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    Nasdaq First North MTF

    Rules & Regulations


    First North MTF

    First North is a Multilateral Trading Facility (MTF) as defined in the Markets in the Financial Instruments Directive (MiFID), regulating securities companies and exchanges in the European Union. Issuers on First North MTF are subject to the rules of different segments of First North MTF but not the requirements for admission to trading on a regulated market. 

    The rules of the different segments are the same in all local First North markets, except for a few, smaller differences due to national law. The equity segment, Nasdaq First North Growth Market is a registered SME growth market as defined in EU legislation (as implemented in national law).


    For older rule or market model versions, please email:


    For older rule or market model versions, please email:

    Issuer Rules

    In this section, you will find current rulebooks and rules, Q&As, regulatory notices pertaining to rule changes and the upcoming version of the new rulebooks. 

    Swedish/Finnish/Danish/Icelandic documents are placed under Local Language Versions when available.

    Related Links

    Local Rules


    Rules & Regulations - Copenhagen

    Nasdaq Copenhagen (Københavns Fondsbørs) is a regulated market licensed in Denmark.

    Nasdaq Helsinki

    Rules & Regulations - Helsinki

    Nasdaq Helsinki (Helsingin pörssi) is a regulated market licensed in Finland.

    Nasdaq Stockholm

    Rules & Regulations - Stockholm

    Nasdaq Stockholm (Stockholmsbörsen) is a regulated market licensed in Sweden.

    Nasdaq Iceland

    Rules & Regulations - Iceland

    Nasdaq Iceland (Kauphöll Íslands) is a regulated market licensed in Iceland.

    Common Rules

    Derivatives Rules

    Rules & Regulations - Derivatives Rules

    Rules and Regulations of Nasdaq Derivatives Markets govern Nasdaq Stockholm's derivative exchange & Nasdaq Clearing.


    Rules & Regulations - Nordic Member Rules

    The Nasdaq Nordic Member Rules contain conditions for membership and trading rules on the regulated markets and MTFs.

    Nordic Main Market Rules

    Rules & Regulations – Nordic Main Market Rules

    The Nasdaq Nordic Main Market Rules contain requirements for issuers to be admitted to trading on the regulated market.

    Rules & Regulations - Consultations

    Nasdaq and Governmental consultations in regards to rules & regulations.

    Learn more ->