Response published to AIM Rule Consultation

As the latest AIM Rule Consultation (AIM Notice 62) came to a close at the beginning of July 2026, a Joint Working Party of the Company Law Committees of the City of London Law Society and the Law Society of England and Wales published their response to the consultation.

The reforms set out in the consultation are summarised in our article here. They are designed to reposition AIM as a growth market focused on entrepreneurial companies, thereby allowing AIM to find its place within UK capital markets alongside PISCES and the LSE’s Main Market.

The Joint Working Party (JWP) are generally in agreement with the reforms however they have asked for clarification in a number of areas. For example, the consultation suggests that the class tests are amended such that the profits test will only be required in the context of AIM Rule 13 (related party transactions). The JWP support this change but have asked why the consultation has stopped short of removing the profits test completely, particularly given the UK Listing Rules have already removed it in the context of Main Market listed companies.

The JWP also go slightly further in some areas, such as the issue of the amount of third party commentary, information and speculation about AIM companies found online and elsewhere. Here they say that they don’t think the concerns justify the changes to the AIM Rules, stating that they could be addressed by other means.

We look forward to reviewing the conclusions of the consultation in due course, including clarification of the points which the JWP have highlighted, and getting these changes in place so that we can see their impact. 

If you would like to discuss any of the points raised in the AIM Rule Consultation, please speak to your usual contact at Burges Salmon, AJ Venter, Guy Francis or Charlotte Hamilton.