Consultation on changes to AIM RulesPrint publication
The London Stock Exchange published AIM notice 38 on 27 January, which consults on a number of proposed changes to the AIM Rules for Companies and AIM Rules for Nomads. What are the principal proposed changes?
Proposed changes to the AIM Rules for Companies
- clarifying that the London Stock Exchange has jurisdiction over AIM companies that cease to have a class of securities admitted to AIM, for the purpose of investigating and taking disciplinary action against breaches of the AIM Rules allegedly perpetrated during the time when its securities were admitted to AIM
- adding to the list of information required to be available on a website under AIM Rule 26, including details of the corporate governance code that the AIM company has decided to apply, how it complies with that code, or if no code has been adopted, disclosure to that effect
amending AIM Rule 11 concerning the disclosure of price sensitive information, to replace the reference to a “substantial” movement in the price of AIM securities with reference to a “significant” movement. The Exchange has clarified that it does not consider this change in terminology to mean a different standard of disclosure – the change is purely to bring the wording into line with that used in the Financial Services and Markets Act 2000.
Proposed changes to the AIM Rules for Nomads
- clarification that, on a change of control of a firm that is a nominated adviser, a new nominated adviser application is required
expansion of the definition of “Qualified Executive” in Rule 4.
Walker Morris comment
The consultation is scheduled to close on 3 March. We will keep you updated with further developments.