Rules & Regulations -
First North MTF Rules
exploreFIRST 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).
Please note that as of 1 September 2019, the equity segment of Nasdaq First North MTF in Sweden, Finland and Denmark is registered as SME Growth Market and referred to as Nasdaq First North Growth Market.
FIRST NORTH PREMIER SEGMENT REVIEW
In order to keep our lists and segments accurate, we review listing segments for market capitalization before year-end and re-set segments on the first trading day in January each year.
The average market capitalization* for November each year will be calculated for all Nasdaq First North Premier Growth Market issuers. First North Premier issuers not fulfilling the EUR 10 m market capitalization requirement the first time will be informed by Nasdaq. Nasdaq First North Premier Growth Market issuers not fulfilling the EUR 10 m market capitalization listing requirement the second consecutive year in a row will be subject to a decision by Nasdaq to be moved to Nasdaq First North Growth Market. Nasdaq will inform the issuer of the decision in a letter before end of year. The move will take place on the first trading day in January the following year.
*Measured as last paid for all November trading days.
First North
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Nasdaq First North Growth Market–Rulebook - 1 Sep 2019 Download Nasdaq First North Growth Market–Rulebook - 1 Sep 2019
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First North Trading List Rules - 10 Feb 2020 Download First North Trading List Rules - 10 Feb 2020
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First North Bond Market Rulebook - 1 Jan 2019 Download First North Bond Market Rulebook - 1 Jan 2019
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Rules of Nasdaq First North Structured Products MTF - 1 Jul 2018 Download Rules of Nasdaq First North Structured Products MTF - 1 Jul 2018
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Rules of Nasdaq Nordic for Warrants and Certificates – 10 February 2020 Download Rules of Nasdaq Nordic for Warrants and Certificates – 10 February 2020
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Nasdaq First North Q&A - 1 Sept 2019 Download Nasdaq First North Q&A - 1 Sept 2019
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Nasdaq Helsinki: Regulatory notice Dec 2 2020 - Guidelines for Insiders Jan 1 2021 Download Nasdaq Helsinki: Regulatory notice Dec 2 2020 - Guidelines for Insiders Jan 1 2021
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Nasdaq Helsinki: Upcoming version - Unofficial translation - Guidelines for Insiders Jan 1 2021 Download Nasdaq Helsinki: Upcoming version - Unofficial translation - Guidelines for Insiders Jan 1 2021
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Nasdaq Helsinki: Mark-up of the Unofficial translation - Guidelines for Insiders Jan 1 2021 Download Nasdaq Helsinki: Mark-up of the Unofficial translation - Guidelines for Insiders Jan 1 2021
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Nasdaq Helsinki - Regulatory Notice (EN/FI) - May 26, 2020 – Premier segment Download Nasdaq Helsinki - Regulatory Notice (EN/FI) - May 26, 2020 – Premier segment
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Unofficial Finnish translation - Nasdaq First North Growth Market Rulebook Download Unofficial Finnish translation - Nasdaq First North Growth Market Rulebook
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Nasdaq Other Instruments Finland Rulebook - 1 Sep 2019 Download Nasdaq Other Instruments Finland Rulebook - 1 Sep 2019
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First North Iceland Fixed Income Rulebook - 1 Jan 2019 Download First North Iceland Fixed Income Rulebook - 1 Jan 2019
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First North Bond Rulebook, Supplement Finland - Special regulations regarding multi-issuer instruments with a guarantor applying for admission to trading; First North Guarantor Bond Segment operated in Finland - 1 Jul 2014 Download First North Bond Rulebook, Supplement Finland - Special regulations regarding multi-issuer instruments with a guarantor applying for admission to trading; First North Guarantor Bond Segment operated in Finland - 1 Jul 2014