Companies that wish to apply to be traded on First North must engage an Adviser. It is the Adviser that has the obligation to provide support and to ensure that the company initially as well as continuously meets the obligations associated with having shares admitted to trading on First North. In order to be approved as an Adviser, the adviser has to sign an agreement with the Exchange.
It is the Surveillance function at Nasdaq Nordic that is responsible for monitoring that both Companies and Advisers apply the First North Rules. Surveillance also monitors the trading on First North.
If a Company does not fulfill the First North rules, it is the Advisers responsibility to perform a short investigation of the matter and inform the Exchange about the infringement. Thereafter, it is the Head of Surveillance function at the Nasdaq Nordic that is responsible for the further handling of the matter. If the infringement is considered to be excusable or less serious, the Exchange can give written critizism to the company or publish a public warning. Violations of a more serious nature may result in fines, corresponding to 15 annual fees as a maximum, on the Company, or, in case of very serious breaches ceased trading in the company’s shares.
If an Adviser no longer fulfills the rules of First North the Exchange will investigate the causes for the non-compliance with the rules. If the violation can be considered excusable or less serious the Exchange will investigate the reasons for the infringement. If the breach is considered to be excusable or less serious, the Head of the Surveillance function at Nasdaq Nordic may decide to impose criticism to an Adviser, or, in case of serious violations, revoke the agreement.