ESMA_QA_1872

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1872

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Regulatory Context

Regulation : TRANSPARENCE

Level 1 Regulation: Transparency Directive (TD) Directive 2004/109/EC

Level 2 Regulation: No information available

Level 3 Regulation: Guidelines on Alternative Performance Measures

Topic: Alternative Performance Measures (APM)

Subject Matter: Labels used on APMs; Paragraphs 22 and 25 of the APMs Guidelines.

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Question

Submission Date: 27 January 2017

Do the APMs Guidelines apply to other labels than “non-recurring”, “infrequent” or “unusual” which are specifically referred to in paragraph 25 of the guidelines?

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ESMA Answer

Answer Date: 27-01-2017

[ESMA32-51-370 APM Q6] Yes, the APMs Guidelines apply to all labels of APMs used by issuers or the persons responsible for prospectus. Although the APMs Guidelines do not prescribe which labels can or cannot be used, the labels used should (i) be meaningful; (ii) not be misleading; and (iii) reflect the content and the basis of calculation of the APMs.

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This document was automatically extracted from the ESMA EMIR Q&A database.