<!-- 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 1588 — Q&A — Quoting obligation for SI in non-TOTV [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-1588-quoting-obligation-for-si-in-non-totv-instruments","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1588-quoting-obligation-for-si-in-non-totv-instruments","title":"ESMA Q&A 1588 — Q&A — Quoting obligation for SI in non-TOTV [Published Answer Updated]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1588-quoting-obligation-for-si-in-non-totv-instruments","status":"published answer updated","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-01","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/1588","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"e0e7b02c83ffe9a2","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-1588-quoting-obligation-for-si-in-non-totv-instruments/versions/2019-06-03","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1588-quoting-obligation-for-si-in-non-totv-instruments/versions/2019-06-03/rev/e0e7b02c83ffe9a2","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1588-quoting-obligation-for-si-in-non-totv-instruments/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1588-quoting-obligation-for-si-in-non-totv-instruments/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 3 Jun 2019, updated 16 Oct 2024 [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":{"published_on":"2019-06-03","last_updated":"2024-10-16","question_submitted_on":"2019-06-03","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1588, column 'Esma responses', date line (earliest)","last_updated":"ESMA Q&A Excel export ESMA_QA_1588, column 'Esma responses', date line (latest)","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1588, column 'Date of submission'"}},"adoption":null}}} -->
---
title: "ESMA Q&A 1588 — Q&A — Quoting obligation for SI in non-TOTV [Published Answer Updated]"
shortTitle: "ESMA Q&A 1588 — Q&A — Quoting obligation for SI in non-TOTV [Published Answer Updated]"
answer_id: ESMA_QA_1588
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/1588
lifecycle: "Published Answer Updated"
text_version: "ESMA Q&A register, 3 June 2019"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1588"
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_1588: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2019-06-03"
  last_updated: "2024-10-16"
  question_submitted_on: "2019-06-03"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_1588, column 'Esma responses', date line (earliest)"
    last_updated: "ESMA Q&A Excel export ESMA_QA_1588, column 'Esma responses', date line (latest)"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1588, column 'Date of submission'"
lifecycle_label: "Published Answer Updated"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 3 Jun 2019, updated 16 Oct 2024 [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/1588)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1588 — Q&A — Quoting obligation for SI in non-TOTV \[Published Answer Updated\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1588 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 3 June 2019; updated 16 October 2024; 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 |

**Quoting obligation for SI in non-TOTV instruments**

### Question

Are systematic internalisers in non-TOTV instruments subject to the quoting obligations under Articles 14-17a of MiFIR?

***

### Answer

The 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.

It 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.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1588)