To obtain the status of Advisor for the Alternative Market (EN.A.), you must meet certain criteria and requirements, including sufficient experience in capital market issues and organizational and operational adequacy.

Eligible as Nominated Advisοrs are domestic or foreign legal entities that include:

• Credit institutions
• Investment services companies that can provide the underwriting service
• Financial services companies
• Consulting Companies
• Auditing Companies

To acquire and retain the capacity of Nominated Advisοr, the following conditions must be met:

Experience

The prospective Nominated Advisοr must have adequate experience in capital market matters. Adequacy of experience is assessed case-by-case based on the documents submitted (Resolution 1) to ATHEX and any additional information or action requested by ATHEX. The assessment considers, in particular:  

• The ability to provide the investment service of item 6 and/or 7 of section A, ANNEX I, Law 4514/2018.
• If the prospective Nominated Advisor is unable to provide at least one of these services, consideration will be given to its proven experience as a financial advisor, with active participation in at least two capital market projects in the last two years before approval (acting as an advisor in a Prospectus, a document of article 4 of Law 3401/2005, or as a lead advisor to listed companies in mergers, acquisitions, etc.).

Organizational and Operational Adequacy

The prospective Nominated Advisor must operate with an adequate internal organization, assessed case-by-case based on submitted documents and any additional information requested by ATHEX. The assessment considers, in particular:  

• The ability to provide the investment service of item 6 and/or 7 of section A, ANNEX I, Law 4514/2018.
• If the prospective Nominated Advisor is unable to provide at least one of these services, it must have at least two full-time executives with experience in corporate finance, investment plan drafting, or advisory services requiring a Prospectus, Information Document (article 4 of Law 3401/2005), or Information Document for a takeover bid (Law 3461/2006).

Absence of Conflict of Interest

• Absence of conflict of interest may be presumed, by way of indication, by the adoption of procedures to ensure that there are no conflicts of interest with the individual companies, by the absence of a corporate link or interdependencies with the company, and by not auditing the company's financial statement.
• If the financial statements are audited, the audit must be carried out by a different legal entity (not necessarily unaffiliated) or by the same legal entity but with different personnel or an organizational unit separate from those involved in the company's admission to trading on EN.A.

No Imposition of Penalties

No sanctions must have been imposed by the competent supervisory authority, nor be pending against the legal entity, for substantial violations of legislation relating to its services.

Suitability

• ATHEX makes a case-by-case assessment of the suitability of the prospective Nominated Advisor based on the above minimum criteria and conditions, as well as any other information deemed appropriate.
• If the prospective Nominated Advisor is a newly established company, experience is assessed based on the experience and competence of its senior personnel. 

• The Candidate Nominated Advisor submits an application to acquire the status of "Alternative Market (ENA) Nominated Advisor" and be included in the List of Alternative Market Nominated Advisοrs
• If the relevant conditions and suitability are met, ATHEX approves the application and includes the Nominated Advisor in the List of Alternative Market Nominated Advisοrs
• ATHEX updates the list as needed following any changes to the Nominated Advisors' information