| Legal status | Multilateral trading facility, registered as an SME Growth Market |
| Segments | Access (earlier stage) and Apex (established companies) |
| Minimum value | Access £2 million, Apex £10 million |
| Free float | Access 10%, Apex 25% held by at least 25 persons |
| Adviser | Corporate adviser or Support Services, at all times |
| Rulebooks | effective January 2026 |
| Updated | November 2026 |
What the Aquis Growth Market is
The Aquis Growth Market is a multilateral trading facility registered as an SME Growth Market. Legally that puts it on the same footing as AIM, not the regulated Main Market. It has two segments, each with its own rulebook. Access is aimed at companies at an earlier stage of growth, or whose investors take a longer view. Apex is meant for established businesses with a clear growth strategy.
Search for Aquis Stock Exchange, AQSE or Aquis Exchange London and you arrive at the same market. What matters for your company is not the name but which segment fits its size, and whether it can carry the ongoing obligations.
Access and Apex compared
The admission criteria that bear on how your company is structured:
| Point | Access | Apex |
|---|---|---|
| Aimed at | companies at an earlier stage of growth | established companies with a clear growth strategy |
| Expected market value | at least £2 million | at least £10 million |
| Shares in public hands | 10%, or 25% for enterprise companies | 25%, spread across at least 25 persons |
| Market makers | at least two from admission | at least two from admission |
| Corporate adviser or Support Services | one or the other at all times | one or the other at all times |
Aquis Growth Market Access Rulebook v1.2 and Apex Rulebook (January 2026)
The new model: corporate adviser or Support Services
The January 2026 rulebooks give you a choice. A quoted company must at all times either have an Aquis corporate adviser or take Support Services. In the exchange's own definition, Support Services are services the exchange procures itself to help the company meet its continuing obligations towards the exchange.
It is a genuine choice. The corporate adviser gives broad, standing advice. Support Services cover the ongoing rules advice towards the exchange. Neither replaces the running of the company itself. Registers, board resolutions, general meetings, deadlines and Companies House filings remain the job of the company and its company secretary. Choose the Support Services route and that side needs to be in good hands all the more.
When a corporate adviser is still compulsory
Even with Support Services, the rules require the company to appoint an Aquis corporate adviser:
- every time it has to publish an MTF admission prospectus, so on first admission and on certain further issues
- when it plans a transaction that could be a reverse takeover
- when the exchange requires it because a breach of the rules may have occurred
- at any time it does not take Support Services
The risk many overlook: suspension
The exchange can suspend trading when a company has neither a corporate adviser nor Support Services. The corporate adviser handbook spells it out: if the adviser goes, its clients face suspension unless they find a new adviser or a Support Services provider within the prescribed time.
In practice, anyone changing the adviser relationship plans the handover in advance and leaves no day uncovered. Handovers like this are exactly what we coordinate when we take over the administration of an existing PLC.
Aquis or AIM: how we make the call
Both markets are multilateral trading facilities with SME Growth Market status, and both require an MTF admission prospectus for first admission. The differences lie in the detail. On Aquis Access the minimum value is £2 million; Apex asks for £10 million and a 25% free float. AIM, by contrast, requires a Nominated Adviser permanently, while Aquis offers a second lane through Support Services.
To choose, we look at three questions with you. How large is the company today, and how large should it be in three years? Who should hold the shares, and how many of them should trade freely? And how much ongoing administration can the board carry itself? The answer to the third question often decides more than the first two. We start that conversation in a UK Tax Consult or directly in the PLC Going Public package.
Deadlines before and after admission
The fixed dates in the Access rulebook:
- 1
10 business days before
The application announcement with the company's key details goes to the exchange.
- 2
4 business days before
The MTF admission prospectus, the issuer agreement and the corporate adviser's declaration of appropriateness are in.
- 3
Ongoing
The company follows a recognised governance code as far as it suits its size, and explains on its website where its board composition departs from it.
- 4
Half year
The half-year report is published within three months of the end of the first six months.
- 5
Financial year
The audited annual report is published no later than six months after the financial year end.
Common questions about Aquis
Does an Aquis company need a prospectus?
For first admission, an MTF admission prospectus. It is not reviewed or approved by the FCA; the market operator sets the rules for it. More in our piece on the prospectus regime.
Can I move from Access to Apex?
Yes. After at least 12 months on Access the company can apply to move, provided it meets the Apex criteria and its market value has not fallen below £10 million in the preceding three months.
Who provides the Support Services?
The exchange procures them. It will tell you which provider stands behind them when you apply.
Sources: Aquis: Growth Market Access Rulebook v1.2 (January 2026, PDF); Aquis: Growth Market Apex Rulebook (January 2026, PDF); Aquis: Corporate Adviser Handbook v1.3 (January 2026, PDF); FCA: PS25/9 (PDF)
