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ESMA_QA_2560
Topic
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
Question
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?
ESMA_QA_2558
Topic
03/06/2025
Subject Matter
Payment for order flow (PFOF) prohibition and client instructions for order executions
Question
Does the prohibition of receiving payment for order flow (PFOF) apply to situations where the client provided a specific instruction to the investment firm to execute the order on a particular execution venue?