Nasdaq Nordic issued a Regulatory notice dated Jun. 1, 2023, entitled Changes to the Nasdaq First North Structured Products Rulebooks, setting out all changes to be made.
Document dated Jun. 1, 2023, and was was received on Aug. 11, due to a fixed feed.
Overview
Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd and Nasdaq Stockholm AB have decided to make some changes to the Nasdaq First North Copenhagen and Helsinki Structured Products Rulebook, and Nasdaq First North Stockholm Structured Products Rulebook.
Following the changes, there will be one rulebook that is applicable to all structured products on Nasdaq First North Helsinki and one rulebook applicable to all structured products on the Nasdaq First North Copenhagen and Nasdaq First North Stockholm.
Nasdaq First North Helsinki Rulebook
The existing Nasdaq First North Copenhagen and the Helsinki Structured Products Rulebook will as of Jul. 1, 2023, then only be applicable to Nasdaq First North Helsinki.
All references to Nasdaq First North Copenhagen and to Nasdaq First North Stockholm have been removed, and no other changes have then been implemented at this time.
Nasdaq First North Copenhagen and Stockholm Rulebook
Nasdaq First North Copenhagen has been included in the existing Nasdaq First North Stockholm Structured Products Rulebook and will all be applicable from Jul. 1, 2023.
The changes made include editorial corrections of any issues that have been identified.
Copenhagen Changes
Changes to the Nasdaq First North Copenhagen Structured Products Rulebook include Section 1.2 has been updated to clarify that rule changes normally apply at the earliest 30 calendar days after publication on the Exchange's website, to provide clarification.
Section 2.2 has been updated to require audited annual financial reports for at least two financial years, instead of three years, and the guidance text has been removed.
Section 3.1.8 and 3.1.9 have been removed as equivalent requirements are set out in relevant laws and regulations, including the Regulations 2017/1129 and 1286/2014.
A new Chapter 4 has been introduced with requirements relating to Listing Document.
Section 6.2 (current Section 5.2) has been updated to clarify financial reports and a prospectus or Listing Document, and final terms, must be available on issuer's website.
Section 6.3.7 (current Section 5.3.7) has been updated to clarify that resolutions adopted by a bondholder meeting shall be disclosed, unless these are all insignificant.
Stockholm Changes
Changes to the Nasdaq First North Stockholm Structured Products Rulebook include Section 2.2 has been updated to require audited annual financial reports for at least two financial years, instead of three years, and the guidance text has been removed.
Section 3.1.8 and 3.1.9 have been removed as equivalent requirements are set out in relevant laws and regulations, including the Regulations 2017/1129 and 1286/2014.
Section 4.1 has been updated with a sentence on the liability and accuracy of all the Listing Documents, replacing Section 4.3 which is therefore consequently removed.
Section 6.3.3 has been updated to clarify that the financial statement release shall be disclosed within three months from the expiry of the reporting period, to meet rules.
Effectiveness
Changes to the new Structured Products rulebooks will all now apply from Jul. 1, 2023.
Dec. 2023 Changes to Rulebooks
On Dec. 21, 2023, Nasdaq Nordic set out changes to Nasdaq first north structured products rulebooks, including Nasdaq first north Copenhagen and Stockholm structured products rulebook and Nasdaq first north Helsinki structured products rulebook.
Section 3.1.7 removed from both rulebooks; rule ensured no instruments fell under position limits reporting requirement introduced under MiFID II; as a result of regulatory changes, such requirements no longer applicable for securitized derivatives.
Supplement of Helsinki rulebook have been updated in rules 5-7, to clarify applicable rules referring to updated rule and law numbers based on previous amendments.
Changes to Nasdaq first north Copenhagen and Stockholm structured products rulebook will enter into force on Jan. 22, 2024; changes to Nasdaq first north Helsinki structured products rulebook will enter into force on Jan. 1, 2024.
May 2024 Nasdaq First North Copenhagen, Stockholm
On May 31, 2024, Nasdaq Nordic set out changes to Nasdaq first north Copenhagen and Stockholm structured products rulebook, as well as editorial and format changes.
Removed Section 3.1.6 which sets threshold for total nominal amount for instruments.
Consequential amendments to Supplement A (Sweden), Supplement B (Denmark).
Added new Section 6.4 with requirement to provide Exchange with disclosures for surveillance purposes in prescribed manner; updates in force as of Jul. 1, 2024.
Nov. 2024 Nasdaq First North Copenhagen, Stockholm
On Nov. 29, 2024, Nasdaq Nordic changed the Nasdaq First North Copenhagen and Stockholm-Structured Products Rulebook; it will enter into force on Jan. 1, 2025.
Section 4.3 has been removed; in appendix A, the obligation to submit the appendix when applying to register the Listing Document on a yearly basis has been removed.
