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prepared by the European Commission, published in the ESMA Q&A tool · not legislation · published 3 Mar 2026 [Answer Published]","attribution":{"prepared_by":"European Commission","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2026-03-03","question_submitted_on":"2025-06-03","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_2558, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_2558, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2558","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-2558-payment-for-order-flow-pfof-prohibition-and-client.md","body_sha256":"69e447cd5511968dcd7fa8718ea025b3b7b6d387b8da459c79cbab7007293e03"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 2558 — Q&A — Payment for order flow (PFOF) prohibition and client [Answer Published]\"\nshortTitle: \"ESMA Q&A 2558 — Q&A — Payment for order flow (PFOF) prohibition and client [Answer Published]\"\nanswer_id: ESMA_QA_2558\ntopic: \"Inducements\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"Article 39a\"\ndate: 3 June 2025\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/2558\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 3 June 2025\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/2558\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"European Commission\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"Answer provided by the European Commission\"\n    locator: \"ESMA Q&A entry ESMA_QA_2558, first line of the answer field\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2026-03-03\"\n  question_submitted_on: \"2025-06-03\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_2558, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_2558, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer prepared by the European Commission, published in the ESMA Q&A tool · not legislation · published 3 Mar 2026 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 3 June 2025 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2558)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 2558 — Q&A — Payment for order flow (PFOF) prohibition and client \\[Answer Published\\] |\n| **Prepared by** | European Commission |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_2558 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 3 March 2026; question submitted 3 June 2025 |\n| **Legal basis** | Article 39a |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Payment for order flow (PFOF) prohibition and client instructions for order executions**\n\n### Question\n\nDoes 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?\n\n***\n\n### Answer\n\nAnswer provided by the European Commission\n\nYes, Article 39a of MiFIR does not make any distinction between orders executed with or without specific instructions from clients. Therefore, the prohibition of PFOF also applies where the client instructed the investment firm to execute the order on a specific execution venue.\n\nDisclaimer:\n\nThe answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2558)\n"}