On 5 December 2017, the LSE published AIM Notice 48 on the application for AIM to be registered as an "SME Growth Market" and minor consequential amendments to the AIM Rules for companies.

The notice states that, from 3 January 2018, MiFID II will introduce a new designation of SME Growth Market, which operators of qualifying markets can voluntarily apply for. The SME Growth Market designation has been developed by the EC as part of its capital markets union plan to create a bespoke regulatory framework for European growth markets. The designation is also expected to raise the profile and visibility of SME Growth Markets across the EU and distinguish them from multilateral trading facilities, which generally operate as trading facilities that do not have a primary market function.

The LSE received final approval regarding this application, and it took effect from 3 January 2018. To meet the necessary requirements, there have been some minor amendments to the AIM Rules. For instance, AIM Rule 26 (Company information disclosure) has been amended to reflect the requirement that certain regulatory information must remain available for five years once published under Article 78(2)(i) of Commission Delegated Regulation (2017/565/EU). As such, prospectuses, annual accounts and inside information (among others) will need to be maintained on the AIM company's website for at least five years, once published.

The notice can be found here:

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