In October 2005, the Committee of European Securities Regulators (CESR), ESMA’s predecessor body, published a Recommendation on Alternative Performance Measures (“CESR Recommendation” CESR/05-178b). The CESR Recommendation was issued mainly in order to reinforce the objectives of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards.
Given the CESR Recommendation has now been in force for more than 8 years, ESMA has decided to review it with the objective of strengthening the principles contained in it. ESMA now plans to reissue the principles as ESMA [draft] guidelines thus ensuring that issuers and NCAs will make every effort to comply with them.
ESMA will consider all comments received by 14 May 2014.