An Aquis Stock Exchange (AQSE) quotation helps companies access new sources of capital to achieve their growth ambitions. Providing a clear, independent valuation and visible share price facilitates and encourages liquidity whilst our low free float requirement enables management to retain control.
Our Regulatory Status
Aquis Stock Exchange (AQSE) is a Recognised Investment Exchange under the Financial Services and Markets Act 2000. Both the AQSE Main Market and the AQSE Growth Market are Recognised Stock Exchanges under S1005 (1)(b) Income Tax Act 2007.
AQSE operates three markets, providing access to capital and liquidity for companies of all sizes and at all stages of development, and whatever their objectives in coming to market.
AQSE Main Market
The AQSE Main Market is our market for larger companies with a track record of three years or more, as well as other issuers who are able to comply with the more demanding requirements of the UK Official List and associated UK Corporate Governance standards. Membership of this market gives companies access to the widest range of investors, both institutional and retail.
The AQSE Main Market is an EU Regulated Market for officially listed securities which are regulated by the UK Listing Authority or another EU Competent Authority and are subject to the AQSE Market Admission and Disclosure Standards (primary market).
AQSE operates an Impact segment, dedicated to member companies of the Impact Group that are accredited for positive social or environmental impact. This initiative provides a focus for impact investors seeking opportunities on either the AQSE Main Market or Growth Market. It provides access to capital from an impact conscious investor audience as well as providing a secondary market facility for trading in these companies' securities.
AQSE Growth Market
The AQSE Growth Market is our market for earlier stage, entrepreneurial companies seeking access to growth capital. Its regulatory framework is specifically designed to meet the needs of smaller companies. The admission criteria and ongoing obligations are as simple as possible to allow management to focus on running their business and generating returns for shareholders, whilst still protecting investors.
The AQSE Growth Market is a Multilateral Trading Facility (MTF) as defined under the Markets in Financial Instruments Directive 2014 (MiFID II). It is also designated a Recognised Growth Market by HMRC which means that trades executed in UK companies on this market are exempt from UK Stamp Duty and Stamp Duty Reserve Tax.
Companies on the AQSE Growth Market are eligible investments for the full range of unquoted company tax reliefs, including capital gains and inheritance tax. They are also eligible investments for ISAs and EIS.
AQSE operates a Social Impact segment, dedicated to member companies of the Impact Group that are accredited for positive social or environmental impact. This initiative provides a focus for impact investors seeking opportunities on either the AQSE Growth Market or Main Market. It provides access to capital from an impact conscious investor audience as well as providing a secondary market facility for trading in these companies' securities.
AQSE Trading allows AQSE member firms to quote prices and report trades in listed or quoted securities that are admitted to EU markets other than Aquis Stock Exchange.
Fast Track Admissions
Fast track applicants are simply required to:
- appoint an approved Corporate Adviser;
- comply with and not be in breach of the admission and continuing obligations of the relevant Qualifying Market; and
- satisfy AQSE’s eligibility criteria and relevant admission rules (for further details see Rule 17 of the AQSE Growth Market - Rules for Issuers).
A fast-track applicant that has been admitted to trading on the Qualifying Market for less than 18 months should ensure that its directors (and their connected persons) do not dispose of an interest in its securities for a period of 12 months following admission.
Which ‘Qualifying Markets’ is Fast-tracking available for?
- AIM (Alternative Investment Market) market operated by the London Stock Exchange Plc
- AIM (Alternative Investment Market) Italia operated by Borsa Italiana
- ASX (Australian Securities Exchange) operated by ASX Limited
- Börse München operated by Bayerische Börse AG
- CSE (Canadian Securities Exchange) operated by CNSX Markets Inc
- London Stock Exchange (Main Market) operated by the London Stock Exchange Plc*
- TSX Venture Exchange (TSXV) operated by TMX Group Limited
- NASDAQ Capital Market, NASDAQ Global Market and NASDAQ Global Select Market operated by NASDAQ US.
* However it is not possible to dual-list the same class of securities on both the AQSE Growth Market and the Main Market, nor retain the listing of such security on the Official List maintained by the FCA.