AIM Rule 26 Explained

An overview of the rule

In February 2007 AIM Rule 26 was introduced, that stated each AIM company must from admission maintain a website on which the following information should be available to view free of charge:

  • A description of its business and, where it is an investing company, its investing strategy
  • The names of its directors and brief biographical details of each, as would normally be included in an admission document
  • A description of the responsibilities of the members of the board of directors and details of any committees of the board of directors and their responsibilities
  • Its country of incorporation and main country of operation
  • Where the AIM company is not incorporated in the UK, a statement that the rights of shareholders may be different from the rights of shareholders in a UK incorporated company
  • Its current constitutional documents (e.g. its articles of association)
  • Details of any other exchanges or trading platforms on which the AIM company has applied or agreed to have any of its securities (including its AIM securities) admitted or traded
  • The number of AIM securities in issue (noting any held as treasury shares) and, insofar as it is aware, the percentage of AIM securities that is not in public hands together with the identity and percentage holdings of its significant shareholders. This information should be updated at least every 6 months.
  • Details of any restrictions on the transfer of its AIM securities
    Its most recent annual report published pursuant to rule 19 and all half-yearly, quarterly or similar reports published since the last annual report pursuant to rule 18
  • All notifications the AIM company has made in the past 12 months
  • Its most recent admission document together with any circulars or similar publications sent to shareholders within the past 12 months
  • Details of its nominated adviser and other key advisers (as might normally be found in an admission document)


Ultimately it is the AIM quoted company’s responsibility to keep their IR website up to date in accordance with the above guidance. However it is also a nominated advisor’s responsibility to make sure that a company complies with all rules, including Rule 26. A nominated adviser has a responsibility to inform the Exchange as soon as practicable if it believes that it or an AIM company has breached the AIM Rules for Companies. Failure to do so can result in penalties for both the company in question and the Nominated Advisor.


If the LSE considers that an AIM company has contravened these rules, it may take one or more of the following measures:

  • Issue a warning notice
  • Fine the company
  • Censure the company
  • Cancel the admission of it’s AIM securities; and
  • Publish the fact it has been fined or censured and the reason for that action.

As an example, in August 2007 the Exchange undertook an exercise to assess compliance with Rule 26 across all AIM companies. Further to this investigation the LSE took disciplinary action against nine AIM companies, resulting in the AIM Executive Panel fining them a total of £95,000 for failing to comply fully with the requirements of Rule 26. The fines ranged from £3,000 to £15,000, depending on the seriousness of the breach.

Should you need any more advice or information about Rule 26 contact your NOMAD.

Source: London Stock Exchage – AIM Rules for Companies