First North is an alternative market place linked to the stock exchanges that make up Nasdaq Stockholm. First North does not have the same legal status as the regulated market place. The companies on First North are regulated by the rules and regulations set out by First North, not by the legal requirements established to trade on any of the regulated markets. An investment in a company listed on First North implies higher risks than an investment in a company listed on any of the regulated markets. All companies with shares traded on First North have a certified adviser who ensures compliance with all rules and regulations. Applications for trading licenses on First North have to be approved by Nasdaq Stockholm.