EU Financial Regulatory Q&A Database

Interaction of the APM Guidelines with IFRS 18 Presentation and Disclosure in Financial Statements; APM Guidelines and paragraphs 117 to 125 of IFRS 18

Transparency Directive (TD) Directive 2004/109/EC

Interim financial statements; Paragraph 31 and 32 of the APMs Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Concept of Prominence; Paragraph 35 and 36 of the APM Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Measures presented simultaneously inside and outside financial statements; Paragraphs 4, 17, 19, 29, 35 to 36 and 45 to 48 of APMs Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Notification of Major Holdings; TD Art. 9(1)

Transparency Directive (TD) Directive 2004/109/EC

Application of the APM Guidelines in the context of COVID-19; Paragraphs 8, 17-19, 33, 34, 41 and 43 of the APM Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Labels used by issuers on ESG financial measures; Paragraphs 3, 4, 8, 17, 22, 33 of the APM Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Application of the APM Guidelines to measures related to ESG matters; Paragraphs 3, 4, 17, 21, 22, 26, 33, 35, 37 and 41 of the APM Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Choice of TD home Member State after the end of the UK’s transition period for leaving the EU

Transparency Directive (TD) Directive 2004/109/EC

Application of the scope exemption; Paragraph 19 of the APM Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Definition and basis of calculation; Paragraph 20 of the APM Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Reconciliation; Paragraph 26 and 28 of the APM Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Scope of the APM Guidelines; Paragraphs 17 to 19 of the APM Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Definition of APMs; Paragraph 17 of the APM Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Application of the Fair review principle to APMs; Paragraphs 6, 8 and 22 of the APM Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Definition of an APM; Paragraph 17 to 19 and 24 of the APMs Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Compliance by reference; Paragraph 45 and 46 of the APMs Guidelines (not applicable to prospectuses which are covered by a separate regime).

Transparency Directive (TD) Directive 2004/109/EC

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

Transparency Directive (TD) Directive 2004/109/EC

Segment information; Paragraphs 17 to 19 of the APMs Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

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

Transparency Directive (TD) Directive 2004/109/EC

Financial measures calculated using exclusively figures stemming from financial statements; Paragraphs 4, 17 to 19 of the APMs Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Concept of “corresponding previous periods”; Paragraph 37 of the APMs Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

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

Transparency Directive (TD) Directive 2004/109/EC

The requirement to “remain publicly available”; TD Art 4, 5 and 6

Transparency Directive (TD) Directive 2004/109/EC

Responsibilities of the host Member State; TD Art. 21(3)

Transparency Directive (TD) Directive 2004/109/EC

Dissemination of regulated information; Implementing Directive 2007/14/EC (L2D) Art. 12

Transparency Directive (TD) Directive 2004/109/EC

Reporting of payments to governments at consolidated level; TD Art 6

Transparency Directive (TD) Directive 2004/109/EC

Horizontal aggregation; TD Art 13a

Transparency Directive (TD) Directive 2004/109/EC

Change of home Member State and impact on Prospectus Regulation; TD Art 2(1)(i) letter (iii)

Transparency Directive (TD) Directive 2004/109/EC · Art. Prospectus Regulation (Regulation 2017/1129)

Additional periodic information (including quarterly reports); TD Art 3

Transparency Directive (TD) Directive 2004/109/EC

Publication of sanctions and administrative measures without “undue delay”; TD Art 29

Transparency Directive (TD) Directive 2004/109/EC

Major shareholding notification – group notifications; TD Art. 12(3)

Transparency Directive (TD) Directive 2004/109/EC

The requirement to make regulated information public; TD Art. 21(1)

Transparency Directive (TD) Directive 2004/109/EC

Additional information in annual and half yearly financial reports; TD Art. 4–5

Transparency Directive (TD) Directive 2004/109/EC

Designation of an agent for the exercise of financial rights; TD Art. 17 and 18

Transparency Directive (TD) Directive 2004/109/EC

Major shareholding notification – acquisition of a shareholder; TD Art. 9(1)

Transparency Directive (TD) Directive 2004/109/EC

Disclosure of major holdings in case of joint investors' account; TD Art. 9 and 10

Transparency Directive (TD) Directive 2004/109/EC

Class by class disclosure; TD Art. 9(1)

Transparency Directive (TD) Directive 2004/109/EC

Major holdings notification – definition of indirect holding

Transparency Directive (TD) Directive 2004/109/EC · Art. Article 13, 13 (a) and Article 10

Major holdings notification - aggregation

Transparency Directive (TD) Directive 2004/109/EC · Art. Article 13a Transparency Directive

Clarification on the application of the Transparency Directive, particularly Article 13, 1b, and its subsequent sub-points, in the context of synthetic shares

Transparency Directive (TD) Directive 2004/109/EC · Art. ESMA Indicative list of financial instruments that are subject to notification requirements according to Article 13(1b) of the revised Transparency Directive