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Regulatory Landscape FAQs


1.   How does London Stock Exchange operate AIM?

London Stock Exchange operates AIM and sets rules for AIM companies relating to admission criteria; ongoing disclosure requirements; classification of corporate transactions; and the suspension and cancellation of securities.  London Stock Exchange also sets the rules for nominated advisers to AIM companies and for Member Firms of the London Stock Exchange, including in relation to the trading of AIM securities.

London Stock Exchange considers all relevant enquiries made regarding the conduct of AIM companies, nominated advisers and Member Firms in respect of their compliance with the rule books and takes action where appropriate.

London Stock Exchange’s remit over AIM companies, nominated advisers and Member Firms does not extend to matters beyond its rule books. Accordingly, matters such as directors’ duties, shareholder rights, prosecution of market abuse cases and fraud fall within the remit of the appropriate authority such as the Department for Business, Energy and Industrial Strategy, the Financial Conduct Authority (FCA) or Serious Fraud Office. Further information regarding the remit of London Stock Exchange and that of other regulators and competent authorities can be found here.
Further information about contacting London Stock Exchange’s AIM Regulation team can be found here.

2.    How do I enquire about an AIM company or nominated adviser’s compliance with the AIM rule books?

London Stock Exchange can only take action in relation to matters that are regulated by its rule books.  Therefore, where we become aware of potential breaches that are the remit of another authority, we will refer these matters to that authority.  Similarly, if your enquiry does not relate to compliance with the London Stock Exchange’s rule books we would ask you to direct it to the appropriate authority. In order to help guide you to the most appropriate body, further information on regulators and law enforcement authorities can by found here.

In order for your enquiry to be handled in the most appropriate manner, it is helpful if you highlight to us which AIM Rules/Nomad Rules you believe may be most relevant to your enquiry and any specific information you wish us to consider. It is helpful if you set this out clearly in an email to aimregulation@lseg.com.  You may also be able to resolve your enquiry by contacting the AIM company or its nominated adviser.

Please note that London Stock Exchange complaints process is not compensatory in nature.

3.   Will London Stock Exchange update me on its consideration of my enquiry?

Given the confidential and potentially price sensitive nature of any enquiry, we are not able to discuss company specific matters or provide updates unless the enquiry results in a sanction that is made public. Where an investigation does lead to a determination that there has been a breach of our rules, we have a range of disciplinary sanctions available and are able to publish the outcome of disciplinary actions for the purposes of education and change to market behaviour. Examples can be found in AIM Disciplinary Notices and in Inside AIM section of our website.

4.   Where can I raise concerns about London Stock Exchange’s handling of my enquiry?

In the first instance please raise your concerns in writing to aimregulation@lseg.com or by post to:

AIM Regulation

London Stock Exchange Plc

10 Paternoster Square

London, EC4M 7LS

If you have a complaint about the way your enquiry has been handled, the London Stock Exchange has a formal complaints process. Details of which can be found here.

5.   What is the role of a nominated adviser?

The nominated adviser is the key AIM adviser, whose role is different from other advisers to the AIM company. The nominated adviser is a corporate finance firm that has been approved by the Exchange to undertake the role set out in the AIM Rules for Nominated Advisers (a list of nominated advisers can be found here)

Every AIM company must retain a nominated adviser and failure to do so will result in the suspension and ultimately the cancellation of an AIM company’s admission to AIM if a new nominated adviser is not engaged within one month of such suspension (see AIM Rule 1).

The nominated adviser owes obligations solely to London Stock Exchange under the AIM Rules for nominated advisers both at admission and on an ongoing basis.  These obligations include considering issues of appropriateness as well as providing advice and guidance to the AIM company on compliance with its AIM Rules obligations.  

The nominated adviser role does not substitute the AIM company’s primary obligation to comply with the AIM Rules and accordingly, the role of the nominated adviser is to support but not guarantee compliance by the AIM company of its obligations.

6.   How does disclosure under Market Abuse Regulation (“MAR”) work in the context of AIM?

MAR is an EU regulation and applies to issuers admitted to trading on a Multilateral Trading Facility (MTF) such as AIM. In the UK, the Financial Conduct Authority is the competent authority with responsibilities for the enforcement of MAR. The AIM Rules are market operator rules to ensure the maintenance of a fair and orderly market in securities through prompt and fair disclosure of price sensitive information. It is therefore important for AIM companies to consider - in conjunction with their nominated adviser - their AIM Rules obligations separately as compliance with MAR will not automatically constitute compliance with the AIM Rules. For more information and for frequently asked questions on MAR please see here.

