Nasdaq Nordic

    Consultations Rules & Regulations

    Nasdaq risk platform coverage benefits

    In order to gather insights and seek feedback from the market regarding potential amendments and modifications of the Nasdaq Nordic Main Market and Nasdaq First North Rulebooks, Nasdaq may sometimes share consultation documents with the public.

    Nasdaq Nordic is also an important reference for authorities locally, regionally and globally in referral questions about legislation and regulation works relating to our business. Based on our specialist knowledge Nasdaq responds to consultations and fact findings in relation to requests and legislative proposals from example local Ministry of Justice and Ministry of Finance as well as the European Union and global bodies such as CPMI/IOSCO.

    All active and closed consultations notices can be found below.

    Nasdaq Stockholm has for many years been one of the leading markets for IPOs and new listings in Europe. This consultation requests feedback on further changes to continue developing the Nasdaq Stockholm Main Market listing platform. The areas of consultation covered are:

    (i) Potential revision of liquidity requirement on Nasdaq Stockholm to move away from the existing 25% free float threshold, increasing flexibility and predictability while maintaining the underlying requirement of sufficient liquidity;

    (ii) Potential broadening the category of legal advisors permitted to perform legal due diligence on companies seeking admission to trading on Nasdaq Stockholm;

    (iii) Potential adjustment of the existing requirement for a company to be profitable or alternatively to demonstrate 12 months working capital from first day of trading in their shares, in order to require all companies listing to demonstrate 12 months working capital; and

    (iv) A request for views on the content of the Exchange’s published guidance on governance and internal control in listed companies.

    Since 2019, the Nasdaq First North Growth Market (“Nasdaq First North”) has experienced considerable growth and almost 200 additional companies have listed.

    Nasdaq Nordic* (the “Exchange”) has in 2021 initiated a comprehensive review of the Nasdaq First North Growth Market rulebook (the “Rulebook”) to further strengthen the confidence, credibility, and transparency of Nasdaq First North.

    The first proposal of the revised Rulebook was subject to an external consultation during April 2022.


    Summary of input received in the consultation:

    Nasdaq wishes to thank all those who took the time to respond to the consultation on the Proposal of the First North Growth Market Rulebook. In total, 30 responses were received from a range of different market participants including listed companies, legal and financial advisors and auditor firms. There were many helpful and well-considered thoughts in the responses received.

    A summary of the main input received is presented in the Consultation 2022 Feedback document below as a response to the external consultation. The vast majority of the respondents welcomes the updated Rulebook and the Exchange's efforts to enhance predictability and transparency in the Nasdaq First North admission process and admission requirements. No respondent has opposed the updated Rulebook as such, and the majority of the material comments have been related to a need for more clarity in relation to already existing formal admission requirements and to the proposed clarifications and codifications of practice. Such clarity has been provided to the extent possible, either by minor amendments to revised rules or guidance text in the updated Rulebook or through the Consultation 2022 Feedback document.

    For a detailed overview of the changes, please refer to the attached comparative table setting out the changes made in the revised Rulebook compared to current version of the Rulebook. 

    The updated Rulebook will enter into force 1 August 2022. 

    Nasdaq Nordic

    *Does not include Oslo Stock Exchange

    Resource Center

    Common Rules

    Nordic Member Rules

    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 - Derivatives Rules

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


    Rules & Regulations - First North MTF Rules

    The Nasdaq First North Rules contain common and local requirements to be admitted to trading on the Nasdaq First North.