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

In a Commission answer, rebates or discounts on venue transaction fees fall outside the payment for order flow ban in Article 39a MiFIR only if permitted under the venue's approved public tariff, exclusively benefit the client, give no monetary benefit to the firm and comply with the fee-structure rules in Delegated Regulation 2017/573.