On 5 August 2026, the London Stock Exchange published revised AIM Rules for Companies (AIM Rules) and AIM Rules for Nominated Advisers (Nomad Rules), which have come into effect immediately. The finalised rules follow a consultation earlier this year on a package of significant reforms designed to reposition AIM between the LSE's Main Market and Private Securities Market, reduce unnecessary burdens on AIM companies and attract a diverse range of companies (see FC Feature 5 June 2026). The AIM Disciplinary Procedures and Appeals Handbook has also been updated.
Alongside the new AIM Rules, Nomad Rules and Handbook, the LSE has published:
- AIM Notice 64 which summarises feedback on the changes to the AIM Rules consulted on in AIM Notice 62 (see AIM, Q&A here), provides clarification on specific subjects requested by respondents and highlights areas where the final rules diverge from the consultation proposals; and
- AIM Notice 65 which confirms that the consequential amendments to the Nomad Rules set out in AIM Notice 63 have been implemented with no further changes.
A marked-up version of the final AIM Rules is attached to AIM Notice 64, with any changes to the draft published as part of the June 2026 consultation highlighted in yellow.
Changes to the AIM Rules
Respondents overwhelmingly supported the proposed changes discussed in the June 2026 consultation, which the LSE has implemented with some minor amendments. Key reforms in the final AIM Rules include those set out below.
- Admission changes – the requirement for a working capital statement in the AIM admission document has been removed, replaced with new disclosure requirements regarding the applicant's capital resources, financial obligations and fundraising needs for the next 12 months. To reduce the cost and length of an admission document, incorporation by reference to information that is publicly available is now permitted. UK incorporated companies may use UK GAAP instead of IFRS.
- Capital Access Window – AIM companies undertaking an equity fundraise may request a temporary suspension of their securities to help manage the fundraising process and allow companies to access a broader range of investors.
- Changes to support M&A activity – an acquisition by an AIM company will only be classified as a reverse takeover under AIM Rule 14 if it results in a fundamental change to the company's business, board or voting control. There is no mandatory shareholder approval requirement solely by reference to a transaction exceeding 100% in any of the class tests. The LSE should be consulted where an acquisition exceeds 100% in these tests but does not result in a fundamental change of business and the company is not proposing to seek shareholder approval. In addition, the threshold for a substantial transaction in AIM Rule 12 has been raised from 10% to 25%, bringing it in line with the UK Listing Rules.
- Changes to support founder-led companies – nomads are no longer required to give a fair and reasonable opinion on non-standard director remuneration where they are satisfied that contractual terms provide reasonable commercial protections for the company. New guidance on what constitutes standard remuneration has been included in the updated rules. Special voting shares are permitted on admission to AIM, enabling founders, directors and pre-IPO investors to retain control. There are no time restrictions or sunset provisions for special voting shares in the new rules.
- No requirement to comply or explain against a corporate governance code – AIM companies no longer need to adopt or comply or explain against a recognised corporate governance code. Instead, AIM Rule 26 specifies five key areas for disclosure to support investor understanding of the approach the company takes to corporate governance.
- New Express Market route – the Designated Market route has been replaced with a new Express Market route, which provides a tailored and accelerated admission route for companies from a wide range of jurisdictions. An accelerated admission process is also available to certain Main Market companies.
First published on the Corporate News Service on 5 August 2026
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