Sega System 16 is an arcade platform,
@NuikopeaDemon, it's distinct from the Genesis/Mega Drive.
RetroArch is on the right track, though: there is FB Alpha 2012, which runs System 16 games, but unfortunately the performance is below full speed even on New 3DS. On the other hand, there are also
Sega's M2's 3D Classics on the eShop and now retail. You can play Fantasy Zone and Fantasy Zone II DX via those, and Alien Syndrome is coming in the third 3D Classics compilation (currently only announced for Japan).