Rules First North

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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.

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One Nordic First North Rulebook

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.

First North Rulebook January 2010