From the owners manual:
(as TMV mentioned, this warning light indicates that you need to find an OBD II reader/scanner and get the 5 digit DTC (diagnostic trouble code)...once you have that, then you know which direction or which sensor set the fault code...there are too many to guess what could be the issue when the light comes on. Many places (in the USA) will read the codes for free...not sure about Canada.)
(The chart below breaks down the DTC code...as you can see there are multiple "emissions" areas...& the code reveals if it's a generic or manufacture specific code...plus what sensor set the code)
The SI (service interval) display is explained below:
The information below explains how SIA III (service interval system iteration your e53 X5 uses) works: