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

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