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Borsa Italiana has published a consultation on the rules for the new AIM Italia market which is scheduled to launch later this year.
Consultation with the market is a key part of developing the AIM Italia market. Borsa Italiana is seeking feedback from trade associations, brokers, advisors and companies on the proposed Rules Books for the new market.
The launch of AIM Italia will represent an important goal of the merger between Borsa Italiana and London Stock Exchange Group announced in June 2007. The new market will offer companies, particularly small and medium sized Italian enterprises, a dedicated growth market modelled on the highly successful AIM - with 1,650 listed companies and a worldwide leadership in SMEs listing.
With this new market, Italian SMEs could obtain a flow of additional qualified investments from the UK, which is the leading market in Europe for funds specialising in SMEs, and from other international markets.
AIM Italia will be a MTF (Multilateral Trading Facility) under MiFID, regulated and managed by Borsa Italiana. This market will provide a simplified admission procedure, with due-diligence on admission being conducted by a Nominated Adviser (Nomad). The market will be open to retail as well as Italian and international institutional investors.
The regulatory structure is based on AIM and is composed of a Rule Book for issuers, a Rule Book for Nominated Advisers, a handbook for trading and intermediates regulation, and a handbook for sanctions and appeals procedures.
Massimo Capuano, CEO of Borsa Italiana and Deputy CEO of London Stock Exchange Group, said: “The consultation will seek views from all market players with a view to creating a market which will have similar characteristics to AIM but adjusted for the Italian market. We hope this new AIM Italia market will unlock the potential for many Italian companies to raise money on a public market to grow and expand their businesses, and to attract liquidity from Italian and international investors.”
