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The London Stock Exchange has today published AIM Notice 62 (4 June 2026), which launches an important consultation on proposed far-reaching amendments to the AIM Rules for Companies and the AIM disciplinary framework. These proposals form part of the ongoing “Shaping the Future of AIM” initiative commenced in April 2025 and progressed in November 2025 “Discussion Paper Feedback Statement” and represent a continued move towards a more flexible, proportionate regulatory regime for AIM issuers.
Key themes
The consultation reflects a clear strategic direction to:
- Reduce regulatory burden, particularly at IPO/admission stage
- Facilitate fundraisings and transactions
- Better support founder‑led and growth companies
- Attract international issuers
- Enhance the role of nominated advisers (Nomads)
- Reinforce AIM’s “buyer beware” model, with greater reliance on investor judgement
Headline proposals
Streamlining AIM admissions – The Exchange recognises that the AIM admission document has become increasingly complex and resource‑intensive and is proposing to simplify and modernise the document to reduce cost and duplication.
Codifying existing regulatory flexibility – A number of changes already being applied in practice (via guidance and derogations) will be formalised into the AIM Rules, improving certainty for issuers and advisers.
Continued deregulatory approach – The proposals reflect a broader shift towards a lighter‑touch regime, with more proportionate disclosure and increased flexibility in relation to
- capital raisings
- corporate transactions
- ongoing compliance requirements
Greater reliance on Nomads – The consultation signals a continued recalibration of the Nomad role, with an emphasis on corporate finance judgement over procedural compliance.
Updates to enforcement framework – Changes are also proposed to the AIM Disciplinary Procedures and Appeals Handbook to align with the revised rules.
Proposed material changes to the AIM Rules
Removing the requirement to provide a working capital statement – on the basis that this is a narrow absolute statement based on a short-horizon, the proposal is to substitute a requirement to clearly disclose certain details of the capital resources available and the financial obligations of the applicant, together with details of proposed future 12-month fundraising needs.
Expanding Accepted Accounting Standards – given the cost of IFRS conversion and complexity, it is proposed that AIM companies that are UK incorporated may now use UK GAAP (FRS 102) instead of IFRS.
Clarifying exceptions to Rule 7 regulatory lock-ins – in line with current policy it is proposed to allow a sell down in the first 12 months post-admission to AIM in the following circumstances:
- transfers between spouses or into a pension plan;
- intra-group transfers; or
- in the event of financial hardship.
Introduction of Trading Halts (Capital Access Windows) – Given the challenges of ensuring confidentiality when fundraising (with the creation of market volatility) it is proposed that an AIM company undertaking an equity fundraise will be entitled to voluntarily request a temporary suspension in the trading of its shares whist it manages a fundraising. The duration of such suspension is intended to be agreed a case by case basis.
Relaxing the circumstances where an acquisition triggers an RTO – it is proposed that an acquisition will not be considered a reverse takeover solely because it exceeds 100% in the class tests, where there is no fundamental change to the AIM company’s business (with guidance on this being provided in the rules), board and/or voting control. In such circumstance the transaction will be classified as a substantial transaction pursuant to AIM Rule 12 with disclosure calibrated to what investors need in order to understand the acquisition and its impact.
Avoiding a suspension of trading on the announcement of a possible RTO – It is proposed that the nominated adviser to a company can request that an AIM company is not suspended on the announcement of a reverse takeover in contemplation, where the nominated adviser is satisfied that appropriate alternative disclosure can be made to enable investors to make an informed assessment of the proposed enlarged group. This is intended to preserve market orderliness through disclosure.
Increasing the threshold for a “Substantial Transaction” – It is proposed to align AIM with the Main Market by amending AIM Rule 12 to increase the class test threshold for determining whether a transaction constitutes a substantial transaction from 10 per cent to 25 per cent
Responding to Bulletin Boards and Social Media speculation – Given the negative impact of certain conduct on these on-line forums, it is proposed that AIM companies will be given a voluntary ‘right of reply’. This will mean that an AIM company can, if it chooses, respond to any third-party commentary, speculation or criticism.
Why this matters
If implemented, the reforms are expected to:
- Reduce cost and execution timelines for AIM IPOs and fundraisings
- Enhance AIM’s attractiveness for growth and international companies
- Increase reliance on advisers and disclosure quality, rather than prescriptive rules
- Further position AIM as a flexible capital markets venue distinct from the UK Main Market
Next steps
The Exchange is currently seeking feedback from market participants, with further detailed rule changes and implementation timelines expected following the consultation process.
Please contact Ian Binnie or Dearbhla Quigley if you would like to discuss how these proposals may impact your business or any forthcoming AIM transaction.