Rules & Regulations -

First North MTF Rules



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.




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 review has resulted in a number of proposed changes – material and structural. In this consultation paper, we refer to the revised Rulebook as the “Proposal”.

To uphold and strengthen confidence in the admission process and admission requirements, while ensuring and safeguarding the high quality and integrity of Nasdaq First North, the Proposal includes changes to the admission requirements.

To enhance the quality, transparency and clarity of the Rulebook, the Proposal also includes structural changes to make the Rulebook more accessible, codification of current practices, additional guidance text to facilitate the understanding of the rules and other general clarifications throughout the Rulebook. 

The Proposal is estimated to come into force as of July 1, 2022.

We would appreciate if you would take the time to tell us what you think of the suggestions (please use the attached response document). We will then summarize the answers and publish them (in summary and anonymised form) on this.

Please submit your comments to no later than 29 April 2022.


Nasdaq Nordic




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

Local Rules

Common Rules

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