Source: London Stock Exchange
The London Stock Exchange has today issued a consultation on proposed changes to the AIM Rules.
The proposals include the codification of the role and responsibilities of Nominated Advisers (Nomads) in a new publication "The AIM Rules for Nominated Advisers", and the introduction of supplemental disclosure requirements for AIM companies. The codification of Nomad rules via the introduction of an additional rulebook, that sets out in more detail the Exchange’s expectations of Nomads both when they bring companies to AIM and on an ongoing basis. This is designed to aid understanding of the Exchange's expectations of Nomads when they are assessing the suitability of issuers for AIM and advising companies about their ongoing compliance with the AIM Rules. The Nomad rules reflect current market best practice and provide examples of the types of activities the Exchange expects Nomads to undertake in order to confirm to the Exchange that a company is appropriate for AIM and ensure it is able to comply with the AIM Rules on an ongoing basis.Enhanced disclosure requirements for AIM companies, including the requirement for all AIM issuers to display core management and financial information (including admission documents) on their website.
Key elements of the changes proposed in the consultation are:
Martin Graham, Director of Markets and Head of AIM at the London Stock Exchange said: "AIM has been a huge success since its launch in 1995. As the market grows and matures and becomes increasingly international in outlook, it is appropriate for the Exchange to review the operational and regulatory aspects of AIM to ensure the market's continued success. Our proposed changes represent the latest of a number of evolutionary steps that will protect AIM's core system of regulation while enabling the market to continue to grow and become even more successful."
The proposed changes are the result of review undertaken by the Exchange into the operation and regulation of AIM, and reflect the Exchange's continued commitment to the development of the AIM regulatory model. The review has provided positive confirmation that AIM's regulatory structure and the Nomad system continue to be key factors in AIM's continued success. The proposed changes are therefore intended to preserve AIM's current system of regulation, whilst at the same time supporting the maturity, growth and increasing internationalisation of the market.