First North is an alternative market, operated by the different exchanges within OMX. It does not have the same legal status as a regulated market in EU, which is a term used in the EU directive, called MiFID. According to MiFID, trading can be organized with a less complicated set of rules within the framework of a multilateral trading facility (MTF). First North is operating as MTF and companies traded there are subject to the rules of First North and not the legal requirements of regulated market. Due to lower requirements in First North, the risk in such an investment may be higher than on the regulated market.
All companies that wish to join First North must engage an adviser in connection with the application process.
Deloitte in Lithuania was approved as certified adviser for First Noth market in Lithuania. Certified adviser advises company on its readiness for trading, and assists with application. The adviser also has the obligation to constantly monitor the company’s compliance with the rules of First North and report any transgressions to the exchange.