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All companies that wish to join First North must engage a Certified Adviser in connection with the application process. It is the Certified Advisers’ obligation to guide the company through the application process.
The Certified Adviser also has the obligation to provide support and ensure that the company continuously meets the obligations associated with having shares admitted to trading on First North. Furthermore, the Certified Adviser has the obligation to constantly monitor the company’s compliance with the rules of First North and report any transgressions to the Exchange. In order to act as a Certified Adviser, the adviser has to sign an agreement with the Exchange.
The Certified Adviser must also enter into an agreement with each company for which it is performing the function of Certified Adviser. This agreement regulates the requirements and obligations of the Certified Adviser. First North requires a basic agreement, between the parties, but it is up to the Certified Adviser and the company to agree on the scope and extent of the tasks that the Certified Adviser will undertake.
For additional information regarding the specific requirements of the Certified Adviser see the First North Rulebook.
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In order to be eligible for trading on First North, a membership of the OMX Nordic Exchange Stockholm AB, OMX Nordic Exchange Copenhagen A/S or OMX Nordic Exchange Iceland hf is required.
Read more about Membership
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On June 1, 2007 First North introduces one Nordic Rulebook that applies in Denmark, Sweden, Finland and Iceland. 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.
Changes to the First North Rulebook June 2008
Due to new Norex Member Rules, which will take effect on June 2, 2008, changes have been made to Chapter 6 in the First North Nordic Rulebook. The rules which are common for the regulated OMX Exchanges and First North have been removed from the chapter; instead there is reference to the Norex Member rules. The rules that differ between the markets are still in chapter 6, i.e. rules on Round Lots for First North Sweden and First North Denmark. The revised rules for issuers on First North will enter into force on 2 June, 2008.
First North Rulebook June 2008
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The company approved as Certified Adviser may not own more than 10 percent of the shares or voting rights in a company to which they provides advice. In conjunction with the publication of the reports of unaudited annual earnings figures 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.
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