The Disciplinary Committee of Nasdaq Stockholm (the "Exchange") has found that Arctic Securities AS (the "Company") has breached the rules of Nasdaq First North Growth Market (the "Rulebook") and therefore decided to cancel the company's permission to act as Certified Adviser and ordered the company to pay a fine of SEK 2,000,000. The Disciplinary Committee concludes that the Company has breached the following rules of the Rulebook after having terminated the agreements of all three employees acting as Designated Contact Persons. -- Item 5.1.4 of the Rulebook includes an ongoing obligation to monitor the Issuer's fulfilment of the Rulebook. During the notice periods for the Designated Contact Persons, the Company has not fulfilled this ongoing obligation. -- The Company also breached item 5.8.2 of the Rulebook by not notifying the Exchange of the change regarding the Designated Contact Persons. -- The Company further failed to meet the requirement in item 5.2.1 of the Rulebook for having at least two full-time Designated Contact Persons. The Disciplinary Committee concludes that the Company during a prolonged period has not met the fundamental requirements regarding Designated Contact Persons that the Rulebook places on a Certified Adviser, as well as failed to inform the Exchange of changes immediately. The Disciplinary Committee views the breaches of the Rulebook as very serious. A fine shall therefore be imposed. Considering the Company during the period did not entirely lack resources to perform its obligations as Certified Adviser and that the breaches do not seem to have had any negative effects on issuers for which the Company acted as Certified Adviser, the amount of the fine is set to SEK 2,000,000. The Disciplinary Committee further cancels the Company's permission to act as Certified Adviser on First North Stockholm with immediate effect. The Disciplinary Committee's decision is available at: https://www.nasdaq.com/market-regulation/nordic/stockholm/disciplinary/decisions -sanctions Please see the attached document for a Swedish version of the decision. An English version of the decision will be made available as soon as possible. For further information about this exchange notice please contact Enforcement & Investigations, telephone +46 8 405 70 50, or iss@nasdaq.com. Attachment: https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1244950
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