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.
Rules First North
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.