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).
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Support
For older rule or market model versions, please email:
Support
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.
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- Nasdaq First North – Bond Market – Rulebook
- Nasdaq First North - Growth Market for Issuers of Shares – Rulebook
- Nasdaq First North Copenhagen and Stockholm – Structured Products – Rulebook
- Nasdaq First North Helsinki – Structured Products – Rulebook
- Nasdaq First North – Warrants and Certificates – Rulebook
- Nasdaq First North Iceland – Fixed Income – Rulebook
- Nasdaq First North – Trading List – Rules
- Nasdaq First North Helsinki – Other Instruments – Rulebook
- Nasdaq First North Helsinki - Unofficial translation – Guidelines for insiders 1 July 2023
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- Nasdaq Helsinki: Upcoming version track – Unofficial translation – Guidelines for insiders Jul 1 2023
- Nasdaq Helsinki: Regulatory Notice June 6 2023 – Insider guideline Jul 1 2023
- Nasdaq Helsinki: Tulossa voimaan – Pörssin sisäpiiriohje 1.7.2023 Track
- Nasdaq Helsinki: Sääntötiedote 6.6.2023 – Sisäpiiriohje 1.7.2023
- Nasdaq Helsinki: Regulatory Notice Jun 6 2023 – Nasdaq First North Growth Market Finland
- Regulatory Notice 1 June 2023: Nasdaq First North – Structured Products – Rulebook
- Upcoming version: Nasdaq First North Copenhagen and Stockholm – Structured Products – Rulebook – Blackline Copenhagen – Effective Date 1 July 2023
- Upcoming version: Nasdaq First North Copenhagen and Stockholm – Structured Products – Rulebook – Blackline Stockholm – Effective Date 1 July 2023
- Upcoming version: Nasdaq First North Helsinki – Structured Products – Rulebook – Blackline – Effective Date 1 July 2023
- Regulatory Notice 26 May 2023: Nasdaq First North Growth Market Rulebook for Issuers of Shares
- Regulatory Notice 21 February 2023: Nasdaq First North Growth Market Rulebook for Issuers of Shares
- Upcoming version Nasdaq First North – Shares – Rulebook effective 21 March 2023
- Regulatory Notice 1 Aug 2022: Nasdaq Helsinki – Supplement C effective 1 Sep 2022
- Regulatory Notice 1 July 2022: Nasdaq First North Growth Market Rulebook for Issuers of Shares
- Regulatory Notice 1 July 2022: Nasdaq First North Helsinki – Nasdaq First North Growth Market Rulebook for Issuers of Shares – Supplement C
- Comparative table of changes to Nasdaq First North Growth Market Rulebook for Issuers of Shares
- Regulatory Notice regarding First North Bond Market Rulebook 1 June 2022
- Nasdaq Helsinki - Regulatory Notice – Rules of Procedures for Disciplinary Committee - 22 April 2022
- Nasdaq Copenhagen - Regulatory Notice – 5 November 2021 – Supplement D – Denmark
- Regulatory Notice: Notification of changes to the rules of Nasdaq Nordic for issuers of warrants and certificates - 3 November 2021
- Nasdaq Helsinki - Regulatory Notice (EN/FI) - May 3, 2021 – Supplement C – Finland
- Nasdaq Helsinki: Regulatory notice Dec 2 2020 - Guidelines for Insiders Jan 1 2021 D
- Nasdaq Helsinki - Regulatory Notice (EN/FI) - May 26, 2020 – Premier segment
Related Links
Local Rules
NASDAQ COPENHAGEN
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.
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.