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Streamlining the AQSE application process

On 22 August 2022, the Aquis Stock Exchange (“AQSE”) announced a consultation in respect of proposed changes to the rules governing admission to the Access and Apex segments. AQSE is proposing to streamline its application process for issuers and to facilitate access to a broader range of investors.

What are the streamlining proposals?

A consultation paper proposing the following has been released:

  1. Simplification of the Admission Document with the use of a template format for the additional information disclosures on issuers and securities. However, complex issuers will not be eligible.
  2. Removal of the requirement to publish a growth prospectus on admission to the Apex segment, replacing it with an AQSE Admission Document.
  3. Revised eligibility criteria for the Access segment of:
    1. A need for a corporate governance code to be adopted (the QCA or UK Governance Code), as far as possible;
    2. Proposed minimum market capitalisation of £2m for new issuers;
    3. Minimum of two market makers to improve liquidity;
    4. Speculative securities (including bonds having a denomination or minimum investment of less than £100,000, debentures and preferences shares) not eligible.

The consultation is due to end on 2 September 2022.

Contact our Capital Markets team

If you have any questions on the proposed changes, or if you are considering a listing and would like to discuss your options, Druces’ Capital Markets team will be happy to assist.

Please fill in our form below or get in touch with a member of our team directly:

Jack Dervyn

Jack Dervyn

Senior Associate

Mark Lamph

Mark Lamph

Associate

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