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---
title: "ESMA Q&A 1586 — Q&A — Mandatory SI regime [Published Answer Updated]"
shortTitle: "ESMA Q&A 1586 — Q&A — Mandatory SI regime [Published Answer Updated]"
answer_id: ESMA_QA_1586
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: "Markets in Financial Directorate II (MiFID II) Directive 2014/65/EU- Secondary Markets"
date: 3 June 2019
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1586
lifecycle: "Published Answer Updated"
text_version: "ESMA Q&A register, 3 June 2019"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1586"
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_1586: 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: "2019-06-03"
  question_submitted_on: "2019-06-03"
  locators:
    last_updated: "ESMA Q&A Excel export ESMA_QA_1586, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1586, column 'Date of submission'"
lifecycle_label: "Published Answer Updated"
---

**Answer by ESMA, published in its Q&A tool · not legislation · updated 3 Jun 2019 [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/1586)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1586 — Q&A — Mandatory SI regime \[Published Answer Updated\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1586 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Updated 3 June 2019; question submitted 3 June 2019 |
| **Legal basis** | Markets in Financial Directorate II (MiFID II) Directive 2014/65/EU- Secondary Markets |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Mandatory SI regime**

### Question

Is 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)?

***

### Answer

This question was deleted on 10 October 2025.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1586)