Subject to the latest announcement of the Cyprus Securities and Exchange Commission (CySEC), all issuers and persons responsible for drawing up prospectuses are reminded of their obligations in relation to the European Securities and Markets Authority Guidelines on Alternative Performance Measures (ESMA/2015/1415) ("ESMA Guidelines") as these came into force on July 3rd, 2016.
According to the guidelines, an alternative performance measure ("APM") is a financial measure of historical or future financial performance, financial position, or cash flows other than a financial measure defined or specified in the applicable financial reporting framework.
The purpose of the Guidelines is to promote the usefulness and transparency of APMs included in regulated information or prospectuses. The ESMA Guidelines set out the principles that issuers who publish regulated information as well as the persons responsible for drawing up prospectuses should follow when presenting APMs in documents.
CySEC has confirmed the adoption of the ESMA Guidelines and expects issuers and those responsible for drawing up prospectuses to comply with them and CySEC will monitor compliance with the said guidelines.
