Question 6: Labels used on APMs; Paragraphs 22 and 25 of the APMs Guidelines.

Date last updated: January 2017

Question: Do the APMs Guidelines apply to other labels than "non-recurring", "infrequent" or "un-usual" which are specifically referred to in paragraph 25 of the guidelines?

Answer: Yes, the APMs Guidelines apply to all labels of APMs used by issuers or the persons responsible for prospectus.

Although the APMs Guidelines do not prescribe which labels can or cannot be used, the labels used should (i) be meaningful; (ii) not be misleading; and (iii) reflect the content and the basis of calculation of the APMs.