As a regulated market under MiFID II, SFS is dedicated to specialist, closed-ended investment funds targeting institutional, professional, professionally advised and knowledgeable investors.
AIM is an exchange-regulated market; suitable for commercial companies and straightforward investment structures seeking a broad investment audience including institutional and retail investors.
No minimum track record requirement, but all listing companies must demonstrate appropriateness to join a public market.
|Description||Specialist Fund Segment||AIM|
|Sponsor/Nominated Adviser||Not applicable||Nominated Adviser|
|Annual financial report||Yes – DTR4||Yes – AIM Rules|
|Half-yearly financial report||Yes – DTR4||Yes – AIM Rules|
|Publication of inside information as soon as possible||Yes – MAR Art 17||Yes – MAR Art 17|
|Corporate Governance||Corporate Governance statement||Corporate Governance statement|
|Drawing up and maintaining an insider list||Yes – MAR Art 18||YES – MAR 18 (certain carve outs for SME Growth Market)|
|Major shareholder notification requirement||Yes – DTR5||Yes – DTR5|
|PDMR Disclosures||Yes – MAR 19||Yes – MAR 19, Requirement for a dealing policy.|
|Pre-emption rights||As per company law||As per company law|
|Related Party Transactions||Disclosure under annual accounts and DTR 7||Applicable as per AIM Rules for Companies|
|Significant Transactions||Not applicable||Yes|
|Prospectus/document for further issues(>20% shares of same class admitted to trading)||Yes||Only if a public offer occurs as a result of the further issue.|