In most listing processes, the issuer and, if relevant, the selling party, will work actively with several advisors, both legal and financial advisors, to prepare the company for its listing and, if relevant, the offering and distribution of shares. In the Nasdaq Stockholm listing process, the issuer will also interact with two parties that represent the exchange, the Exchange Auditor and the Listing Committee.
An Exchange Auditor will be appointed by the exchange for a particular listing process, at the time of application for listing. The Exchange Auditor is a very experienced auditor from one of the largest audit companies. The Exchange Auditor is contracted by the exchange to perform a specified review of whether the issuer fulfills the requirements in accordance with the exchange’s rules and whether it has undertaken sufficient preparations to be able to assume the responsibilities of a listed company. The review comprises the management and the board of the company, its financial and operational history, the quality of financial reporting as well as the resources and organization for preparing financial information and for disclosing both financial information and other regulatory information. The review also covers legal aspects, internal control and an overall assessment of how the prospectus document represents the issuer.
When the Exchange Auditor has completed its review, a report is submitted to the exchange. That report along with a draft prospectus is presented to the Listing Committee. The Listing Committee is a body to which the board of directors of Nasdaq Stockholm has delegated the right to decide upon whether to approve applications for listings on the regulated market. The committee consists of both Nasdaq representatives, including the CEO of the exchange, and independent members. The independent members represent the majority and one of the independent members shall be the Chairperson of the committee.
The documentation upon which the Committee bases its decisions consists of the report from the Exchange Auditor and the company's prospectus. Listing Committee has seven members. Fredrik Persson (Chairman), Eva Hägg, Ann Grevelius och Peter Norman are independent members. Other members are Lauri Rosendahl, Joakim Strid and Andreas Gustafsson.
The Listing Committee typically schedules one meeting per month but will also strive to be available for meetings on other dates. The issuer is notified of the decisions by the committee, in writing, by staff within the Surveillance function, as soon as possible after a meeting has been held.