Atonline Limited – Regulatory framework
MiFID is the "Markets in Financial Instruments Directive"
MIFID “The Markets in Financial Instruments Directive” is a key part of a package of European Union laws aimed at creating a single, more transparent market in financial services across all EU member states. In particular, MiFID aims to harmonize the rules governing the activities of financial services firms, promote easier cross border business, increase market transparency and improve investor protection. It replaces the Investment Services Directive (ISD), which had been in place since 1995.
National authorities within the EU are required to implement MiFID in their respective countries with effect from 1 November 2007
MIFID has been applicable across the European Union since November 2007, and was revised and is being applied from 3 January 2018 strengthening investor protection and improving the functioning of financial markets making them more efficient, resilient and transparent. The revised version of MIFID is commonly referred to as MIFID II.
MiFID II extended the MiFID requirements in a number of areas including:
  • market structure requirements
  • transparency requirements
  • investor protection
  • research and inducements
  • product governance requirements for manufacturers and distributors of MiFID ‘products’
  • introduction of a harmonised commodity position limits regime
Key elements of MiFID II are Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 (MIFID II) and Regulation (EU) №600/2014 of the European Parliament and of the Council of 15 May 2014 (MIFIR). In order to implement MIFID II, Cyprus has introduced relevant legislation for the provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and Other Related Matters, under number L. 87(I)/2017, replacing the previous Investment Services and Activities and Regulated Markets Law of 2007. MiFIR, being an EU regulation is binding in its entirety and directly applicable and its content becomes law in Cyprus without the need for domestic legislative intervention.
Client categorization
Atonline Limited is regulated by the Cyprus Securities and Exchange Commission ("CySEC") as a Cyprus Investment Firm (“CIFs”). In accordance with CySEC rules ("the Rules"), CIFs are required to classify its clients into one of three categories
Retail clients

It is a client who is neither a Professional Client nor an Eligible Counterparty.

As a matter of policy, Atonline Limited does not serve retail clients.

Professional clients
  • Entities which are required to be authorised or regulated to operate in the financial markets, including credit institutions, investment firms, insurance companies, collective investment schemes and pension funds and their management companies, commodities and commodity derivative dealers, and other institutional investors;
  • large undertakings meeting two of the following size requirements on a company basis:
    • balance sheet total of €20 million;
    • net turnover of €40 million;
    • own funds of €2 million;
  • national and regional governments, public bodies that manage public debt, central banks and international and supranational institutions;
  • other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions.
Eligible Counterparties

Firms which are treated automatically as Eligible Counterparties include:

  • Investment firms;
  • Credit institutions;
  • Insurance companies;
  • UCITS and their management companies;
  • Pension funds and their management companies;
  • Other authorised and regulated financial institutions;
  • Certain undertakings exempted from the application of MiFID;
  • National governments and public bodies that deal with public debt; and
  • Central banks and supranational institutions.

Under MiFID, Professional Clients and Retail Clients may move between categories. In particular, Retail Clients can request to be treated as Professional Clients.

Under MiFID, Investment Firms must take reasonable care to ensure that a Retail Client requesting treatment as a Professional Client is able to meet similar qualitative criteria and, a separate quantitative test. At least two of the following quantitative criteria must be met:

  • the client has carried out transactions, in significant size, on the relevant market at an average frequency of ten per quarter over the previous four quarters;
  • the size of the client's financial instrument portfolio, defined as including cash deposit and financial instrument, exceeds €500,000;
  • the client works or has worked in the financial sector for at least one year in a professional position which requires knowledge of the transactions or services envisaged.

Clients have the right to request a different classification in order to benefit from a higher degree of regulatory protection should they require it. Please bear in mind that it is Atonline Limited’s policy to refrain from serving retail clients.

Data protection

The EU General Data Protection Regulation ("GDPR") came into force on May 25, 2018. Atonline Limited is dedicated to protecting the personal data and has updated its Data Protection Policy in line with the new requirements. In case you have any inquiries regarding this policy please contact us at