The London Stock Exchange’s January 2026 updates to the AIM Rules and the Admission and Disclosure Standards align the regime with POATRs, streamlining admissions and clarifying disclosure expectations. The changes create a more consistent, transparent framework for issuers preparing for market entry or further fundraising.

Published: 5 February 2026
Author: Oliver Pilkington

The London Stock Exchange (Exchange) has introduced a series of updates to both the AIM Rules for Companies (AIM Rules) and the Admission and Disclosure Standards (Standards), effective from 19 January 2026, to reflect the UK’s new Public Offers and Admissions to Trading Regulations 2024 (POATRs) and associated FCA rule changes.

AIM Rules for Companies

On 16 January 2026, the Exchange published AIM Notice 61 (AIM Notice 61 - AIM Rules for Companies - amendments for POATRs.pdf), confirming a series of amendments to the AIM Rules to implement the new POATRs, which have now replaced the UK Prospectus Regulation.

The amendments are designed to ensure that the AIM Rules operate effectively within the updated legislative framework and include the following key changes:

• POATRs applicability to AIM companies: AIM companies must comply with the POATRs, the Financial Conduct Authority’s (FCA) Prospectus Regulation: Admissions to Trading on a Regulated Market sourcebook (Market Sourcebook) and the FCA's Market Conduct sourcebook.
• streamline the need for Admission Documents: an admission document is not required for:

(a)     further issues of securities of a class already admitted to AI

(b)     the admission of a new class of securities where the issuer is already quoted on AIM

(c)     certain group restructurings involving only the insertion of a new holding / parent company.

• set disclosure standards for Admission Documents: where an admission document is required, it must now fully comply with Regulation 23 of the POATRs, and the Exchange has no authority to permit the omission of any information mandated by that regulation. In addition, the document must include a clear notification regarding investors’ potential withdrawal rights.
• responsibility statements: Schedule Two of the AIM Rules now explicitly lists the responsible individuals and these individuals may be liable for compensation that may arise under Regulation 30 of the POATRs.
• forward-looking statements: forward-looking statements included in admission documents will now fall under the same liability regime as prospectuses. The amended AIM Rules confirm that any information that is required to be disclosed by the rules will be excluded from the definition of protected forward-looking statement unless it relates to matters set out in the relevant items and sections referred to in 8.1.4(1) to 8.1.4R(3) and satisfies the conditions set out in 8.1.3R of the Market Sourcebook.

The guidance notes in the AIM Rules have also been updated. In particular, the notes to AIM Rule 3 have been amended to clarify where a new factor, material mistake, or inaccuracy arises, the relevant details must be disclosed in a supplementary admission document in accordance with the appropriate sections of Schedule Two, and any supplementary admission document must comply with Regulation 23 of the POATRs.

Admission and disclosure standards

On the same day, the Exchange issued amendments to the Standards which apply to securities admitted (or seeking admission) to the Exchange’s regulated markets and MTFs (other than AIM), including the Main Market. The changes to the Standards were published in Notice N01/26 (No1/26 FCAs New Rules for the public offers and admissions to trading regime).

The Exchange has amended the Standards to implement the POATRs and the Market Sourcebook, as well as to reflect the FCA’s changes to the UK Listing Rules. The changes to the Standards confirm that, following the FCA’s decision to discontinue the use of listing particulars as an admission document, new classes of securities can no longer be admitted to the Professional Securities Market, although further issues of an already‑admitted class may still be submitted for admission under the existing further‑issue framework.

Administrative processes have also been modernised by the Exchange. References to Form 1 have been removed from the Standards, with all applications for admission to trading now required to be made via the Exchange’s Self‑Service Portal, which was implemented during 2025.

The Exchange has confirmed in the notice that no changes are being made to the Standards governing the admission to trading of securities. From 19 January 2026, the FCA will admit securities as a class to the Official List, removing the need to make a separate admission application for further securities of an already listed class. However, applications for the admission to trading of any further issues of that class must still be submitted to the London Stock Exchange, as this process remains unchanged.

Concluding remarks

The January updates reflect the Exchange’s wider objective of ensuring that the UK’s capital markets remain competitive, well‑regulated and accessible. By aligning the AIM Rules and the Standards with the POATRs and the FCA’s revised rulebooks (which represent a significant modernisation of the UK’s capital markets rulebooks), the Exchange aims to provide greater clarity, reduce administrative friction and ensure consistency across admission and disclosure regimes. AIM companies and their advisers will now need to ensure their disclosure, admissions documentation and related processes comply with this updated legislative landscape.