Following a consultation in June 2018, NEX Exchange has published feedback on proposed amendments to the NEX Exchange Growth Market Rules for Issuers for Fast Track Applicants. The NEX Exchange Growth Market is a Multilateral Trading Facility (MTF) and a designated Recognised Growth Market, similar to AIM, rather than a regulated market like the London Stock Exchange.

Changes were proposed to the NEX Exchange Growth Market Rules for Issuers, the Corporate Adviser Handbook and the Due Diligence Practice Note, with the purpose of ensuring parity between fast track and non-fast track applicants by changing the fast track admission process.

Certain companies of good standing admitted to certain qualifying markets may apply to join the NEX Exchange Growth Market without publishing a NEX Exchange Admission Document (i.e. via the fast track admissions process). To ensure that the same amount of information is available to investors in respect of fast track and non fast-track issuers, it was proposed that an applicant seeking fast-track admission should review and confirm that all information required by Appendix 1 of the NEX Exchange Growth Market Rules for Issuers (regarding information for an admission document) is publicly available in English, whether by an admission or prospectus document, announcement or other regulatory filing in the issuer's home market. Any gaps of information must be included in the NEX Exchange admission application announcement.

Corporate advisers will also be asked to submit a checklist evidencing that the Appendix 1 information requirements are satisfied.

The feedback received by NEX Exchange was largely supportive of the approach proposed, and also suggested clarification of the criteria to be applied when deciding whether a new market should be considered a qualifying market for the purposes of the fast track admission process. Markets from reputable jurisdictions that have at least analogous regulatory frameworks and disclosure standards to that of the NEX Exchange Growth Market should be accepted as "qualifying markets."

The NEX Exchange also agreed to publish a template checklist for corporate advisers to use to evidence that Appendix 1 information requirements are satisfied.

The revised rules came into effect at midnight, one 31 July 2018.

The feedback can be found here: