Answer
From 12 October 2004, AIM ceased to be classed as a ‘regulated market’ under EU Law and became an ‘exchange regulated market’. This change was driven by changes in EU Law (under the Prospectus Directive and Transparency Directive) which affect AIM’s regulatory environment. AIM’s change of status enabled us to preserve the existing admissions process and regulatory structure as far as possible, allowing AIM to continue to offer the flexibility that smaller growing companies need, while also retaining the high standards of regulation that have characterised and supported AIM’s development.

The Exchange continues to monitor changes in the regulatory environment and to consult on the possibility of adopting certain requirements introduced by the new European Directives. Our chief consideration will always be whether the inclusion of such directives adds value for AIM companies and the market as a whole.

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