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regime [Published Answer Updated]\"\nanswer_id: ESMA_QA_1586\ntopic: \"Systematic internaliser regime\"\nstatus: \"Published Answer Updated\"\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: \"Markets in Financial Directorate II (MiFID II) Directive 2014/65/EU- Secondary Markets\"\ndate: 3 June 2019\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1586\nlifecycle: \"Published Answer Updated\"\ntext_version: \"ESMA Q&A register, 3 June 2019\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1586\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1586: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  last_updated: \"2019-06-03\"\n  question_submitted_on: \"2019-06-03\"\n  locators:\n    last_updated: \"ESMA Q&A Excel export ESMA_QA_1586, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1586, column 'Date of submission'\"\nlifecycle_label: \"Published Answer Updated\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · updated 3 Jun 2019 [Published Answer Updated]**\n\n*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/1586)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1586 — Q&A — Mandatory SI regime \\[Published Answer Updated\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1586 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Updated 3 June 2019; question submitted 3 June 2019 |\n| **Legal basis** | Markets in Financial Directorate II (MiFID II) Directive 2014/65/EU- Secondary Markets |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Mandatory SI regime**\n\n### Question\n\nIs it possible for investment firms to qualify as a systematic internaliser under the mandatory regime in instruments that are not traded on a trading venue (non-TOTV instruments)?\n\n***\n\n### Answer\n\nThis question was deleted on 10 October 2025.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1586)\n"}