It is crucial that you find advisers who understand your company and with whom you can have a good working relationship. Possible questions to ask them might include:

• What recent deals have you worked on?
• What experience do you have in our sector or country?
• Which market is most appropriate for our company?
• How will you manage our working relationship with you?
• Can we speak to some of your existing clients?
• How much will it cost us to float?
• What range of valuations should we expect?

Being based outside the United Kingdom is no problem at all. AIM presents a particularly flexible and highly accessible environment for overseas companies. You do not need to be incorporated in the UK, and you can trade your shares in any freely-available currency.  

Once a company has been admitted to AIM, the rules do not require it to produce further documentation or to issue shareholder circulars, unless it is undertaking a reverse takeover, undertaking a fundamental disposal or cancelling from the market. This makes AIM an especially efficient market for acquisitive companies. However, you should be aware that, in certain circumstances, AIM companies may have wider legal or other regulatory obligations that involve producing documentation. While an AIM company is required to announce new developments which may affect its share price without delay, the AIM rules do not require formal quarterly reporting − though companies are free to issue quarterly reports if they wish to do so.

Yes. The Media Centre at the London Stock Exchange’s head office in the City of London offers companies the ultimate corporate event venue, complete with the latest state-of-the-art media and presentation technology. Available to hire for company results presentations and product launches, the Media Centre provides a convenient location for an AIM company’s directors to give TV and radio interviews associated with their corporate event or announcement.

Companies whose shares have already been traded on certain reputable markets around the − known as ‘AIM Designated Markets‘ − for at least 18 months, may be eligible to use a simplified admission route to join AIM. Companies taking this ‘fast track’ route do not need to produce an AIM Admission Document. However, this option will need to be discussed with the Nomad.

AIM offers smaller growing companies from all countries and all sectors all the benefits of being traded on a world-class public market within a regulatory environment designed specifically for them. AIM is a flexible market with a simple admission process that allows more companies to experience life as a public company, and to capitalise on the resulting benefits for their businesses.

We organise many events to help AIM companies keep up to date with best practice in the market and provide them with an opportunity to meet other company directors. The key AIM event each year is the AIM conference which is held in June. We also run regular flotation seminars for companies considering joining our markets, as well as skills focussed training courses for directors of companies already on our markets, such as IR and Corporate Governance.

All the major institutions invest in AIM securities, and there are many specialist and tracker funds that focus on AIM. In addition, retail investors play a significant role in terms of secondary market trading, which is an important driver of liquidity in individual securities traded on the market.

Companies whose shares are already traded on certain reputable markets around the world − known as AIM Designated Markets − for at least 18 months may be eligible to use a simplified admission route to join AIM. Companies taking this fast-track route do not need to produce an AIM admission document. However, this option will need to be discussed with the Nominated Adviser and AIM Regulation.

To assist you in promoting your quotation on AIM to investors, customers and other stakeholders, and to showcase your company’s association with London Stock Exchange, we have developed a brand mark for your company to use.

Using this mark will signify that you are admitted to AIM and are subject to AIM's ongoing regulatory obligations. The brand mark can be used by your company on corporate materials including websites, publications, press releases, advertisements and business cards.

To obtain a brand mark for AIM, please send your request by email.

The AIM Advisory Group Is an external committee of senior executives including AIM companies, Nomads, brokers, advisers and market makers. The group’s main focus is to provide input and advice into all matters affecting the operation and regulation of AIM, with the objective of enhancing the attractiveness, good reputation and strategic development of AIM.

The group meets a minimum of four times per year and the minutes from the meeting are closed.

Although the purpose underlying MAR and the AIM Rules differ, there will be overlap as is already the case in respect of other aspects of the AIM Rules where they overlap with the obligations a company has under the Financial Services and Markets Act 2000. The FCA recognises the role London Stock Exchange plays as the market operator of AIM and accordingly, in the first instance, AIM Regulation will consider an issuer’s disclosure obligations under the AIM Rules as part of its real time work and will raise questions with the Company’s nominated adviser where appropriate.   AIM Regulation works closely with the FCA as competent authority, in sharing any information with the FCA which might be relevant to its consideration of MAR.  However, AIM Regulation is not able to opine on compliance with MAR.  Further, the FCA will consider and contact the issuer directly should it have questions regarding compliance with MAR.

The FCA has a dedicated website in respect of MAR and issuers should consider the guidance on Article 17 and 19 in chapters 2 and 3 of the Disclosure Guidance and Transparency Rules (“DTRs”). If you require clarification on a specific set of circumstances further to the information provided on FCA’s website your queries on MAR should be addressed to the relevant competent authority and you should  obtain legal advice.  FCA is the competent authority on MAR.

An AIM company must continue to seek guidance and advice from its nominated adviser in respect of compliance with the AIM Rules. 

Compliance with MAR does not automatically mean an AIM company will have satisfied its obligations under the AIM Rules. 
In this regard it will not be a defence to a breach of the AIM Rules that an AIM company had received legal advice that it was MAR compliant.

Compliance with the AIM Rules does not automatically mean an AIM company will have satisfied its obligations under MAR.  An AIM company must comply with the AIM Rules and MAR at all times. The powers of a competent authority for a breach of MAR are contained at Article 23 of MAR. 

The ability to delay the publication of inside information under MAR does not override the disclosure obligation contained in the AIM Rules.  Whilst the circumstances may also allow delay of disclosure under the AIM Rules an AIM company must consider whether it is able to delay such information with the guidance of its nominated adviser taking into account the guidance to AIM Rule 11.

