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Forthcoming changes to the insider list requirements for AIM companies under the Market Abuse Regulation

Forthcoming changes to the insider list requirements for AIM companies under the Market Abuse Regulation
  • United Kingdom
  • Financial services



Following the Market Abuse Regulation (”MAR”) coming into force on 3 July 2016, AIM companies will by now be familiar with the obligation to produce insider lists of all persons who have access to inside information in the format required by MAR.

What’s changing?

AIM companies and their Nomads will no doubt be aware that AIM Notice 48 was published on 5 December 2017, noting AIM’s application to become an SME growth market from 3 January 2018 and setting out minor consequential changes to the AIM Rules around disclosure (ie AIM Rule 26) that will take effect from that date. This is as a result of the Markets in Financial Instrument Directive (known as MiFID II), which, from 3 January 2018, introduces the new designation of an SME growth market that operators of markets which meet the relevant criteria can apply for.

What companies may not have picked up on following this announcement is that assuming this application is granted by the FCA as expected, AIM’s designation as an SME growth market from 3 January 2018 will have an effect on the obligations of AIM companies to keep insider lists under MAR from that date.

Under Article 18(6) of MAR, issuers on an SME growth market are exempt from drawing up an insider list, provided that the issuer:

  • takes all reasonable steps to ensure that any person with access to inside information acknowledges the legal and regulatory duties and is aware of the sanctions applicable to insider dealing and unlawful disclosure of inside information; and
  • is able to provide the FCA (or other relevant authority) with an insider list upon request.

These provisions will therefore apply to AIM from 3 January. There is also a different prescribed form of insider list to be used by SME growth market issuers should they be requested to provide this to the regulator.

Whilst on the face of it, this change will lessen the administrative burden for AIM companies of MAR compliance, AIM companies by now are no doubt very familiar with managing the insider list requirements. Such companies will still have to ensure that they have the systems and processes in place to produce insider lists in the required form should these be requested by the regulator.

Useful links

AIM Notice 48

Consequential changes to AIM Rule 26

Market Abuse Regulation