7.      What other statutory regulators or authorities have oversight of AIM companies?

In order to make sure your enquiries receive the most appropriate consideration, it is important that the most appropriate regulatory organisation receives your questions or concerns. Further information regarding the remit of London Stock Exchange and other regulators can be found here. Please find contact details in the below table for the relevant authority: 

Regulatory subject area Statutory regulator/authority and contact details:
Market Abuse Concerns about possible market abuse should be addressed to the Financial Conduct Authority (“FCA”) which is the competent UK authority with power to investigate possible breaches of the Market Abuse Regulation. Further information on market abuse can be found on FCA’s website here.
Short Selling The FCA is the competent authority in the UK with responsibility for the implementation and enforcement of relevant EU regulations, such as the EU Short Selling Regulations. Further information may be obtained here.
Company law - such as directors duties, Companies House filings etc The AIM company directly.
 
In the UK, details on how to make a complaint to Companies House can be found here.
Fraud Allegations regarding fraud should be addressed to an appropriate law enforcement agency such as The City of London Police or The Serious Fraud Office
Matters relating to an AIM company’s obligations under the FCA’s DTRs or Prospectus Rules The FCA is the competent authority. Further information about the FCA and the DTRs/Prospectus Rules may be found here.
Takeovers and concert parties Enquiries regarding take overs and concert parties are matters fall under the remit of The Takeover Panel, further information can be found here.
Financial reports and auditing The Financial Reporting Council monitors and takes action to promote the quality of financial reporting and auditing.  Further information can be found here.

8.      Where can I find disclosures made by an AIM company under the AIM Rules/MAR?

AIM companies must use a Regulatory Information Service, such as RNS, to release information required to be disclosed pursuant to the AIM Rules. RNS is the company news service from London Stock Exchange. Click here to access RNS. AIM companies also have obligations under MAR to disclose on their website announcements that contain inside information. Any queries in this regard should be directed to FCA.

Alternatively, visit the AIM company’s website where it is required to make available all regulatory notifications it has made in the last 12 months. See below table for helpful suggestions on where to find certain information about an AIM company:

AIM company query You may wish to consider the following:
The AIM company has not updated its website, who should I contact? Contact the AIM company or its nominated adviser, contact details can be found on it’s website, often highlighted as ‘AIM Rule 26’ disclosures. Alternatively, you can e-mail AIM Regulation with further details of specific non-compliance and we will consider this further.
Where can I find an AIM company’s admission document? An AIM company must maintain a website on which its admission document is made available. You can search for an AIM listed company and find a link to its website here.
Where can I find an AIM company’s annual report? An AIM company must maintain a website on which annual accounts are made available. You can search for an AIM listed company and find a link to its website here.
Where can I find information about director incentive schemes and director remuneration An AIM company must publish its audited accounts which will provide disclosure of details of directors’ remuneration earned in respect of the financial year by each director of the AIM company. 
 
Decisions made by the AIM company in respect of incentive schemes and remuneration are a matter for the AIM company and shareholders.
Where can I find information about shareholder meetings? Please contact the AIM company to receive information regarding shareholder meetings. You will find the contact details for the AIM company on its AIM Rule 26 website. Alternatively, please refer to the AIM company’s notifications released via a Regulatory Information Service announcement for information regarding scheduled shareholder meetings.
I have lost my shareholder certificate. What can I do? Please contact the Company Secretary or Company Registrar, whose details will be found on the AIM company’s website.
A company I have invested in is not responding to my calls/e-mails. What do I do? Investor relations are a matter for the AIM company and individual communication with investors is not within the remit of the AIM Rules. However, you might wish to contact the AIM company’s nominated adviser (or other key advisers) whose details should be set out on it’s website.

9.     What happens to my shares if the AIM company has been suspended?

In such circumstances, you remain a shareholder with all the rights of a shareholder under company law. However, the AIM company’s securities will remain suspended from trading on London Stock Exchange. Notwithstanding suspension, the AIM company remains subject to the AIM Rules.

If the securities of an AIM company are suspended for six months, the securities may be cancelled from trading unless an extension has been granted. As with all the AIM Rules, London Stock Exchange may derogate or provide extensions of time in exceptional circumstances.

10.  What happens to my shares if an AIM company has cancelled trading its securities on AIM without an offer having been made to all shareholders?

In such circumstances, you continue to remain a shareholder with all the rights of a shareholder under company law. However, the AIM company’s securities will not be traded on London Stock Exchange and the AIM company will no longer be subject to the AIM Rules. You may also wish to consult your financial adviser.

 

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