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 Open
- Nasdaq First North Growth Market Rulebook for Issuers of Shares Open
- Nasdaq First North Copenhagen and Stockholm – Structured Products – Rulebook Open
- Nasdaq First North Helsinki – Structured Products – Rulebook Open
- Nasdaq First North – Warrants and Certificates – Rulebook Open
- Nasdaq First North Iceland – Fixed Income – Rulebook Open
- Nasdaq First North – Trading List – Rules Open
- Nasdaq First North Helsinki – Other Instruments – Rulebook Open
- Nasdaq First North Helsinki - New Guidelines for insiders Dec 4, 2024 Open
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- Nasdaq Stockholm and Copenhagen: Guidance on disclosure of inside information Open
- Nasdaq Stockholm: Vägledning gällande offentliggörande av insiderinformation Open
- Nasdaq First North Growth Market Q&A Open
- Nasdaq First North Growth Market Q&A - Redline Open
- Nasdaq Stockholm Guidance: Financial Reports for Issuers on Nasdaq First North Growth Market Sweden Open
- Nasdaq Helsinki Guidance: New categories for disclosures on Nasdaq First North Growth Market FIN_ENG Open
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- Nasdaq Helsinki - Regulatory Notice 10 June 2026 - Nasdaq Helsinki Ltd's issuers and Certified Advisers, Corporate Governance Code 2026 Open
- Sääntötiedote 10.6.2026 - Nasdaq Helsinki Oy:n liikkeeseenlaskijoille ja hyväksytyille neuvonantajille, Hallinnointikoodi 2026 Open
- Upcoming version: Finnish Corporate Governance Code 2026 Open
- Tulossa voimaan: Hallinnointikoodi 2026 Open
- Upcoming version: First North Bond Market Rulebook, effective 5 July 2026 Open
- Regulatory Notice 5 June 2026: Changes to the Nasdaq First North Bond Market Rulebook Open
- Comparative Table – Revision of Nasdaq First North Bond Market Rulebook 5 July 2026 Open
- Nasdaq Helsinki - Regulatory Notice 2 June 2026 – MAR art 17 and Guidelines for Insiders Open
- Sääntötiedote 2.6.2026 – MAR 17 muutokset ja Sisäpiiriohje Open
- Nasdaq Helsinki: Sääntötiedote 24.2.2026 – Muutoksia Nasdaq First North Growth Market Rulebook for Issuers of Shares -sääntökirjaan Open
- Upcoming version: Nasdaq First North Growth Market Rulebook for Issuers of Shares effective 1 April 2026 Open
- Regulatory Notice 24 February 2026: Nasdaq First North Growth Market Rulebook for Issuers of Shares Open
- Upcoming version: Nasdaq First North Growth Market Rulebook for Issuers of Shares effective 1 July 2025 Open
- Regulatory Notice 30 May 2025: Nasdaq First North Growth Market Rulebook for Issuers of Shares Open
- Nasdaq Helsinki: Sääntötiedote 30.5.2025 – Muutoksia Nasdaq First North Growth Market Rulebook-sääntökirjaan osakkeiden liikkeeseenlaskiijoille 1.7.2025 Open
- Upcoming version: First North Growth Market Rulebook for Issuers of Shares, effective April 1, 2025 Open
- Upcoming version: Rules of Nasdaq Nordic for Warrants and Certificates, effective 1 January 2025 Open
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- Epävirallinen käännös 1.4.2026 – First North Growth Market Rulebook final clean Open
- Epävirallinen käännös 1.4.2026 – First North Growth Market Rulebook final track Open
- Uusi Pörssin sisäpiiriohje 4.12.2024 (rulebook) Open
- Uusi Pörssin sisäpiiriohje 4.12.2024 track Open
- Voimassa 3.12.2024 saakka Nasdaq Helsinki: Official Finnish version – Pörssin sisäpiiriohje – 1.7.2023 Open
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.