AIM introduced what is known as AIM Rule 26 in 2007. With its strong focus on the retail investment community, NEX included similar rules under NEX Rule 75 

Adherence to these rules is the responsibility of both the company itself and in the case of AIM, its Nominated Adviser (NOMAD). Failure to comply with these rules can result in a range of penalties, starting with a warning through to fines, or ultimately, the cancellation of a a companies listing. The rules for each market are broadly similar:

Each AIM company must from admission maintain a website on which the following information should be available, free of charge:

  • A description of its business and, where it is an investing company, its investing strategy
  • The names of its directors and brief biographical details of each, as would normally be included in an admission document
  • A description of the responsibilities of the members of the board of directors and details of any committees of the board of directors and their responsibilities
  • Its country of incorporation and main country of operation
  • Where the AIM company is not incorporated in the UK, a statement that the rights of shareholders may be different from the rights of shareholders in a UK incorporated company
  • Its current constitutional documents (e.g. its articles of association)
  • Details of any other exchanges or trading platforms on which the AIM company has applied or agreed to have any of its securities (including its AIM securities) admitted or traded
  • The number of AIM securities in issue (noting any held as treasury shares) and, insofar as it is aware, the percentage of AIM securities that is not in public hands together with the identity and percentage holdings of its significant shareholders. This information should be updated at least every 6 months.
  • Details of any restrictions on the transfer of its AIM securities
  • Its most recent annual report published pursuant to rule 19 and all half-yearly, quarterly or similar reports published since the last annual report pursuant to rule 18
  • All notifications the AIM company has made in the past 12 months
  • Its most recent admission document together with any circulars or similar publications sent to shareholders within the past 12 months
  • Details of its nominated adviser and other key advisers (as might normally be found in an admission document)

Click to access rules documentation (external link)

A NEX listed company must maintain a website from admission ensuring that the following minimum categories of information are made publicly available, free of charge:

  • The issuer’s name
  • The name of its Corporate Adviser and other professional advisers
  • Incorporation (including the company legislation to which the issuer is subject)
  • Directors and biographical details
  • Description of its business, operations or investment strategy (in the case of an investment vehicle)
  • Number of securities in issue and the percentage of shares in public hands (updated at the same time as announcing information pursuant to Rule 66)
  • Particulars of any outstanding instruments issued by the issuer convertible into, or conferring a right to subscribe for, securities; the amount and percentage of immediate dilution assuming full exercise of rights of conversion
  • A list of substantial shareholdings and relevant percentage holdings; this information should be updated in accordance with announcements by the issuer made in accordance with Rule 42
  • Regulatory announcements for the previous six months or in the case of a fast-track applicant regulatory announcements for the six months preceding admission; published annual reports for the previous three financial years or, if shorter, the period since incorporation
  • Historic admission document relied on for admission or admission to the relevant Qualifying Market (if admitted as a fast-track applicant)
  • Circulars sent to shareholders within the last twelve months

Click to access rules documentation (external link)

AIM Rule 26

Each AIM company must from admission maintain a website on which the following information should be available, free of charge:

  • A description of its business and, where it is an investing company, its investing strategy
  • The names of its directors and brief biographical details of each, as would normally be included in an admission document
  • A description of the responsibilities of the members of the board of directors and details of any committees of the board of directors and their responsibilities
  • Its country of incorporation and main country of operation
  • Where the AIM company is not incorporated in the UK, a statement that the rights of shareholders may be different from the rights of shareholders in a UK incorporated company
  • Its current constitutional documents (e.g. its articles of association)
  • Details of any other exchanges or trading platforms on which the AIM company has applied or agreed to have any of its securities (including its AIM securities) admitted or traded
  • The number of AIM securities in issue (noting any held as treasury shares) and, insofar as it is aware, the percentage of AIM securities that is not in public hands together with the identity and percentage holdings of its significant shareholders. This information should be updated at least every 6 months.
  • Details of any restrictions on the transfer of its AIM securities
  • Its most recent annual report published pursuant to rule 19 and all half-yearly, quarterly or similar reports published since the last annual report pursuant to rule 18
  • All notifications the AIM company has made in the past 12 months
  • Its most recent admission document together with any circulars or similar publications sent to shareholders within the past 12 months
  • Details of its nominated adviser and other key advisers (as might normally be found in an admission document)

Click to access rules documentation (external link)

NEX Rule 75

A NEX listed company must maintain a website from admission ensuring that the following minimum categories of information are made publicly available, free of charge:

  • The issuer’s name
  • The name of its Corporate Adviser and other professional advisers
  • Incorporation (including the company legislation to which the issuer is subject)
  • Directors and biographical details
  • Description of its business, operations or investment strategy (in the case of an investment vehicle)
  • Number of securities in issue and the percentage of shares in public hands (updated at the same time as announcing information pursuant to Rule 66)
  • Particulars of any outstanding instruments issued by the issuer convertible into, or conferring a right to subscribe for, securities; the amount and percentage of immediate dilution assuming full exercise of rights of conversion
  • A list of substantial shareholdings and relevant percentage holdings; this information should be updated in accordance with announcements by the issuer made in accordance with Rule 42
  • Regulatory announcements for the previous six months or in the case of a fast-track applicant regulatory announcements for the six months preceding admission; published annual reports for the previous three financial years or, if shorter, the period since incorporation
  • Historic admission document relied on for admission or admission to the relevant Qualifying Market (if admitted as a fast-track applicant)
  • Circulars sent to shareholders within the last twelve months

Click to access rules documentation (external link)

Free compliance checking

Brighter IR offers free AIM Rule 26 and NEX Rule 75 compliance checking for issuers and their advisers. The Brighter IR team remembers the introduction of the new AIM rules in 2007, and we offer nearly a decade of experience in their interpretation and implementation as a consequence.

Compliance isn’t a one off task either. It’s a continuous commitment lead by practical account management, intelligent application of data, and careful attention to the changing regulatory framework.

Whether you’re a company seeking to come to market, a listed company looking to improve your website or a NOMAD trying to sharpen your compliance strategy Brighter IR can help.

Design, hosting and support

We can also work with you to create a fully-managed corporate website designed to communicate clearly with your audiences, make the investment case, and ensure you remain compliant with the rules.

We also utilise the power of Open Source content management systems to reduce build times, keep costs manageable and lower the barrier to entry. We also understand every company – and its need to communicate – is different.

Our IR tools and services are also designed to automate certain aspects of compliance, for example the posting of Regulatory News Service (RNS) notifications to the website, or keeping your Major Shareholders list up to date.