First North Rules and Regulations

First North Rules

ESTONIA

First North rules in Estonia

LATVIA

NASDAQ OMX Riga Alternative Market First North Baltic rules (in English) (effective as of February 8, 2010)
First North rules in Latvia (in English) (effective till February 8, 2010)
Application for admission of transferable securities to trading on the alternative stock market First North in Latvia (.doc)
Application to act as a Certified Adviser on the alternative stock market First North in Latvia (.doc)

LITHUANIA

First North rules in Lithuania (in English)
Annexes to First North rules in Lithuania (in English)

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.