Applicability of ESMA’s Guidelines on Alternative Performance Measures (APMs) to prospectuses comprising documents published before and on/after 3 July 2016

[ESMA32-51-370 APM Q1] As set out in paragraph 5 of the Guidelines (cited above), the applicability of the Guidelines is determined with reference to the publication date of the prospectus. As such, where a registration document containing APMs was published before 3 July and that registration document is combined with a securities note published on/after 3 July, the Guidelines do not apply to the registration document but only to the securities note and the summary, where applicable. Equally, where the information contained in such a registration document is incorporated by reference into a prospectus or a base prospectus published on/after 3 July, the Guidelines do not apply to the registration document but only to the remainder of the prospectus or base prospectus. Where a registration document containing APMs was approved but not published before 3 July and that registration document is combined with a securities note published on/after 3 July, or the information contained in that registration document is incorporated by reference into a prospectus or a base prospectus published on/after 3 July, the Guidelines apply to the registration document as well as to the securities note and the summary, where applicable, or to the prospectus/base prospectus. In these instances, the registration document should be updated through the mechanism set out in Article 12(2) of the Prospectus Directive. Where a prospectus or registration document published before 3 July is supplemented on/after 3 July and the supplement contains APMs, the Guidelines apply to the supplement.