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Companies that wish to apply to be traded on First North must engage an Adviser. It is the Adviser that has the obligation to provide support and to ensure that the company initially as well as continuously meets the obligations associated with having shares admitted to trading on First North. In order to be approved as an Adviser, the adviser has to sign an agreement with the Exchange.
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.
If a Company does not fulfill the First North rules, it is the Advisers responsibility to perform a short investigation of the matter and inform the Exchange about the infringement. Thereafter, it is the Head of Surveillance function at the Nordic Exchange that is responsible for the further handling of the matter. If the infringement is considered to be excusable or less serious, the Exchange can give written critizism to the company or publish a public warning. Violations of a more serious nature may result in fines, corresponding to 15 annual fees as a maximum, on the Company, or, in case of very serious breaches ceased trading in the company’s shares.
If an Adviser no longer fulfills the rules of First North the Exchange will investigate the causes for the non-compliance with the rules. If the violation can be considered excusable or less serious the Exchange will investigate the reasons for the infringement. If the breach is considered to be excusable or less serious, the Head of the Surveillance function at the Nordic Exchange may decide to impose criticism to an Adviser, or, in case of serious violations, revoke the agreement.
If you have any queries regarding the rules of First North Stockholm, please contact the Surveillance function.
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In the event a Company fails to comply with the Rules, the Exchange may impose a fine on the Company not exceeding 15 times the annual fee paid by the Company to the Exchange. Where such a violation is material, the Exchange may decide to remove the Company’s financial instruments from trading on First North. Removal may not take place if such a measure is regarded as generally inappropriate in the interest of investors or the market. Where the breach is of a less serious nature or is excusable, the Exchange may issue a warning to the Company. Decisions to issue a warning may be made public by the Exchange.
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