LSE announces proposals to revise rules for AIM companies and nomads

On 27 January 2014, the London Stock Exchange (LSE) published AIM Notice 38, which announced its consultation on proposed changes to the AIM Rules for Companies and the AIM Rules for Nominated Advisers (Nomad Rules). Many of the changes deal with minor administrative matters or clarify existing drafting, but there are some substantive points to note. Read on for a summary of the key proposals.

All applicants for the status of nominated adviser must meet eligibility requirements as part of the approval process by the LSE. In the draft Nomad Rules, the LSE emphasises the importance of the approval process by proposing that where there is a change of control in a firm its status of nominated adviser will not automatically continue. The firm must submit a new application in respect of its status and consequently the LSE will consider the new controller and whether the new controller is able to satisfy the relevant requirements in its own right when determining the eligibility of the firm.

To reinforce this point, further changes to the Nomad Rules are proposed that provide that the LSE may impose a moratorium on the nominated adviser from acting as such, where there is a change in its control. The moratorium will be lifted once the situation is resolved to the LSE’s satisfaction — that is, presumably, once the new application for the nominated adviser is approved. In addition, the draft Nomad Rules provide that a moratorium will be placed on a nominated adviser where there has been a change it its financial position or operating position that may affect its ability to provide the relevant services…

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