Nasdaq Nordic issued regulatory notice entitled Changes to the Nasdaq Nordic Main Market Rulebook for Issuers of Shares, outlining changes in force from Jan. 1, 2024.
Summary of Changes
Section 2.9 of the Rulebook amended so all issuers will need to demonstrate they have sufficient working capital available for their planned business for at least 12 months at the time of admission to trading; profitability removed as an admission requirement.
Liquidity requirement in Section 2.13 of the Rulebook amended re Nasdaq Stockholm AB, so that the free float requirement may also be met if at least 10% of the issuer’s shares are in public hands, as long as the value of the shares is at least SEK 500 mn.
This change only concerns issuers on Nasdaq Stockholm AB, and the new rule has been added in Supplement D; as well as other non-material and linguistic changes.
Local regulatory notices available on the website for Nasdaq Iceland hf. describing changes to Supplement C applicable in relation to Nasdaq Iceland, and for Nasdaq Helsinki Ltd describing changes to Supplement B applicable in relation to Nasdaq Helsinki.
Effectiveness
The updates will enter into force as of Jan. 1, 2024.
Feb. 2024 Updated Rulebook Issued
On Feb. 1, 2024, Nasdaq Nordic issued updated rulebook as effective at Jan. 1, 2024.
Nordic main market rulebook for share issuers harmonized part effective Jan. 1, 2024.
Nasdaq Helsinki supplement B effective Jan. 1, 2024; Nasdaq Iceland supplement C effective Jan. 1, 2024; and Nasdaq Stockholm supplement D effective Jan. 1, 2024.
On Dec. 2, 2024, Nasdaq Nordic updated the Nasdaq Nordic Main Market Rulebook for issuers of shares, supplement D, Nasdaq Stockholm, effective Jan. 1, 2025.
The tracked changes version of the updated rulebook is also available.
Sections 5 and 6 in Part B amended due to a new process concerning issuers seeking admission to trading on Nasdaq Stockholm in connection with an admission to trading on Nasdaq US/New York Stock Exchange, or within 12 mths of admission to trading.
Such issuers will be exempted from the standard Listing Auditor review, but will be required to undergo an extended legal examination which is regulated in more detail in terms of reference for legal due diligence that will specifically apply in these situations.
Dec. 12, 2024 US Dual Listing Due Diligence
On Dec. 12, 2024, Nasdaq Nordic issued Terms of Reference for Legal Due Diligence (US Dual Listing) re listing process for companies seeking admission to trading.
On the Nasdaq Stockholm and Nasdaq U.S. or on the New York Stock Exchange.
The terms of reference enter into force on Jan. 1, 2025.
