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Final guidelines on APMs for listed issuers aim to encourage EU issuers to publish transparent, unbiased and comparable information on their financial performance. The guidelines have been published by the European Securities and Markets Association (ESMA) in order to give users a comprehensive understanding of the performance of APMs. The guidelines are aimed at promoting the usefulness and transparency of APMs included in prospectuses or regulated information. ESMA considers that a common approach to APMs is necessary to ensure consistent, efficient and effective supervisory practices and a uniform and consistent application of the TransparencyDirective 2004/109/EC (TD) and by extension the Market Abuse Directive 2003/6/EC (MAD).The guidelines will apply from 3 July 2016.
The guidelines will be supervised by competent authorities and other authorities in the EU with responsibilities under the TD, the Market Abuse Regulation (EC) 596/2014 (MAR) or the PD. In the UK, the competent authority for these purposes is the Financial Conduct Authority.
Examples of APMs most commonly used include EBIT (Earnings Before Interest & Tax), EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation), free cash flow, and underlying profit or net-debt.
The guidelines do not apply to:
Regulated information is all information which an issuer, or any other person who has applied for the admission of financial instruments to trading on a regulated market without the issuer's consent, is required to disclose under:
Examples of regulated information are management reports disclosed to the market in accordance with the TD and ad hoc market disclosures of inside information in accordance with MAD, art 6.
However, the guidelines do not apply to APMs:
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