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This week’s edition of Corporate highlights includes the private censure and fines of two AIM companies for breach of the AIM Rules for Companies, the public censure and fine of an AIM company (MBL Group plc) for breach of the AIM Rules and the publication of The Finance Act 2018, Section 14 and Schedules 4 and 5 (Commencement) Regulations 2018, SI 2018/931, which implement amendments made by the Finance Act 2018 to provisions of the Income Tax Act 2007 in relation to enterprise investment scheme, seed enterprise investment schemes and venture capital trusts.
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Two AIM companies privately censured and fined for breaching Rules 10, 11 and 31 of the AIM Rules for Companies
On 13 August 2018, the London Stock Exchange (LSE) published an AIM Disciplinary Notice, AD19(Section C2.2 Notice) that is has privately censured and fined two AIM companies for breaching Rules 10 (Principles of disclosure), 11 (General disclosure of price sensitive information) and 31 (AIM company and directors' responsibility for compliance) of the AIM Rules for Companies (AIM Rules). The first AIM company was sanctioned for updating the progress of its business via social media when some of the information disclosed should have been first notified via a regulatory information service (RIS). The second AIM company was sanctioned for failing to keep its existing nominated adviser (Nomad) informed as to its progress in appointing a successor Nomad, despite frequent requests for updates during the notice period.
AIM Company 1—breach of Rules 10 and 31 of the AIM Rules
The first AIM company (AIM company 1) was privately censured and fined £75,000 (discounted to £50,000 for early settlement) for breaching AIM Rules
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