On February 20, the London Stock Exchange introduced, with immediate effect, a new rule book for Nominated Advisers (Nomads), amended the AIM Rules for Companies to require additional disclosures (e.g. requiring issuers to maintain a website containing key financial and other information, including the issuer’s AIM admission document) and amended the AIM Appeals and Disciplinary Handbook to increase the range and size of penalties it can impose on issuers and Nomads.

The new rule book AIM Rules for Nominated Advisers includes provisions which codify and expand a Nomad’s role and responsibilities on matters including due diligence responsibilities with respect to issuers. It sets out in detail the tasks which the Nomad must carry out in order to meet its responsibilities to confirm to the exchange that a company is appropriate to be listed and to ensure that it is able to maintain ongoing compliance with AIM Rules.