The Exchange has responded to HM Treasury's consultation on extending the scope of the statutory damages regime for disclosures required under the Transparency Directive. One of the questions posed was whether the regime should extend to cover AIM companies that voluntarily choose to make Transparency Directive disclosures. We strongly believe that extension of the statutory regime as it is currently drafted would have inadvertent consequences that will outweigh any potential benefits from consistency in the regime between our two markets. We therefore strongly encourage the Government to either make a limited amendment as proposed in our letter or reject the proposed amendment with respect to AIM companies.
The consultation also refers to disclosures by issuers admitted to trading on an EEA regulated market. For the reasons mentioned in the consultation paper, we support the Government’s view that it is appropriate to ensure that the liability regime covers all issuers subject to the UK transparency rules and other situations in which UK law is applicable.