On 27 January, TEGOS Lithuania hosted a specialised business breakfast for companies that have already listed – or are considering listing – bonds on the Nasdaq First North alternative market.
The event, titled “What should every First North bond issuer know?”, reflected the growing interest of Lithuanian issuers in bonds as a financing instrument, as well as the increasing need to better understand the legal and organisational obligations associated with listing.
The event brought together capital markets experts, legal professionals and company executives to discuss practical aspects of ongoing compliance and regulatory developments that have had a notable impact on issuers operating on the First North alternative market in recent years.
Insights were shared by Nortautas Zenevičius and partner Dalia Augaitė (TEGOS), Eglė Karūžaitė (Nasdaq Vilnius), Jonė Girčienė (Sun Investment Group), and Darius Alutis (Civinity). The speakers discussed the practical implementation of Market Abuse Regulation (MAR) requirements, presented the latest First North rule changes and their application in practice, and analysed real challenges faced by listed companies during the panel discussion. Participants also shared practical experiences and recommendations on how to effectively organise compliance processes, ensure transparent communication, and maintain smooth cooperation with the market.
Key takeaways from the discussion:
Simplicity, clarity and precision should guide bond issuers when presenting MAR requirements, their implementation, and reminders to employees, shareholders and management bodies.
Before communicating externally, issuers are advised to assess internally whether the information to be disclosed constitutes inside information and whether proper disclosure or delayed disclosure is required.
The nature and volume of inside information relating to bonds differ from those relating to shares and are generally less price-sensitive. Nevertheless, even where information does not qualify as inside information, issuers should assess whether disclosure obligations arise under other requirements, including the Nasdaq First North rules.
Thank you to everyone who contributed to the content of the event!
