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First North is an alternative market, but it does not have the legal status of a regulated market. Regulated market is a term used in the coming EU directive, regulating Securities Companies and Exchanges, called MiFID. The term regulated market includes the Swedish notion Exchange. According to MiFID, an Exchange can organize trading with a less complicated set of rules within the framework of a Multilateral Trading Facility (MTF). Issuers on First North are subject to the rules of First North (“the Rules”) but not the legal requirements for admission to trading on an Exchange.
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It is the Surveillance function at the Nordic Exchange that is responsible for monitoring that both Companies and Advisers apply the First North Rules. Surveillance also monitors the trading on First North.
Read more about Surveillance
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On June 1, 2007 First North introduces one Nordic Rulebook that applies in Denmark, Sweden, Finland and Iceland. The Rulebook is the same in all First North markets, except for a few, smaller differences due to national law. This also means that Certified Advisers with offices in more than one of the countries can easily expand their CA business to the other countries.
Changes to the First North Rulebook June 2008
Due to new Norex Member Rules, which will take effect on June 2, 2008, changes have been made to Chapter 6 in the First North Nordic Rulebook. The rules which are common for the regulated OMX Exchanges and First North have been removed from the chapter; instead there is reference to the Norex Member rules. The rules that differ between the markets are still in chapter 6, i.e. rules on Round Lots for First North Sweden and First North Denmark. The revised rules for issuers on First North will enter into force on 2 June, 2008.
First North Rulebook June 2008
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The Exchange may decide to place the company’s shares or other securities on the observation segment. The objective behind the observation segment is to inform investors that certain special circumstances exist regarding the company or its securities.
Read more about the observation segment
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First North is an alternative market, operated by the different exchanges within OMX. It does not have the legal status as an EU-regulated market. Companies at First North are subject to the rules of First North and not the legal requirements for admission to trading on a regulated market. The risk in such an investment may be higher than on the main market.
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