First North Certified Advisers

All companies that wish to join First North in the Baltic countries must engage an Adviser in connection with the application process. The Adviser also has the obligation to constantly monitor the company’s compliance with the rules of First North and report any transgressions to the Exchange. To operate as an Adviser, there are a number of responsibilities and requirements to be fulfilled.

All companies that wish to join First North must engage an Adviser in connection with the application process. It is the Advisers’ obligation to guide the company through the application process. The Adviser also has the obligation to provide support and do the best effort to ensure that the company continuously meets the obligations associated with having shares admitted to trading on First North.

Certified Advisers must meet certain requirements. The company approved as Certified Adviser on First North in the Baltic countries may not own more than 10 percent of the shares or voting rights in a company to which the Certified Advisery provides advice. In conjunction with the publication of unaudited annual and semi-annual reports, Certified Advisers must provide the Exchange with information about their holdings in those companies to which they provide advice. An employee who is involved in the function as Certified Adviser to a company shall not be allowed to trade in the shares of that company.

Important information

First North is an alternative market, operated by the different exchanges within NASDAQ OMX. It does not have the same legal status as a regulated market in EU, which is a term used in the EU directive, called MiFID. According to MiFID, trading can be organized with a less complicated set of rules within the framework of a Multilateral Trading Facility (MTF). First North is operating as MTF and Companies traded there are subject to the rules of First North and not the legal requirements of regulated market. Due to lower requirements in First North, the risk in such an investment may be higher than on the regulated market.