Nasdaq Listing Center FAQs

Structured Product and Base Prospectus Applications:  How do I complete the Application Name field?
Since an Issuer will submit many applications potentially related to the same security over time, each application should have a unique name that readily identifies the application. Here are two examples: 

For a Structured Product Application, the Application Name might be:  Issuer Name_Underlying Asset Symbol_Listing Date YYYYMMDD (SHB_NOK_2009-11-10). 
For a Base Prospectus Application, the Application Name might be: Prospectus Issuer Name_ Expiration Date of Base Prospectus (Prospectus Fibank 2014-10-10).
For a Listing of Additional Shares Application, the Application Name might be: Issuer Name + listing date.


All:  How does the electronic listing application process work?
Each user must create an account.  The user can then add multiple applications under a single account, and the applications can be shared with other users.  Any user with access to the application can make modifications and updates.
 
You may complete the application in stages or all at once.  However, once the application is submitted to Nasdaq you will only be allowed to upload documents and will not be allowed to change the application.
 
Within several hours of submitting your application, you will receive an email acknowledging your submission. You will also receive a confirmation email when your application has been approved for listing. This email will contain links to the Exchange Notice and the final Listing Form.
 
Please review our frequently asked questions to get a better understanding of how our application process works. The process for listing equity securities on First North or structured products (i.e., Warrants, Certificates, ETFs, Option Rights, Danish Funds, Coupon Bonds  and Structured Bonds) substantially follow the same process. If you still have any questions about the online application or the listing process, please call your local Issuer Surveillance Staff directly:

Denmark +45 33 93 33 66
Finland +358 9 6166 7260
Sweden +46 8405 7280


Structured Product Application:  What types of securities does the electronic listing application support for structured products?
Currently, the Listing Center supports listing of the following structured products:  Warrants, Certificates, ETFs, Option Rights, Coupon Bonds and Structured Bonds.


All:  What happens after I submit my application or form?
The form will be assigned to a local Nasdaq Team Member. Within several hours of submitting your application, you will receive an email acknowledging your submission.


Applications:  How do I update the application after it has been submitted?
Once the application is submitted, you will no longer be able to update the information online. You can send supplementary documents to your Analyst by uploading them through the online listing application or by email. The Attach Supporting Documentation band is the only part of the online application that will be active once an application is submitted. All other fields will be viewable, but cannot be edited.


Structured Product Application:  How do I complete the Issue-Specific information section of the application?
Expiration Date of Base Prospectus. The expiration date of the base prospectus must be within the last 12 months.
First Listing Date. This date must be greater than today. This is the desired first trade date and is subject to change based on Staff's review.
Issuer Deadlines for Submitting Application. For warrants and certificates at 12:00 local time the day before the listing and for bonds at 12:00 local time two days before the listing. For other instruments contact your local Surveillance department.


Structured Product Application:  What is the Application Template?
The Application Template contains information about the Issuer and the underlying securities that the Issuer wants to trade. This data is required by Nasdaq's trading system in order to begin trading. Staff will be able to automatically load this template into the trading system, improving the efficiency and accuracy of the current application and listing process for both Issuers and the Exchange.
 
There is only one template whether you are seeking to list Warrants, Certificates, Danish Funds, ETFs, Option Rights, Coupon Bonds or Structured Bonds. The template includes a separate worksheet for each type of security. The user should be careful to complete the appropriate worksheet for the securities to be listed.


Structured Product Application:  Who can execute this application?
The application can be executed by the Company or outside counsel with legal authority to execute this agreement electronically by certifying as indicated in the Affirmation Band of the application.  


All:  Can I allow other users to view and update information my form?
You can share our form with other users by clicking on the Share Your Form link at the top of the page. Enter the email address of each person with whom you would like to share the form. To access the form, this person will need to create their own Listing Center account, if they do not already have one. They will have the same rights and permissions as the primary contact and receive the same system-generated correspondence.


All:  Can I save a partially completed form and finish it later?
Yes.  When you want to leave the form, select the Save for Later button at the bottom of the screen.  At any time, prior to submitting the application to Nasdaq, you can return to the form, making updates and uploading documents, as desired. Please note: The application will automatically save every 5 minutes.


All:  Will Nasdaq still accept a hard-copy applications and forms?
No.  All applications to list structured products or equity securities on First North will only be processed electronically. This will expedite the Nasdaq review process.


Symbol Requests: Are there requirements with respect to maximum number of characters allowed for a symbol?
Yes.  The maximum length of a symbol varies based on the local as follows:
  • In Finland, a symbol must be at least three characters, but no more than six characters.
  • In Denmark, a symbol must be at least two characters, but no more than six characters.
  • In Sweden, a symbol must be at least three characters, but there no more than six characters. The symbol should also reflect the share class (e.g., ERIC B).


Logo Form:  When should a company logo submission form be completed?
This form should be completed at the time of application for listing or to update a logo anytime afterward.


