ESMA_QA_2560
03/06/2025
Subject Matter
Payment for order flow (PFOF) prohibition: scope for rebates or discounts on transaction fees or any other benefits for investment firms acting on behalf of retail clients or opt-in professional clients
    Which type of rebates or discounts on transaction fees or any other benefits for investment firms acting on behalf of retail clients or opt-in professional clients are out of the scope of the prohibition to receive payment for order flow specified in Article 39a MiFIR?
    Status: Forwarded to EC/Public Consultation/Other

    Additional Information

    Level 1 Regulation
    Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries
    Additional Legal Reference
    Article 39a, Paragraph 1
    Topic
    Inducements