Nasdaq Nordic issued notice on changes to Rulebook for Issuers of ETFs and ETNs.
Summary of Changes
Nasdaq Stockholm AB reviewed Nasdaq Stockholm Rulebook for Issuers of Exchange Traded Funds and Exchange Traded Notes to strengthen the confidence, credibility and transparency of Nasdaq Stockholm, resulting in material and structural changes.
Divided into separate rulebooks: Nasdaq Stockholm Rulebook for Issuers of Exchange Traded Funds; and Nasdaq Stockholm Rulebook for Issuers of Exchange Traded Notes.
Furthermore, in order to make the rules more accessible and transparent, a number of provisions have also been subject to clarifications and codifications of current practice.
The overall structure has been updated and clarified and the rulebooks now include a new chapter with general provisions and a chapter collecting all surveillance actions and the issuer's obligation to provide information to the Exchange in a single chapter.
For a detailed overview of the changes, refer to the comparative table setting out the changes made in the revised Rulebook compared to current version of the rulebook.
Effectiveness
The updated rulebooks will enter into force as of Jul. 1, 2023.
May 2024 Nasdaq Stockholm Rulebook Changes
On May 31, 2024, Nasdaq Nordic set out changes to Nasdaq Stockholm main market rulebook for issuers of exchange traded notes, effective as of Jul. 1, 2024.
Updated Section 2.3.1 by removing minimum capitalization requirement for entities defined in Section 2.3.1(c); must now provide audit report in accordance with 2.3.8(d).
Updated Section 2.3.8(d) and Section 3.4.2 by removing certain requirements that need to be validated in an audit report; the requirements in Section 2.3.10 and 2.3.11 remain but are no longer required to be validated by an audit firm.
Sections 3.5.1–3.5.4 regarding financial reporting have been moved to Section 3.2.6–3.2.8 and updated to clarify that the financial reports shall be disclosed.
Removed Section 3.2.5(c)–(d) as already reflected under Section 3.2.2.
Added new Section 3.5 with requirement to provide the Exchange with disclosures for surveillance purposes in a prescribed manner, to clarify already existing practice.
Oct. 2024 Amendments to Two Rulebooks
On Oct. 31, 2024, Nasdaq Nordic issued changes to rulebook Nasdaq Stockholm Main Market Rulebook for Issuers of Exchange Traded Funds and rulebook Rules for issuers of foreign ETFs on Nasdaq Copenhagen; updates enter into force on Dec. 1, 2024.
Following the changes, there will be one rulebook applicable to exchange traded funds on Nasdaq Main Market Stockholm and Nasdaq Main Market Copenhagen.
The rulebook Rules for issuers of foreign ETFs on Nasdaq Copenhagen has been included in the existing rulebook Nasdaq Main Market Stockholm Rulebook for Issuers of Exchange Traded Funds; various updates have been made to align both rulebooks.
The tracked changes version of Nasdaq Copenhagen and Stockholm Main Market Rulebook for Issuers of Exchange Traded Funds has been published.
