ESMA_QA_2558
03/06/2025
Subject Matter
Payment for order flow (PFOF) prohibition and client instructions for order executions
Original 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?
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
Topic
Inducements