ESMA Publishes Updated Q&A On Alternative Performance Measures

On 12 July 2017, ESMA published updated Q&As on its guidelines on alternative performance measures ("APMs"). These guidelines ("APM Guidelines") are aimed at promoting the usefulness and transparency of APMs included in prospectuses and/or regulated information. They also seek to provide investor protection, and to give a true and fair view of an issuer's assets, liabilities and financial position and profit or loss pursued by the provisions.

Updates in the Q&A include:

• Question 8 – Interim Financial Statements: ESMA confirmed that Paragraph 31 of the APM Guidelines applies to APMs related to quarterly financial figures included in ad-hoc disclosures published in accordance with Article 17 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse ("MAR"), even when the issuer is not required to publish quarterly financial statements in accordance with the EU Transparency Directive;