firms which
have aggregated transactions for own account with one or more
client orders do not allocate the related trades in a way that is
detrimental to a client.
2. Member States shall require that, where an investment firm
aggregates a client order with a transaction for own account and
the aggregated order is partially executed, it allocates the related
trades to the client in priority to the firm.
However, if the firm is able to demonstrate on reasonable
grounds that without the combination it would not have been
able to carry out the order on such advantageous terms, or at all,
it may allocate the transaction for own account proportionally, in
accordance with its order allocation policy referred to in
Article 48(1)(c).
3. Member States shall require investment firms, as part of the
order allocation policy referred to in Article 48(1)(c), to put in
place procedures designed to prevent the reallocation, in a way
that is detrimental to the client, of transactions for own account
which are executed in combination with client orders.