• Nasdaq Nordic issued Nasdaq Helsinki Regulated Market Rulebook for Issuers of Exchange Traded Notes, with specific requirements for a financial instrument to be admitted to trading at the Exchange and rules on issuer disclosure requirements.

Overview

• Nasdaq Helsinki Ltd published a new rulebook for issuers of ETN products.
• An ETN is an exchange listed debt instrument like security issued against a direct investment by the issuer in an underlying asset or underlying derivative contract.
• Issuer of an ETN shall disclose information required by the regulations and provide the exchange other information in accordance with legislation and exchange rules.
• The rules are adapted to existing EU legislation, e.g. Market Abuse Regulation, MiFIDII, Market Abuse Directive, the Transparency directive and the Takeover directive.
• To simplify application of the rules, the rule text is sometimes followed by guidance.
• Explanatory texts are not part of the Rules; the explanatory texts aims to describe the purpose of the rules, and give guidance and examples on how to interpret them.
• The text does not always describe a definite interpretation of the rule, as situations that are different from those described in the explanatory texts may occur in practice.
• Issuer undertakes to follow applicable parts of the Rulebook by signing an undertaking.
• By signing the undertaking, the issuer commits to follow the Rulebook and to be subject to sanctions which could follow from a potential breach thereof.
• Trading on Nasdaq Main Market is conducted per Nordic Member Rules provisions.

Effectiveness

• The Rulebook for Issuers of Exchange Traded Notes, part of Exchange’s regulated market regulation will enter into force on 18 December 2024.