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. 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:
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.
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:
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.
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.
Firms which are treated automatically as Eligible Counterparties include:
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:
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.
Prospective Clients: | Please contact the Client-on-boarding team either by telephone at +357 22 68 00 15 or by e-mail to who will assist you with your request. |
Existing Clients: | If in doubt about the Fees and Charges applied by Atonline Limited, please contact your Account Officer, by telephone at +357 22 68 00 15 or by e-mail at . |
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RTS 28 Summary Analysis 2018 (pdf, 512 KB) |
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Professional Clients report 2018 (xslx, 16 KB) |
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Professional Clients report 2018 in a machine-readable format (csv, 16 KB) |
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RTS 28 Summary Analysis SFT 2018 (pdf, 336 KB) |
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Professional Clients report_SFT 2018 (xslx, 12 KB) |
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Professional Clients report_SFT 2018 in a machine-readable format (csv, 4 KB) |
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Professional Clients report 2017 (pdf, 326 KB) |
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Professional Clients report 2017 (csv, 16 KB) |
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RTS 27 Q2 2019 Report (csv, 13 KB) |
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RTS 27 Q1 2019 Report (csv, 14 KB) |
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Conflicts of Interest Policy (pdf, 344 KB) |
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Order Execution Policy (pdf, 346 KB) |
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Client Complaint Handling Policy (docx, 128 KB) |
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AML Policy (pdf, 558 KB) |
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Systematic Internaliser Non-Equity Commercial Policy (pdf, 224 KB) |
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SI Appendix valid 15.11.19 - 14.02.20 (pdf, 221 KB) |
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SI Appendix valid 15.08.19 - 14.11.19 (pdf, 220 KB) |
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SI Appendix valid 24.05.19 - 14.08.19 (pdf, 212 KB) |
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SI Appendix valid 15.02.19 - 23.05.19 (pdf, 216 KB) |