UK:
Changes To AIM Rules For Nominated Advisors (Nomads)
23 October 2018
Shearman & Sterling LLP
To print this article, all you need is to be registered or login on Mondaq.com.
On 4 July 2018, the LSE published AIM Notice 52, which confirmed
changes to the AIM Rules for Nominated Advisors, following a
consultation launched on 26 April 2018, and previously covered in
the April 2018 edition of this newsletter. The notice confirmed
that responses to the consultation were supportive of the proposed
changes.
The LSE has largely implemented all changes proposed, except
that:
- New criteria for seeking approval as a Nomad have been amended
to remove the proposed requirement requiring the entity to provide
evidence of adequate risk management systems. It was noted that
this requirement is already included as part of a Nomad's
obligations pursuant to Rule 23.
- Examples of changes which a Nomad must inform the LSE's AIM
Regulation arm has been amended to remove the commencement of an
investigation by a regulatory body or law enforcement authority
relating to the conduct of Nomad's employees.
AIM Notice 52 also included guidance that it intends to include
on the revised form NA1.
The changes took effect on 30 July 2018. AIM Notice 52 can be
found here:
https://www.londonstockexchange.com/companies-and-advisors/aim/advisers/aim-notices/aim-notice-52.pdf
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Finance and Banking from UK
Asset Recovery Comparative Guide
Bird & Bird
Asset Recovery Comparative Guide for the jurisdiction of UK, check out our comparative guides section to compare across multiple countries
Q&A: Safe Harbours For VASPs - Part 1
Ogier
Asian Legal Business was keen to hear from our experts on how this will allow virtual asset services providers (VASPs) to anchor in theses jurisdictions, despite increased regulatory burdens...
Q&A: Safe Harbours For VASPs - Part 2
Ogier
In 2023, Jersey and the British Virgin Islands passed legislation indicating they were welcoming virtual asset service providers, joining the likes of the Cayman Islands...
CRD VI And Its Impact On Lending Into Europe
Cadwalader, Wickersham & Taft LLP
December 2023 saw the publication by the EU of the near-final version of its ‘Banking Package' that makes significant changes to the Capital Requirements Directive known as ‘CRD VI'.
Financial Promotion Exemptions – UK Government U-Turn
Shepherd and Wedderburn LLP
In response to criticism, the UK Government announced in the 2024 Spring Budget that recent changes to the financial promotion exemptions eligibility criteria would be partially reversed from 27 March 2024.