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Darius Lewington, solicitor in the Lexis®PSL Corporate team, looks at what lawyers need to know about the final guidelines on the principles that listed issuers should follow when presenting alternative performance measures (APMs) in documents that qualify as regulated information.
LNB News 30/06/2015 128
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.
issued in 2005 by the Committee of European Securities Regulators (ESMA's predecessor body) to tackle concerns about APMs used by issuers. ESMA believed that some APMs were being used in a way that presented a confusing or optimistic view of their performance by removing certain negative aspects, or where that was not the case, APMs could have been misleading if they were inconsistently calculated or presented.
The guidelines apply to:
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