October 30, 2017

ESMA published questions and answers (Q&A) on the implementation of its guidelines on the Alternative Performance Measures (APMs) for listed issuers. The six new questions published 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.

The Q&A aims to promote common supervisory approaches and practices in the implementation of these guidelines. APM 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 APM guidelines apply to issuers with securities traded on regulated markets and persons responsible for drawing up a prospectus.

 

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Keywords: Europe, EU, Securities, APM, Q&A, ESMA

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