ESMA expands Q&A document on the implementation of its APM guidance

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17 Apr 2020

In June 2015, the European Securities and Markets Authority (ESMA) published its final Guidelines on Alternative Performance Measures (APMs) for listed issuers that became effective in July 2016. Since then, ESMA has published several questions and answers on the guidelines to promote common supervisory approaches and practices in the implementation of them. A new question has now been added to the document on the use of APMs in the context of COVID-19.

The new question

  • highlights the main principles of the APM Guidelines;
  • encourages issuers to use caution when adjusting APMs and when including new APMs to address the impact of COVID-19; and
  • invites issuers to provide
    • narrative information regarding the modifications made, the assumptions used and the impact of COVID-19; and
    • information on measures taken or expected to be taken by issuers to address the impact that the COVID-19 outbreak may have in their operations and performance.

Please click to access the updated document on the ESMA website.

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