Nominated Advisor (NOMAD)

Nominated Advisor (NOMAD)

A Nominated Advisor (NOMAD) is an LSE‑approved corporate finance firm that guides companies through admission to the Alternative Investment Market (AIM) and continues to oversee them after listing. AIM is the London Stock Exchange’s market tailored to smaller, growth-oriented companies with lighter listing requirements than the main market. The LSE requires an approved NOMAD to act as the primary adviser and the on‑going gatekeeper for AIM‑listed companies.

Role and responsibilities

Pre‑listing
* Conduct due diligence on the company’s business model, financial history, management competence, and proposed capital structure.
* Advise on preparing the admission documentation and the application to AIM.
* Recommend and coordinate other advisers (broker, accountant, legal adviser) needed for admission.

Post‑listing
* Monitor the company’s compliance with AIM rules and act as the exchange’s first line of oversight.
* Provide ongoing strategic and corporate finance advice to the board and management.
* Help ensure accurate public disclosure and assist with regulatory interactions.

In effect, the NOMAD combines advisory, compliance monitoring, and quality‑control responsibilities to maintain AIM’s market standards.

Qualifications and eligibility

To be approved by the LSE as a NOMAD, a firm must meet specified corporate finance experience and staffing criteria, including:
* Be an established firm (not an individual adviser).
* Have a track record in corporate finance (typically measured in years of activity).
* Have acted as financial adviser on multiple qualifying transactions within a recent period.
* Employ a minimum number of qualified executives to support advisory and compliance duties.

The LSE maintains a list of approved NOMADs; companies must engage an approved NOMAD to apply for AIM admission.

Related advisers

Companies seeking AIM admission commonly retain:
* Broker — an LSE member who facilitates trading and liaises with the market.
* Accountant — an independent auditor who prepares and verifies financial statements and disclosure documents.
* Legal adviser — provides legal due diligence, prepares confirmations and board advice.

These advisers work alongside the NOMAD to complete the admission process and support ongoing compliance.

Summary

A NOMAD is a central requirement for listing on AIM, serving both as the admission adviser and an ongoing monitor to help ensure that smaller, growth companies meet the market’s regulatory and disclosure standards. Engaging an approved NOMAD — together with a broker, accountant, and legal adviser — is essential for navigating AIM admission and maintaining good standing after listing.