Act on Securities Trading (Securities Trading Act)

Part 3. Investment firms

Chapter 9. Application and conditions for authorisation

IV. Growth market for small and medium-sized enterprises (SMEs)

Section 9-31.Growth market for SMEs
(1) Finanstilsynet may upon application from the operator of an MTF register the MTF as an SME growth market.
(2) ‘SMEs’ means, for purposes of this provision, enterprises that have an average market capitalisation of less than the equivalent of EUR 200 million in Norwegian kroner, calculated on the basis of end-year quotes for the previous three calendar years.
(3) Registration as an SME growth market may only take place provided:
1.at least 50 per cent of the issuers whose financial instruments are admitted to trading on an MTF are SMEs at the time when the MTF is registered as an SME growth market and in each calendar year thereafter,
2.appropriate criteria are set for admission of financial instruments of issuers to trading on the market and their ongoing obligations,
3.sufficient information is published prior to admission to trading to enable investors to make an informed judgement about whether or not to invest in the financial instruments, either in an appropriate admission document or a prospectus if the requirements of chapter 7 are applicable in respect of a public offer,
4.appropriate ongoing periodic financial reports are published by or on behalf of an issuer on the market,
5.issuers on the market as defined in point (2) of Article 3(1) of Regulation (EU) No. 596/2014, persons discharging managerial responsibilities as defined in point (25) of Article 3(1) of the Regulation, and persons closely associated with them as defined in point 26 of Article 3(1) of the said Regulation, comply with relevant requirements under the Regulation,
6.required information concerning the issuers on the market is stored and disseminated to the public,
7.effective systems and controls are introduced to prevent and detect market abuse on that market in accordance with the requirements of chapter 3.
(4) Finanstilsynet may deregister an MTF as a growth market for SMEs if the investment firm or the market operator operating the MTF applies for deregistration, or the MTF no longer meets the requirements of subsection (3).
(5) A financial instrument admitted to trading on one SME growth market may be traded on another SME growth market only where the issuer has been informed and has not objected. The issuer shall not be subject to any obligation relating to corporate governance or disclosure with regard to the latter growth market.
(6) The ministry may make regulations to supplement this section.