<!-- headlesslaw {"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2019-06-03","gaps":[],"covered":["ESMA Q&A 1581 — Q&A — Compliance with the SI regime and notification [Published Answer Updated] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-3/q-and-a/esma/esma-qa-1581-compliance-with-the-si-regime-and-notification-to-ncas","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1581-compliance-with-the-si-regime-and-notification-to-ncas","title":"ESMA Q&A 1581 — Q&A — Compliance with the SI regime and notification [Published Answer Updated]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1581-compliance-with-the-si-regime-and-notification-to-ncas","status":"published answer updated","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 3 June 2019","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1581","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"fc662be7b5bc41de","change_date":null,"nearest_versions":["2019-06-03"],"first_text_date":null,"correction_applies":false,"versions":["2019-06-03"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1581-compliance-with-the-si-regime-and-notification-to-ncas/versions/2019-06-03","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1581-compliance-with-the-si-regime-and-notification-to-ncas/versions/2019-06-03/rev/fc662be7b5bc41de","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1581-compliance-with-the-si-regime-and-notification-to-ncas/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1581-compliance-with-the-si-regime-and-notification-to-ncas/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · updated 10 Oct 2025 [Published Answer Updated]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"last_updated":"2025-10-10","question_submitted_on":"2019-06-03","locators":{"last_updated":"ESMA Q&A Excel export ESMA_QA_1581, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1581, column 'Date of submission'"}},"adoption":null}}} -->
---
title: "ESMA Q&A 1581 — Q&A — Compliance with the SI regime and notification [Published Answer Updated]"
shortTitle: "ESMA Q&A 1581 — Q&A — Compliance with the SI regime and notification [Published Answer Updated]"
answer_id: ESMA_QA_1581
topic: "Systematic internaliser regime"
status: "Published Answer Updated"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFIR"
mifir_level3: true
mica_level2: false
legal_basis: "MiFIR"
date: 3 June 2019
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1581
lifecycle: "Published Answer Updated"
text_version: "ESMA Q&A register, 3 June 2019"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1581"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_1581: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  last_updated: "2025-10-10"
  question_submitted_on: "2019-06-03"
  locators:
    last_updated: "ESMA Q&A Excel export ESMA_QA_1581, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1581, column 'Date of submission'"
lifecycle_label: "Published Answer Updated"
---

**Answer by ESMA, published in its Q&A tool · not legislation · updated 10 Oct 2025 [Published Answer Updated]**

*Published Answer Updated · ESMA Q&A register, 3 June 2019 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1581)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1581 — Q&A — Compliance with the SI regime and notification \[Published Answer Updated\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1581 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Updated 10 October 2025; question submitted 3 June 2019 |
| **Legal basis** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Compliance with the SI regime and notification to NCAs**

### Question

a) What information should the notification from systematic internalisers to their NCA contain?

***

### Answer

\[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 7.6\]

(a) The notification from systematic internalisers to their NCA should contain information that is at least provided at the level of the MiFIR identifier as specified in field 4 of table 2 of Annex III of RTS 1 (i.e. shares, depositary receipts, exchange traded funds, certificates and other equity-like financial instruments) and in field 3 of table 2 of Annex IV of RTS 2 (i.e. bonds, ETNs, ETCs, structured finance products, securitised derivatives, derivatives, and emission allowances) for the instruments and classes of instruments for which the investment firm is a systematic internaliser. This is without prejudice of the possibility for CAs to require the submission of more granular information if considered appropriate.

(b) The obligation will last for three months after crossing the relevant thresholds in a financial instrument at the relevant quarterly assessment.

(c) Investment firms are required to notify their NCA in case of a change in status, i.e. where an investment firm passed the thresholds for an instrument with a particular MiFIR identifier in the previous period, but did not meet the thresholds for any instrument with the same MiFIR identifier in the consecutive assessment period, it should notify its CA of its change of status. Where there is no change in the systematic internaliser status from one assessment period to the next (i.e. where the investment firms is still above the threshold or decides to voluntarily opt-in as systematic internaliser for any instrument with the same MiFIR identifier), the firm does not have to notify its NCA thereof.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1581)