Quoting obligation for SI in non-TOTV instruments

The scope of the quoting obligations under Article s 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.