AIM Regulatory Reforms and Their Implications

This document is a guide detailing the proposed reforms to the AIM Rules as published by the London Stock Exchange on June 4, 2026. The reforms aim to simplify the admission process, reduce costs, and enhance the competitiveness of AIM for growth companies, founders, and advisers. Key changes include the removal of the working capital statement requirement, allowing UK-incorporated AIM companies to use UK GAAP instead of IFRS, and the introduction of a 'Capital Access Window' for equity fundraises. The document outlines how acquisitions will be treated under the new rules, emphasizing a shift from reverse takeovers to substantial transactions. Additionally, it discusses the new 'Express Market' route for international companies, which streamlines the admission process. The proposed changes also focus on providing greater flexibility for founder-led companies, including the ability to offer dual-class shares. The guide concludes with a call for stakeholders to engage in the consultation process before the final rules are implemented in autumn 2026.