UK lawyers welcome new AIM rules

UK lawyers have welcomed the amendments to the AIM rules, saying the changes will ensure it maintains the right regulatory balance to continue thriving.

The changes, which came into effect yesterday (February 21), include the publication of a new rulebook for nominated advisers and enhanced disclosure requirements for AIM-listed companies.

Jonathan Morris, corporate partner at Berwin Leighton Paisner, hoped the move would “further attract good quality companies to London and to keep the bar at the right level”.

The LSE will also introduce enhanced disclosure requirements for AIM companies, such as maintaining a website and displaying core management and financial information.

Iain Wright, corporate partner at Norton Rose, believes the rule changes were “just something that sets out the rule more clearly as to what is expected of nomads”.

The amendments follow a review undertaken by the LSE into the regulation and operation of AIM.

Memery Crystal partner Lesley Gregory said the changes could bring about further changes over whether the nomad should oversee the due diligence process.

“A nomad I have spoken to is wondering whether the sponsor’s lawyer should carry out the due diligence instead of the company’s solicitors so as to ensure objectivity.”

“I had never thought about it that way but it’s the process they use in the US.”

Since 1995, more than 1640 companies from 195 sectors have launched on AIM, including 350 non-UK companies from 28 countries.