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11.08.2017 NL law

On 12 July 2017, the European Securities and Markets Authority (“ESMA”) released an updated version of its questions and answers (the “Q&A”) on alternative performance measures (“APMs”).

ESMA issued guidelines on APMs on 5 October 2015 in order to promote the usefulness and transparency of APMs included in prospectuses and/or regulated information, and the purpose of the Q&A is to promote common supervisory approaches and practices in the application of such ESMA guidelines. In the Q&A, ESMA provides clarity on a number of topics, including reconciling APMs to interim financial statements, complying with the principle of “prominence” vis-à-vis an issuer’s presentation of APMs versus measures directly stemming from financial statements, complying with ESMA’s guidelines by reference to previously published documents, and whether a “result of operating activities” qualifies as an APM.


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