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London Stock Exchange confirms changes to AIM Rules to reflect the Market Abuse Regulation

United KingdomScotland
17/06/2016
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On 14 June 2016 the London Stock Exchange confirmed the changes that will be made to the AIM Rules for Companies on 3 July 2016 to reflect the EU Market Abuse Regulation. As expected, the Exchange has decided to introduce all the changes it originally proposed, with a few minor modifications.

In particular, the Exchange has decided to retain Rule 11, which requires price-sensitive information to be announced as soon as possible except in certain limited circumstances, alongside article 17 of MAR, which is similar but slightly different. In order to determine whether price-sensitive information needs to be announced straight away or whether an announcement can be delayed, an AIM company will therefore need to consider both Rule 11 and article 17 of MAR. The Exchange has promised to keep Rule 11 under close review.

AIM companies will be required to have in place by 3 July 2016 systems and procedures that enable them to comply with MAR and the updated AIM Rules. In particular, they must have a policy on when directors and senior executives can and cannot deal in their own company’s shares (a share dealing policy) that includes certain minimum provisions. Next week the Institute of Chartered Secretaries and Administrators (ICSA) is expected to publish a pro forma share dealing policy that can be adopted by both Main Market and AIM companies. The ICSA code is likely to become market standard.

Click here for our briefing note on the impact of MAR on AIM companies, which we have updated to reflect the changes to the AIM Rules that have now been confirmed.

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