The Law Firm "Bernotas & Dominas GLIMSTEDT" has become a certified adviser on the alternative market First North Baltic in Lithuania, as announced and approved by Decision of the Board of the Vilnius Stock Exchange on 28 April 2008.
First North is an alternative market, operated by different stock exchanges within NASDAQ OMX Group. An alternative market does not have the same legal status as a regulated market, defined in the EU Directive 2004/39/EC (MiFID) (this Directive in Lithuania is implemented in the Law on Markets in Financial Instruments). According to MiFID, a market operator is authorised to manage a multilateral trading facility (MTF), which brings together multiple buying and selling interests in financial instruments in accordance with non-discretionary rules. First North is operating as a MTF and the companies that are traded in First North market are subject to the rules of First North rather than to the legal requirements for admission to traiding on a regulated market. Thus, the investment risk on an alternative market may be higher than on a regulated market.