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31 October 2017

ESMA updates its Q&A under the Alternative Performance Measures guidelines

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ESMA published six new questions in its Questions and Answers document on the implementation of its Guidelines on the Alternative Performance Measures for listed issuers.

The purpose of this Q&A is to promote common supervisory approaches and practices in the implementation of these guidelines.

The new questions provide information on:

  • the definition of APMs;
  • the scope of the APM guidelines;
  • application of the scope exemption
  • definition of the APM ‘organic growth’;
  • how to carry out reconciliation; and
  • how to apply the fair review principle.

An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. The guidelines apply to alternative performance measures disclosed by issuers or persons responsible for drawing up a prospectus.

Full Q&A



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