diff --git a/packages/babel-plugin-transform-modules-systemjs/src/index.js b/packages/babel-plugin-transform-modules-systemjs/src/index.js
index f30daf04b5..b76a6d4648 100644
--- a/packages/babel-plugin-transform-modules-systemjs/src/index.js
+++ b/packages/babel-plugin-transform-modules-systemjs/src/index.js
@@ -11,9 +11,7 @@ const buildTemplate = template(`
     BEFORE_BODY;
     return {
       setters: SETTERS,
-      execute: function () {
-        BODY;
-      }
+      execute: EXECUTE,
     };
   });
 `);
@@ -601,6 +599,18 @@ export default declare((api, options) => {
             path.remove();
           }
 
+          let hasTLA = false;
+          path.traverse({
+            AwaitExpression(path) {
+              hasTLA = true;
+              path.stop();
+            },
+            Function(path) {
+              path.skip();
+            },
+            noScope: true,
+          });
+
           path.node.body = [
             buildTemplate({
               SYSTEM_REGISTER: t.memberExpression(
@@ -610,8 +620,14 @@ export default declare((api, options) => {
               BEFORE_BODY: beforeBody,
               MODULE_NAME: moduleName,
               SETTERS: t.arrayExpression(setters),
+              EXECUTE: t.functionExpression(
+                null,
+                [],
+                t.blockStatement(path.node.body),
+                false,
+                hasTLA,
+              ),
               SOURCES: t.arrayExpression(sources),
-              BODY: path.node.body,
               EXPORT_IDENTIFIER: t.identifier(exportIdent),
               CONTEXT_IDENTIFIER: t.identifier(contextIdent),
             }),
diff --git a/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/not-tla/input.mjs b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/not-tla/input.mjs
new file mode 100644
index 0000000000..5987e69429
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/not-tla/input.mjs
@@ -0,0 +1 @@
+async () => await test;
diff --git a/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/not-tla/output.mjs b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/not-tla/output.mjs
new file mode 100644
index 0000000000..1da3c2b626
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/not-tla/output.mjs
@@ -0,0 +1,10 @@
+System.register([], function (_export, _context) {
+  "use strict";
+
+  return {
+    setters: [],
+    execute: function () {
+      async () => await test;
+    }
+  };
+});
diff --git a/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/options.json b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/options.json
new file mode 100644
index 0000000000..39c5d8d3f5
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/options.json
@@ -0,0 +1,3 @@
+{
+  "plugins": ["external-helpers", "transform-modules-systemjs", "syntax-top-level-await"]
+}
diff --git a/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla-block/input.mjs b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla-block/input.mjs
new file mode 100644
index 0000000000..87669a0caa
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla-block/input.mjs
@@ -0,0 +1,3 @@
+if (maybe) {
+  await test;
+}
diff --git a/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla-block/output.mjs b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla-block/output.mjs
new file mode 100644
index 0000000000..0a912481b6
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla-block/output.mjs
@@ -0,0 +1,12 @@
+System.register([], function (_export, _context) {
+  "use strict";
+
+  return {
+    setters: [],
+    execute: async function () {
+      if (maybe) {
+        await test;
+      }
+    }
+  };
+});
diff --git a/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla/input.mjs b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla/input.mjs
new file mode 100644
index 0000000000..c2a4f87ba7
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla/input.mjs
@@ -0,0 +1,2 @@
+await test;
+
diff --git a/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla/output.mjs b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla/output.mjs
new file mode 100644
index 0000000000..5af85cee63
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-systemjs/test/fixtures/tla/tla/output.mjs
@@ -0,0 +1,10 @@
+System.register([], function (_export, _context) {
+  "use strict";
+
+  return {
+    setters: [],
+    execute: async function () {
+      await test;
+    }
+  };
+});