Reed Smith Client Alerts

The London Stock Exchange has published a combined feedback statement and consultation paper containing proposed changes to its AIM Rules. This follows on from the Exchange's July discussion paper, which sought feedback on a wide range of possible changes to the AIM rulebook. Following responses from market participants, the Exchange has decided to focus on a limited number of amendments, and not to take forward some of the more significant changes originally under consideration.

London Paternoster Square

The changes that the Exchange proposes are as follows.

  • There will be a formal 'early notification' procedure requiring nominated advisers to notify certain information to the Exchange as soon as practicable (and in any event before the 10-day announcement is sent to the Exchange). A new template, to be published on the Exchange's website, will identify the information to be disclosed, which will be similar to the 10-day announcement content, together with any other issues that may be relevant to the company's appropriateness for admission. Nominated advisers will be able to choose when to approach the Exchange, but this will usually need to be shortly after completing their initial due diligence into the company, to ensure there can be a meaningful discussion and any issues can be identified to the Exchange as soon as possible.