ESMA Guidelines on Alternative Performance Measures

ESMA is issuing this Consultation Paper (CP) to inform market participants about the background to its decision to revise the CESR Recommendation and seek their views on such revision.Section II “Introduction” indicates the reasons for which ESMA believes that these [draft] guidelines on APMs should be issued.Section III “Scope and purpose of the [draft] guidelines” indicates when the [draft] guidelines apply and how these [draft] guidelines interact with financial statements.Section IV “Compliance and reporting obligations” describes how issuers and NCAs should comply with the [draft] guidelines.Section V “[Draft] Guidelines on APMs (Background)” describes the rationale followed in preparing the [draft] guidelines and explanations on the principles provided, which are included in full in Annex III.ESMA would appreciate any comments and answers from stakeholders on the questions contained in the consultation paper. For your convenience, the questions are summarised in annex II.