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

31 October 2017

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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