AIM Regulation has published details of temporary measures to support AIM companies and nominated advisers in addressing the challenges arising from the coronavirus (COVID-19) pandemic.
AIM Regulation will be using discretion in applying certain elements of the AIM Rules and details can be found in the latest edition of Inside AIM newsletter on the London Stock Exchange’s website.
In brief, the temporary measures are:
- the possibility of a temporary suspension of trading where an AIM company faces material new developments as a consequence of the restrictions and challenges being caused by coronavirus (COVID-19), and requires more time to make a fully compliant announcement to the market, than would be the case in ordinary circumstances;
- the use of discretion by AIM Regulation to extend the period of suspension of trading which gives rise to a cancellation of an AIM listing under AIM Rule 41 from 6 months to 12 months for any AIM company that has been suspended between 30 September 2019 and 1 July 2020, if further time is required to resolve the reason for suspension; and
- a temporary suspension of the requirement for nominated advisers to make a physical site visit when taking on a new client, if travel restrictions and social distancing measures make it difficult, provided that a nominated adviser uses alternative measures that are reasonably available (such as virtual meetings) and a physical visit is made when possible. In addition, it is recognised that nominated advisers are likely to be providing directors’ AIM Rules education via telephone or virtual meetings with directors instead of physical meetings.
AIM Regulation will continue to keep the situation under review, in particular the potential impact on financial reporting, and will provide further guidance as necessary.