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:

The AIM Rules already overlap in certain areas with FSMA 2000 (eg misleading statements,) as well as the DTRs (in respect of disclosure of significant shareholdings).

The AIM Rules are market operator rules and AIM Rule 11 has been retained by the Exchange to ensure the maintenance of a fair and orderly market in securities through prompt and fair disclosure of price sensitive information.

Whilst there is clearly an overlap in respect of both sets of obligations, they should be considered separately.  The AIM Rules are principles based, and accordingly the consideration of AIM Rule 11 disclosure obligations, should be undertaken in conjunction with the advice and guidance of a company’s nominated adviser and should not be overly narrow or technical.  We consider this approach is fundamental to ensuring the integrity of the market. 

An AIM company should ensure that it seeks AIM Rules disclosure advice from its nominated adviser as is required pursuant to AIM Rule 31.  Seeking legal advice in respect of MAR compliance will not be a defence to failing to seek AIM Rules advice from the nomad.

This is defined in MAR as a ‘person discharging managerial responsibilities’ within an issuer who is:
(a)  A member of the administrative, management or supervisory body of that entity; or
(b)  A senior executive who is not a member of the bodies referred to in point (a) who has regular access to inside information relating directly or indirectly to that entity and power to take managerial decisions affecting the future developments and business prospects of that entity

PDMRs as well as persons closely associated to them are required, under MAR, to notify the issuer and the FCA of certain transactions in or related to the issuer’s financial instruments conducted on their own account. Such notification shall be made promptly and no later than three business days.  Please see link to FCA’s PDMR notification form.

Article 7 of MAR defines the type of information that comprise inside information.

Rule 11 of the AIM Rules contains the provisions regarding the general disclosure of price sensitive information.  Because the AIM Rules are principles based, they do not contain a specific definition of price sensitive information.  Instead Rule 11 includes disclosure tests and principles. An AIM company must also consider, with the advice and guidance of its nomad, whether a notification is required taking into account the purpose of the rule and in this regard, an overly technical and narrow approach to the rule should be avoided. 

The AIM Rules will no longer include reference to close periods as Article 19(11) will establish a new definition of “closed” period and prohibit dealings by PDMRs during this period.  Therefore it is not possible to retain the existing AIM Rule 21.

As noted above, the prohibition of dealing during a close period by PDMRs is contained in Article 19(11) which will apply to AIM companies and PDMRs from 3 July.  Article 19(12) provides circumstances when an issuer may allow a PDMR to trade on its own account.  The Commission has also published delegated regulation specifying the circumstances under which trading during a closed period may be permitted by the issuer, as referred to in Article 19(12).

The FCA is the competent authority in the UK in respect of compliance with the PDMR dealing rules under MAR.

The AIM Rules are designed to address matters that are appropriate for companies admitted to AIM.  Given the differences in nature, size and stage of development of AIM companies as compared to Main Market companies, the AIM rules may differ from the Listing Rules in certain respects.  

The AIM Rules currently require AIM companies to have appropriate systems and controls in place to enable them to meet their AIM Rules obligations and accordingly all AIM companies should already have in place closed period controls.  Regardless of the fact that the closed period rules will now be contained in MAR, these controls remain important for investor confidence.

Given the above, we do not consider that the provisions of new AIM Rule 21 are disproportionate as they reflect what is considered to be a sensible approach for AIM companies

The Exchange is not prescribing the contents of the policy beyond some high-level minimum requirements.  Accordingly, the company and its nomad should consider what is meaningful in the context of the particular company to ensure effective controls. We would assume that this is the same approach that AIM companies and their nomads adopt in respect of other regulatory systems and controls.

FCA, the competent authority in the UK, has issued a statement in respect of closed periods and preliminary results under MAR. FCA’s statement can be viewed at this link.

MAR applies to issuers admitted to trading on a Multilateral Trading Facility (MTF) such as AIM. 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.

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.

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 which can both be found in the Resources section of our website.

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.

RNS is the company news service from the London Stock Exchange, bringing company information to the global investment community quickly, securely and cost-effectively.

Regulation S establishes criteria pursuant to which companies with activities falling under the remit of US securities law are permitted to conduct an offering of their securities outside the USA without registration under the US Securities Act. One of these criteria is that companies have adequate protective measures in place to ensure that certain US investors do not purchase their securities during the “distribution compliance period”, usually a period of one to two years.

As Regulation S is a restriction under the US Securities Act, companies required to comply with such regulation should seek appropriate legal advice in conjunction with advice from their Nomads.

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.

With the end of the Transition Period on 31 December 2020 all UK incorporated companies that are currently required to use EU-adopted IFRS will need to use UK-adopted international accounting standards for financial years that begin on or after 1 January 2021. Companies with financial years that begin before 1 January 2021, can continue to use EU-adopted IFRS. A detailed summary of the requirements can be found in the joint BEIS/FRC letter on 'Accounting and corporate reporting after the end of the transition period'.

The FCA has stated in its "Interpretative guide on completing our forms after the UK's withdrawal from the EU" that it will not be amending FCA forms issued before the end of the transition period to resolve references to legislation that may have been amended as part of the UK's withdrawal from the EU and may therefore not be correct. Once the PRR annexes have been published by the FCA we will update the AIM Annex document. If a nomad has any questions please contact AIM Regulation.