In Counsel - Amendments To AIM Rules And Nomad Rules

The London Stock Exchange is consulting on amendments to the AIM Rules for Companies (AIM Rules) and the AIM Rules for Nominated Advisers (Nomad Rules).

AIM Notice 381sets out the proposed amendments which improve and clarify the AIM Rules and the Nomad Rules. One of the proposed substantive changes is a new requirement for AIM companies to disclose the "details of the corporate governance code that the AIM company has decided to apply, how the AIM company complies with that code, or if no code has been adopted this should be stated" (draft AIM Rule 26).

This requirement brings the AIM Rules in line with the requirement under the Listing Rules in relation to the application of the UK Corporate Governance Code (the Code) by companies with a premium listing of equity shares (LR 9.8.6R). We welcome and fully support this proposal. It is something we as members of the Quoted Companies Alliance (QCA) corporate governance expert group have been suggesting to the LSE for some time. The new disclosure requirement will further encourage boards of AIM companies which do not already comply with the Code or...