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publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1588-quoting-obligation-for-si-in-non-totv-instruments.md","body_sha256":"5db7360c680bc30ca68f7294ab1a111ad8699eda80da0a2ec48ef589f195535d"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1588 — Q&A — Quoting obligation for SI in non-TOTV [Published Answer Updated]\"\nshortTitle: \"ESMA Q&A 1588 — Q&A — Quoting obligation for SI in non-TOTV [Published Answer Updated]\"\nanswer_id: ESMA_QA_1588\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: \"MiFIR\"\ndate: 3 June 2019\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1588\nlifecycle: \"Published Answer Updated\"\ntext_version: \"ESMA Q&A register, 3 June 2019\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1588\"\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_1588: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2019-06-03\"\n  last_updated: \"2024-10-16\"\n  question_submitted_on: \"2019-06-03\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1588, column 'Esma responses', date line (earliest)\"\n    last_updated: \"ESMA Q&A Excel export ESMA_QA_1588, column 'Esma responses', date line (latest)\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1588, column 'Date of submission'\"\nlifecycle_label: \"Published Answer Updated\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 3 Jun 2019, updated 16 Oct 2024 [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/1588)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1588 — Q&A — Quoting obligation for SI in non-TOTV \\[Published Answer Updated\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1588 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 3 June 2019; updated 16 October 2024; question submitted 3 June 2019 |\n| **Legal basis** | MiFIR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Quoting obligation for SI in non-TOTV instruments**\n\n### Question\n\nAre systematic internalisers in non-TOTV instruments subject to the quoting obligations under Articles 14-17a of MiFIR?\n\n***\n\n### Answer\n\nThe scope of the quoting obligations under Articles 14-17a of MiFIR is limited to TOTV instruments. In consequence, systematic internalisers in non-TOTV instruments are not subject to the quoting obligations under Articles 14-17a of MiFIR. They remain however required to notify their competent authority as prescribed under the second subparagraph of Article 15(1) of MiFIR.\n\nIt is possible that the TOTV status of a financial instrument changes over time, in particular a non-TOTV instrument may become TOTV at some point. ESMA expects systematic internalisers in non-TOTV instruments to monitor the TOTV status of those instruments and comply with the quoting obligations under Articles 14-17a of MiFIR as soon as an instrument becomes TOTV.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1588)\n"}