How to Become a Certified Adviser

To become a Certified Adviser on First North in Estonia, Latvia or Lithuania, a company must fill out the application form available online and sign an agreement with the relevant Nasdaq stock exchange in Tallinn, Riga or Vilnius.

An Adviser must also enter into an agreement with each company for which it is performing the function of Adviser. And Advisers have to meet certain requirements in order to guarantee high-quality services to First North companies:
 

1. At least two employees must have sufficient experience.

  • Two years or more of experience in consultancy services regarding companies’ capital structure, strategy, acquisitions and sale of companies, or related consulting services.
  • Attendance of a training seminar conducted by the exchange on First North rules and requirements. 
     

2. Develop internal trading rules.

It has to be stipulated that persons in the Certified Adviser role shall not be allowed to trade in the shares of the issuer to whom they provide consultancy.
 

3. Avoid conflict of interest.

Rules governing treatment of confidential information have to be developed.
 

4. They must suitably document all relevant information.
 

5. Be independent from the issuer:

  • A Certified Adviser or related persons cannot hold more than 10% of the share capital of issuers to which the Certified Adviser provides advice.
  • In conjunction with the publication of semi-annual reports, a Certified Adviser must provide the exchange with information about their holdings in the companies to which they provide advice.
  • Neither the Certified adviser nor anyone representing the Certified Adviser may hold a position on the management or supervisory board of the issuers to which the Certified adviser provides advice.
     

Application to become a Certified Adviser on First North Baltic