ESMA published a peer review report on best execution supervisory practices under the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). ESMA finds some shortcomings, identifies a number of areas for future work and notes that implementation of the MiFID II Directive (2014/65/EU) could help to solve some of the shortcomings. It concludes that further work on the implementation, supervision and enforcement of the best execution requirements, and how to deliver the best service for investors, is necessary.