ESMA · ESMA_QA_1872 Answer Published

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

Name: Labels used on APMs; Paragraphs 22 and 25 of the APMs Guidelines.: ESMA Q&A — EU Financial Regulatory Q&A
Creator: European Securities and Markets Authority
License: https://creativecommons.org/licenses/by/4.0/

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

Answer

[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.

View original on European Securities and Markets Authority ↗

This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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