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ESMA_QA_1588

ESMA_QA_1588

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1588

Regulatory Context

Regulation : MIFIR

Level 1 Regulation: Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Systematic internaliser regime

Subject Matter: Quoting obligation for SI in non-TOTV instruments

Question

Submission Date: 03 June 2019

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

ESMA Answer

Answer Date: 16-10-2024

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.

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        03-06-2019
  




Original language

        [ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 7.11b]

The scope of the quoting obligations under Articles 14-1817a of MiFIR is limited to TOTV instruments. In consequence, systematic internalisers in non-TOTV instruments are not subject to the quoting obligations under Articles 14-1817a of MiFIR. They remain however required to notify their competent authority as prescribed under the second subparagraph of Article 15(1) and Article 18(4) 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 14-1817a of MiFIR as soon as an instrument becomes TOTV.

This document was automatically extracted from the ESMA EMIR Q&A database.

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