ESMA’s Guidelines on Alternative Performance Measures (ESMA/2015/1415) apply to APM’s disclosed by issuers or persons responsible for the prospectus when publishing regulated information or prospectuses on or after 3 July 2016, cf. paragraph 5 of the Guidelines. Given that a prospectus can be formed by a combination of a registration document and a securities note, and a summary where applicable, and that prospectuses or base prospectuses can incorporate by reference the information contained in a previously approved registration document, do the Guidelines apply:

- to a registration document containing APMs which was published before 3 July when that registration document is combined with a securities note published on/after 3 July?

- to a registration document (or prospectus) containing APMs which was published before 3 July when the information contained in that registration document is incorporated by reference into a prospectus or base prospectus published on/after 3 July?

- to a supplement containing APMs published on/after 3 July when the prospectus or registration document was published before 3 July?

Does trading activity in C6 contracts which takes place on OTFs after 3 January 2018 need to be counted towards the ancillary thresholds prior to that date?

Do all legal entities that deal in commodity derivatives within a financial group need to be individually authorised as investment firms?

Are the net positions held by clearing members usable for the purposes of determining the positions of their clients for the application of position limits under Article 57?

How do limits apply to long and short positions?