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AIM rule changes 2026: Express dual listings and other innovations 20 August 2026

The new AIM Rules came into effect on 5 August 2026 and represent the London Stock Exchange’s (“LSE”) biggest package of reforms to the AIM Rules since the market’s launch in 1995.

Highlights:

  • New Express Market route for accelerated dual listings from wider markets;
  • streamlined admission document;
  • exemption from lock-ins for Express Market applicants;
  • simplified, less restrictive M&A and class tests for transactions;
  • introduction of a Capital Access Window and dual class share structures;
  • corporate governance de-standardised; and
  • removal of duplicate market notification requirements.

These changes are part of a wider programme of UK market reforms making AIM more attractive to innovative, growing and international companies and simplifying transactions and fundraisings for AIM-listed companies.

Key changesSummary
New Express Market route
  • The new Express Market route replaces the AIM Designated Market route and provides accelerated AIM admissions for companies from wider markets.
  • Express Markets now include NYSE, Nasdaq, TSX, ASX, Euronext markets, Deutsche Börse/Xetra, SIX Swiss Exchange, Singapore Exchange, Hong Kong Stock Exchange, as well as the UK Main Market and other IOSCO compliant exchanges.
  • To access the Express Market route, a company must have:
    • been listed and trading on a qualifying Express Market for at least three years;
    • had no fundamental change in its business or board in the previous 12 months;
    • an anticipated AIM capitalisation of at least £20m on admission; and
    • an appointed UK Nominated Adviser.
  • An admission document will not be required in most cases, significantly reducing costs.
Streamlined admission document
  • The working capital statement has been replaced by new disclosures about the applicant's capital resources, material financial commitments and obligations, the proposed use of proceeds and a directors’ statement on the applicant's fundraising needs for the next 12 months, together with associated risk factors. This may be less dilutive by reducing funds raised on AIM admission.
  • Local GAAP accounts may be permitted where equivalency to IFRS is demonstrated. UK companies may prepare accounts under UK GAAP (FRS 102).
  • Incorporation by reference to publicly available documents is now expressly permitted to benefit Express Market applicants who have previously produced an equivalent document.
  • The LSE plans to consult separately on the contents of an admission document.
Simplified, less restrictive M&A and class tests for transactions
  • The substantial transaction threshold is raised from 10% to 25%, aligning AIM with the UK Listing Rules and meaning fewer transactions will be caught. Substantial transactions require an announcement to the market.
  • An acquisition is now only classified as a reverse takeover if it results in a fundamental change to (i) the business; (ii) the board; or (iii) voting control. Any other transaction may be treated as a substantial transaction. A reverse takeover requires an announcement to the market, publication of an admission document in respect of the proposed enlarged entity and shareholder approval.
  • There is no mandatory shareholder approval requirement solely by reference to a transaction exceeding 100% in any of the class tests. Instead, the LSE should be consulted where an acquisition that exceeds 100% in any of the class tests does not result in a fundamental change and the company is not proposing to seek shareholder approval. The LSE will consider this on a case-by-case basis.
  • The profits test now only applies to related-party transactions.
Introduction of a ‘Capital Access Window’, dual class share structures
  • AIM companies can now request a temporary suspension of trading of their securities on the open market while they conduct a fundraising.
  • Special voting shares are expressly permitted on admission, enabling founders, directors and pre-IPO investors to retain a higher level of control. There are no time restrictions or sunset provisions, but such shares must be subject to constitutional safeguards excluding voting on remuneration, related party transactions and cancellation of AIM listing.
Corporate governance de-standardised
  • Companies no longer need to adopt a specific corporate governance code or benchmark themselves against one on a ‘comply or explain’ basis. Instead, they have to disclose information relating to:
    • board composition;
    • directors' roles and responsibilities;
    • remuneration and performance;
    • risk management and internal controls; and
    • investor relations and shareholder engagement.
Removal of duplicate market notification requirements
  • The requirement to notify the market without delay of any new developments which, if made public, would likely lead to significant movement in the share price has been removed, to avoid duplication with UK MAR requirements.
  • A new ‘ongoing developments’ obligation requires Nominated Adviser consultation to help ensure compliance with the separate obligation to disclose inside information under UK MAR.
Exemption from lock-in requirements
  • Express Market applicants are now exempt from AIM Rule 7 lock-in requirements.

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