London Stock Exchange reforms for AIM1 Dec 2025 16:53
Main reforms proposed by London Stock Exchange (LSE) under its “Shaping the Future of AIM” programme, with what’s already changed / available as derogation, and what’s proposed / under consultation (likely 2026 or later). Helps give a clearer view if you follow or invest in smaller AIM-listed firms.
🧾 Area / Rule ✅ What’s changing now / via derogation or guidance 🔄 What’s on the roadmap / what may change in 2026+
Share structure / founder-friendly governance – Dual-class share structures that meet the current Main Market requirements will now be acceptable for prospective AIM companies.
Full formal embedding of dual-class share structures in updated AIM Rules.
Director remuneration / related-party protections – Where a nominated adviser (“Nomad”) is satisfied that non-standard remuneration (e.g. via share incentives, founder schemes) includes reasonable protections (e.g. good-leaver / bad-leaver terms), the Nomad will not be required to give a separate “fair and reasonable” opinion on remuneration under AIM Rule 13.
Potential wider review of related-party and remuneration disclosure rules when AIM Rulebook is redrafted, to reflect the reduced rigidity.
Transactions, acquisitions & reverse takeovers – LSE will consider derogations so that certain acquisitions (that don’t materially change business) may be treated as a “significant transaction” under Rule 12 instead of a “reverse takeover” under Rule 14 — which eases complexity.
It may also waive the requirement for full “admission document” disclosure for new classes of securities (second lines), subject to Nomad/approval.
Formal rule changes to simplify thresholds and classifications for transactions/acquisitions once the Rulebook is revised. Accounting standards & disclosure burden on listing/admissions – LSE will consider derogations for use of UK-GAAP (rather than more complex international accounting) for new admissions.
They may permit incorporation by reference of historical financial info rather than requiring full standalone admission documents.
Redrafting the full AIM admission document framework to be more proportionate (easier / cheaper) and exploring digital solutions.
Role of Nominated Advisers (Nomads) – LSE plans to reset the Nomad model: produce a consolidated technical guide clarifying adviser responsibilities; retire legacy “Inside AIM” guidance documents.
Nomads will get more autonomy under a refreshed “Qualified Executive” approval framework.
In the 2026 consultation, a full rewrite of the AIM Rules for Companies and for Nominated Advisers is expected — giving a formal, updated regulatory framework under which Nomad