--- title: "Article 39a — Prohibition of receiving payment for order flow" type: regulation legal_status: in_force source: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123" source_retrieved: 2026-09-30 shortTitle: "Article 39a — Prohibition of receiving payment for order flow" instrument_type: level1_regulation authority: Commission binding: true binding_character: binding mica_level2: false legal_basis: "Regulation (EU) No 600/2014" instrument: mifir celex: "32014R0600" regulation: MiFIR regulation-full: "Regulation (EU) No 600/2014" article: 39a status: in_force object_id: eu.mifir.legal_text.article.39a text_version: "Consolidated version of 23 November 2025" source_url: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123" check_status: matched verified: true last_checked: 2026-10-26 --- *In force · Consolidated version of 23 November 2025 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123)* 1. Investment firms acting on behalf of retail clients, as defined in Article 4(1), point (11), of Directive 2014/65/EU, or professional clients as referred to in Section II of Annex II to that Directive shall not receive any fee, commission or non-monetary benefit from any third party for executing orders from those clients on a particular execution venue or for forwarding orders of those clients to any third party for their execution on a particular execution venue (‘payment for order flow’). The first subparagraph shall not apply to rebates or discounts on the transaction fees of execution venues, where permitted under the approved and public tariff structure of a trading venue in the Union or of a third-country trading venue, where they exclusively benefit the client. Such discounts or rebates shall not result in a monetary benefit to the investment firm. 2. A Member State in which, before 28 March 2024, investment firms acting on behalf of clients are established which receive a fee, a commission or a non-monetary benefit from any third party for executing orders from those clients on a particular execution venue or for forwarding orders of those clients to any third party for their execution on a particular execution venue, may exempt investment firms under its jurisdiction from the prohibition laid down in paragraph 1 until 30 June 2026 where those investment firms provide investment services to clients domiciled or established in that Member State. To apply the exemption referred to in the first subparagraph, a Member State which fulfils the condition laid down in the first subparagraph shall notify ESMA by 29 September 2024 to that effect. ESMA shall maintain a list of Member States using that exemption. The list shall be made available to the public and updated regularly. *** [Title VII — Supervisory measures on product intervention and positions](../titles/vii.md) · [← Article 39](39.md) · [Article 40 →](40.md)