December 1, 2020

Volume X, Number 336

Advertisement

November 30, 2020

Subscribe to Latest Legal News and Analysis

New AIM Rules

The London Stock Exchange has published AIM Notice 50 which, amongst other things, announces the implementation of updated versions of the AIM Rules for Companies and the AIM Rules for Nominated Advisers from 30 March. Marked up versions of both are also available on the LSE’s website.

In providing feedback on the changes proposed in AIM Notice 49, the LSE has said that respondents were supportive of the proposed new obligation for an AIM company to disclose on its website details of how it complies or explains against a recognised corporate governance code chosen by the board of directors. Some respondents suggested that the code be defined. However, the LSE is of the view that it remains preferable for AIM companies to have a range of choice of corporate governance codes to suit their specific stage of development, sector and size rather than have a prescribed list of recognised codes.

In response to feedback on the proposed changes, the LSE has amended the proposed Rule 26 disclosures to require an AIM company to review its corporate governance disclosures annually, rather than maintain them up to date. The LSE has said it expects that in most cases this review will be carried out at the same time as an AIM company prepares its annual report and accounts.

From 30 March 2018, all new applicants to AIM will be required to state which corporate governance code they intend to follow. However, in order to give AIM companies and nominated advisers sufficient time to prepare for the new Rule 26 corporate governance requirements, these will take effect from 28 September 2018.

© Copyright 2020 Squire Patton Boggs (US) LLPNational Law Review, Volume VIII, Number 68
Advertisement

TRENDING LEGAL ANALYSIS

Advertisement
Advertisement

About this Author

Hannah Kendrick Corporate Attorney Squire Patton Boggs Leeds, UK
Partner

Hannah leads our Corporate Practice in Leeds and has a wide range of experience advising both public and private companies on mergers and acquisitions, fundraisings, takeovers, restructurings and reorganisations.

Her work varies between UK and cross border and she works closely with executives, in-house legal teams and general counsel both in the UK and globally.

Hannah is a member of the Regional Advisory Group of the London Stock Exchange plc for the North East.

44 113-284-7620
Advertisement
Advertisement