AIM formerly the Alternative Investment Market is a sub-market of the London Stock Exchange that was launched on 19 June It allows smaller, less-viable companies to float shares with a more flexible regulatory system than is applicable to the main market.

Sarbanes—Oxley Act though only a quarter of AIM-listed companies would qualify to list on a U. The FTSE Group maintains three indices for measuring the AIM, which are the FTSE AIM UK 50 IndexFTSE AIM Indexand FTSE AIM All-Share Index.

AIM is an exchange regulated venue featuring an array of principles-based rules for publicly held companies.

AIM's regulatory model is based on a comply-or-explain option that lets companies that are floated on AIM either comply with AIM's relatively few rules, or explain why it has decided not to comply with them. Aside from granting leeway in regard to regulatory compliance, the Exchange also mandates continuous oversight and advice by the issuer's underwriterreferred to as a Nominated Adviser Nomad.

In advising each firm as to which rules should be complied with and the manner in which existing requirements should be met, Nomads provide the essential service of allowing firms to abide by tailor-made regulation, reducing regulatory costs in the process.

Theoretically, Nomads are liable for damages from tolerating misdemeanors on behalf of their supervised companies, including the loss of reputational capital.

However, this heavy reliance on Nomads has been criticised as creating a conflict of interest, since Nomads receive fees from the companies they purportedly supervise while, in practice, managing to avoid liability for market misconduct. Inthe London Stock Exchange launched a review of Nomad activities, resulting in a regulatory "handbook" for Nomads published by the Financial Services Authority in Because AIM is an unregulated market segment, it escapes most of the mandatory provisions contained in European Union directives — as implemented in the UK — and other rules applicable to companies listed in the LSE.

Therefore, AIM-listed companies are often subject to manipulation by institutional investors. AIM-listed companies usually are only required to adhere to the corporate governance requirements of their home jurisdiction, which, as a practical matter, vary widely.

However, the regulatory requirements are more onerous than for private companies and AIM listed plcs are required to prepare audited annual accounts under IFRS. Although AIM-listed companies are not start-ups, most are small and potentially more risky than aim market london stock exchange FTSE listing. File linked from this page. In MarchU. That feels like a casino to me and I believe that investors will treat it as such.

AIM has since issued new rules requiring that listed companies maintain a website. The calibre of participants in the market has also been criticised by fund manager John Hempton of Bronte Capital Management. AIM was criticised for allowing Langbar International to be listed.

Intention to Float - AIM - RNS - London Stock Exchange

This was due in part because the Nomad Nominated Adviser failed to carry out due diligence. Also, the Exchange did not ensure that the AIM rules had been complied with.

The AIM changed the rules for Nomads in In March the Daily Telegraph noticed a tendency to use listing vehicles incorporated in offshore financial centres prior to floating on AIM. On 29 January it was announced that AIM is to form the basis of an Asian-orientated growth or incubator market called 'Tokyo AIM', which will be run as a joint venture between the Tokyo Stock Exchange and LSE. Tokyo Option strategies with vix and vstoxx futures will replicate AIM's system of oversight by NOMADs, with 'J-Nomads' being "selected and approved by TOKYO AIM From Wikipedia, the free encyclopedia.

Retrieved 28 January Evaluating Foreign Listing Choices over Time " ". The rise of the Alternative Investment Market". Retrieved 15 August Retrieved 20 November The Australian Financial Review.

And then there are certain places with a preponderance of bad people.

Stockbrokers from Long Island, mining promotors in Perth or Vancouver, anything on the AIM boards in the UK. The SFO are called in". Offshore attractions for the 'sophisticated' investor".

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Alternative Investment Market (AIM)

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London Stock Exchange's alternative investment market (Aim) turns 21, but Hargreaves Lansdown analyst says it has "hasn’t come of age" | City A.M.

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