ESMA · ESMA_QA_1870 Answer Published

Interim financial reports; Paragraphs 3 and 4 of the APMs Guidelines.

Regulation
Transparency Directive (TD) Directive 2004/109/EC
Topic
Alternative Performance Measures (APM)
Submitted
2017-01-27
Answered
2017-01-27
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Question

Do the APMs Guidelines apply to interim financial reporting?

Answer

[ESMA32-51-370 APM Q4] The APMs Guidelines apply to interim financial reporting if it falls under the definition of regulated information set out in the TD. Therefore, the APMs Guidelines apply to: (i) additional periodic financial information, when this information is published in accordance with article 3 (1a) of the TD; (ii) half yearly financial reports, as required by article 5 of the TD; or (iii) any financial information published in accordance with article 17 of MAR (such as ad-hoc disclosures). Where interim financial reports or the additional periodic financial information are regulated information, the APMs Guidelines only apply to the information accompanying financial statements (e.g. interim management report) as the APMs Guidelines exclude from their scope the financial statements (paragraph 4).
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