ESMA updates its Q&A under the Alternative Performance Measures guidelines

Securities Markets Regulation

Date: 20 November 2017

On 30 October 2017, the European Securities and Markets Authority (ESMA) published six new questions in its Questions and Answers (Q&A) document, on the implementation of its Guidelines on the Alternative Performance Measures (APMs) for listed issuers.


The new questions provide information on:


  1. the definition of APMs;
  2. the scope of the APM guidelines;
  3. application of the scope exemption
  4. definition of the APM ‘organic growth’;
  5. how to carry out reconciliation; and
  6. how to apply the fair review principle.