On April 17, 2020, the European Securities and Markets Authority
(ESMA) provided guidance on the application of alternative
performance measures (APMs) in the context of the COVID-19 pandemic
by issuing Q&A 18 on its Guidelines on APMs.
Guidelines on APMs
In June 2015, ESMA issued its Guidelines on APMs with the
objective of ensuring equivalent investor protection and the
consistent provision of a true and fair view on the assets,
liabilities, financial position and profit/loss of issuers across
all EU member states.
In its related Q&A, ESMA provides – and keeps updated
– additional guidance on the information that issuers should
publish when disclosing APMs in management reports, additional
periodic financial information results, registration statements and
prospectuses.
