Lawyers have expressed differing opinions over the London Stock Exchange's decision to double the number of enforcement staff that focus on the Alternative Investment Market. The LSE announced the decision, along with revisions to its rulebooks for nominated advisers and disclosure requirements for AIM-listed companies, to a mixed industry response.

Philip Rubens, Partner at FSI, commented that the bulk of enforcement action in the financial services sector is carried out by the Financial Services Authority. Over the last few years the LSE has ceded a lot of its enforcement powers to the FSA.

Ashley Reeback, Partner at FSI, also commented that those still wishing to find areas open to interpretation will find plenty of examples in the new rules, for example definitions of 'adequate levels of qualification and staffing' and the regulatory responsibilities nomads have for reporting rule breaches that may (but must not) take priority over their client obligations.