First North Application:  How should I complete the Name field?
The Name is the company's name in the local language. It cannot exceed 30 characters. For example, RAI Oyj.


First North Application:  What is the Long Name?
The Long Name is the complete name of the company in English and cannot exceed 40 characters. For example, RAI International PLC.


First North Application:  What does the Class field indicate?
Class indicates share series. For example, A or B.


First North Application:  Who can execute this application?
Before the system will allow the user to submit this application to Nasdaq, it must be electronically signed by both a representative of the Company and its Certified Adviser. It is not important in which order the parties sign the application, just that both parties have completed their respective section of the Affirmation.


Applications:  Can I update the First Trade Date in my application once its submitted?
No.  However, Nasdaq Staff may update the First Trade Date, upon further review of the form and consultation with the Issuer. It is this revised date (if applicable) that will appear on the My Forms page.

How should I complete the Description of the Corporate Action field?Brief description of the Corporate Action (background and purpose), for example normally applicable for Directed Issue.

When is the Listing date?Normally next day after trade registration date.

RIGHTS trading code

INTERIM SHARES trading code
 


Trading period to

    As from March 1, 2021, last day of trading in the rights must be the three days prior to last subscription day in the offering (e.g. last subscription day: 2021-03-12, last day of trading in the rights 2021-03-09)

 



First North Application: What is the maximum number of shares?Please enter the planned maximum number of shares after listing. The actual number of shares after listing may be lower than the number entered here but should not exceed it.

End date of Restriction Period (DCP)The restriction period (Distribution Compliance Period) is minimum 12 month for equity issuance. The Issuer can choose to prolong this period or have it run forever. If the latter the date to fill out is 2099-12.31. 

QIB offering (144A)Under the US Securities Act of 1933, as amended (the "Securities Act"), an offer or sale of securities in the US must be registered with the SEC, unless an exemption from the registration requirements is available. Rule 144A is a rule adopted by the US Securities and Exchange Commission (the “SEC”) that provides a non-exclusive “safe-harbor” exemption from the registration requirement of the Securities Act, as long as the offered securities are sold to "qualified institutional buyers" (“QIBs”) in the United States. Rule 144A enables purchase and sale of privately placed securities to qualified institutional buyers without the need for SEC registrations.

US restricted (Reg S Cat 3)

Under the US Securities Act of 1933, as amended (the "Securities Act"), an offer or sale of securities in the US must be registered with the SEC, unless an exemption from the registration requirements is available. Regulation S is a rule adopted by the US Securities and Exchange Commission (the “SEC”) that provides an exclusion from the registration requirements of the US Securities Act, for offerings made outside the United States by both U.S. and foreign issuers. A securities offering, whether private or public, made by an issuer outside of the United States in reliance on Regulation S need not be registered under the Securities Act.

 

In addition to the general conditions, Regulation S imposes additional conditions depending on the nature of the issuer and the type of security being offered. These additional conditions and restrictions function as safeguards against the flowback of unregistered securities into the U.S. The Issuer Safe Harbor is divided into three categories. Category 3 applies to shares issued by an issuer incorporated in the United States or incorporated outside the United States but considered to be a "domestic issuer" under applicable US securities law. Thereby, Category 3 applies to non-US offerings of equity securities of US issuers and other issuers that is considered a domestic issuer under US securities laws. Category 3 issuers are subject to additional restrictions as the likelihood that securities offered under Category 3 will flow back to the US is high. For Category 3 offerings, neither an offer nor sale of securities can be made to a US person during what’s known as the distribution compliance period. This period lasts for one year for equity of non-reporting issuers, and 40 days for debt. Every purchaser during this period must certify that it is either a non-US person or is acquiring the securities in an exempt transaction. The purchaser must also agree to resell the securities only in compliance with Regulation S, pursuant to registration, or pursuant to another available exemption (such as Rule 144A).



First North Application:  What is the Long Name?
The Long Name is the complete name of the company in English and cannot exceed 40 characters. For example, RAI International PLC.
 

If the company is restricted under Regulation S Category 3 the long name needs to contain the suffix REGS or 144A. The latter if the offering is made also to Qualified Institutional Buyers (QIBs).

Symbol Requests:  Are there requirements with respect to maximum number of characters allowed for a symbol?
Yes.  The maximum length of a symbol varies based on the local as follows:

       
  • In Finland, a symbol must be at least three characters, but no more than six characters.

  •    
  • In Denmark, a symbol must be at least two characters, but no more than six characters

  •    
  • In Sweden, a symbol must be at least three characters, but there no more than six characters. The symbol should also reflect the share class (e.g., ERIC B).


If the company is restricted under Regulation S Category 3 the Symbol (Trading Code) needs to contain the suffix RS or RA. The latter if the offering is made also to Qualified Institutional Buyers (QIBs).