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Market Type

A sub-market of the LSE originally designed for growth companies  

Primary market for larger, well-established companies  

Advisor

Nomad at all times

Sponsor required on listing

Regulatory Oversight

Regulated by the exchange itself; Governed by the AIM Rules for Companies; oversight by the Nomad

Regulated by the FCA; Governed by the UK Listing Rules, Prospectus Rules and Disclosure and Transparency Rules

Approval Requirement

No FCA approval required of the Admission Document unless qualifying as a public offer Prospectus

Prospectus must be reviewed and approved by the FCA

Disclosure Level

Moderate; tailored disclosures based on AIM rules

High; standardised disclosures governed by the Disclosure and Transparency Rules

Investor Protection

Lighter statutory protections; relies on Nomad and exchange rules

Full statutory protections under FSMA and Prospectus Regulation Rules

Minimum Market Cap

No formal minimum

£30 million minimum expected market capitalisation

Free Float Requirement

No formal requirement

Minimum 10% of shares in public hands (ESCC category requires 10%)

Significant transactions

Class tests as per AIM rules

Disclosure needed for significant transactions ≥25% in class tests

Corporate Governance

Choice available but typically QCA Code

Comply or explain against the UK Corporate Governance Code

Tax Reliefs

AIM shares may benefit from EIS, IHT relief and stamp duty exemptions

Main Market shares do not typically benefit from these tax reliefs