Jurisdiction(s):
United Kingdom

Key definition

Nominated adviser definition

What does Nominated adviser mean? A nominated adviser is the corporate finance firm that an aim company relies on for admission to, and ongoing compliance with, the aim market’s rules. Commonly called a nomad, it is a London Stock Exchange (LSE)–approved adviser listed on the LSE’s public register. The concept is regulatory rather than statutory: it is defined and governed by the AIM Rules for Companies (notably Rule 1) and the AIM Rules for Nominated Advisers (the Nomad Rules), not by legislation or case law. Key functions include assessing an applicant’s suitability for AIM, overseeing due diligence, guiding the preparation of the admission...

Nominated advisers on AIM (LSE): approval and eligibility, staffing, duties in admissions and post-admission compliance, due diligence, appropriateness assessments, retention requirement, and broker distinction

Published by a LexisNexis Corporate expert

Practice notes

A Nominated adviser (Nomad) is a business or corporate entity that:

has been authorised by the London Stock Exchange (LSE) to act as a nomad; and
is included on the LSE’s current register of nomads maintained by the exchange.

The LSE holds the definitive register of nomads, and a copy of that list is available for public inspection on the LSE’s website. The LSE does not itself judge whether a company applying for admission to AIM is suitable; instead it relies on the company’s appointed nomad to determine whether such company is appropriate for admission to AIM. That assessment is carried out by the company’s retained nomad in practice.

Requirement for a nomad

The nomad’s role is pivotal; a company intending to seek Admission to trading on AIM, or already admitted to trading on AIM, must have a nomad at all times. Without a nomad a company will:

not be eligible for AIM; and
where the company is already admitted to trading on AIM, have trading in its securities suspended and, if it fails to appoint a replacement nomad within one month of trading being suspended, have the admission of its securities cancelled...

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Web page updated on 21/05/2026

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