The London Stock Exchange has applied to the Financial Conduct Authority for AIM to be registered as a SME Growth Market on 3 January 2018.
This new designation is being brought about by the Markets in Financial Instrument Directive (“MiFID II”) as part of the European Commissions’ capital markets plan.
As a consequence, minor amendments will need to be made to AIM Rule 26 regarding company information disclosures that are required to be freely available on its website. Essentially, the following information will need to remain on a company’s website for the longer period of 5 years:
- annual accounts and all half-yearly, quarterly or similar reports,
- regulatory notifications containing inside information
- any prospectus published on or after 3 January 2018.
The 5 year requirement will not be retrospective for disclosures made prior to 3 January 2018.
The AIM Rules will also see a new definition of “SME growth market”.