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.
CONSULTATION AIMED AT STRENGTHENING CONFIDENCE, CREDIBILITY AND TRANSPARENCY OF NASDAQ FIRST NORTH LISTING PLATFORM
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 ExternalConsultation@nasdaq.com no later than 29 April 2022.
Nasdaq Nordic
CONSULTATION DOCUMENTS
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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Mark-up of Upcoming Version effective 1 June 2022: Nasdaq First North Growth Market Rulebook – 1 September 2019 Download Mark-up of Upcoming Version effective 1 June 2022: Nasdaq First North Growth Market Rulebook – 1 September 2019
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Rules of Nasdaq Stockholm Structured products MTF – 18 December 2021 Download Rules of Nasdaq Stockholm Structured products MTF – 18 December 2021
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Rules of Nasdaq Nordic for Warrants and Certificates – 19 November 2021 Download Rules of Nasdaq Nordic for Warrants and Certificates – 19 November 2021
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First North Iceland Fixed Income Rulebook - 1 September 2021 Download First North Iceland Fixed Income Rulebook - 1 September 2021
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Nasdaq Helsinki: Unofficial translation - Guidelines for Insiders - 1 January 2021 Download Nasdaq Helsinki: Unofficial translation - Guidelines for Insiders - 1 January 2021
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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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First North Trading List Rules - 10 February 2020 Download First North Trading List Rules - 10 February 2020
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Nasdaq First North Growth Market Rulebook – 1 September 2019 Download Nasdaq First North Growth Market Rulebook – 1 September 2019
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Nasdaq Other Instruments Finland Rulebook - 1 September 2019 Download Nasdaq Other Instruments Finland Rulebook - 1 September 2019
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Nasdaq First North Q&A - 1 September 2019 Download Nasdaq First North Q&A - 1 September 2019
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First North Bond Market Rulebook - 1 January 2019 Download First North Bond Market Rulebook - 1 January 2019
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Rules of Nasdaq First North Structured Products MTF - 1 July 2018 Download Rules of Nasdaq First North Structured Products MTF - 1 July 2018
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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 July 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 July 2014
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Regulatory Notice regarding new market segment for direct listing of US shares and changes to the Nasdaq First North Growth Market Rulebook and Nasdaq Nordic Main Market Rulebook for Issuers of Shares - 2 May 2022 Download Regulatory Notice regarding new market segment for direct listing of US shares and changes to the Nasdaq First North Growth Market Rulebook and Nasdaq Nordic Main Market Rulebook for Issuers of Shares - 2 May 2022
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Nasdaq Helsinki - Regulatory Notice – Rules of Procedures for Disciplinary Committee - 22 April 2022 Download Nasdaq Helsinki - Regulatory Notice – Rules of Procedures for Disciplinary Committee - 22 April 2022
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Nasdaq Copenhagen - Regulatory Notice – 5 November 2021 – Supplement D – Denmark Download Nasdaq Copenhagen - Regulatory Notice – 5 November 2021 – Supplement D – Denmark
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Regulatory Notice: Notification of changes to the rules of Nasdaq Nordic for issuers of warrants and certificates - 3 November 2021 Download Regulatory Notice: Notification of changes to the rules of Nasdaq Nordic for issuers of warrants and certificates - 3 November 2021
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Nasdaq Helsinki - Regulatory Notice (EN/FI) - May 3, 2021 – Supplement C – Finland Download Nasdaq Helsinki - Regulatory Notice (EN/FI) - May 3, 2021 – Supplement C – Finland
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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 - 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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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