On 17 September the London Stock Exchange (“LSE”) privately censured and fineda nominated adviser (“Nomad”) £75,000 for breach of the AIM Rules for Nominated Advisers (“Nomad Rules”). The Nomad breached Rule 19 in respect of the quality of its liaison with the LSE and for failing to ensure that it maintained sufficient procedures to discharge its ongoing obligations under the Nomad Rules (Rule 23).
These issues were first identified by AIM Regulation in a visit to the Nomad as part of its continuing programme of site visits. But although recommendations and guidance were provided and agreed by the Nomad, it failed to make the necessary changes.
The disciplinary notice reminds Nomads how important these visits – and any assurances provided in connection with them – are in ensuring that Nomads are meeting the standard of skill and care required under the Nomad Rules, given the important role they play in maintaining the integrity and reputation of AIM.