The European Securities and Markets Authority has published its final Guidelines on Alternative Performance Measures for listed issuers. An 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.
Based on the Transparency Directive’s objective of providing equivalent investor protection at EU level and the underlying principle of providing a true and fair view of an issuer’s assets, liabilities, financial position and profit or loss pursued by the provisions, ESMA considers that a common approach to APMs is necessary to ensure consistent, efficient and effective supervisory practices and a uniform and consistent application of the Transparency Directive (and by extension the Market Abuse Regulation).
Full guidelines
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