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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/04/2016 2016/225 ToR IPISC Reference PDF
115.58 KB
11/02/2016 2016/209 ToR CEMA Reference PDF
128.84 KB
06/11/2017 ESMA50-165-422 The impact of charges on mutual fund returns- correction , , Reference PDF
590.09 KB

ERRATUM - In the original version of this document published on 19 October 2017 in table V.3 on page 4, the values in the last four rows of column five were accidentally misreported. For this reason, ESMA now provides a corrected version, including the corrected values and a footnote pointing to the initial mistake.

ESMA carried out a first analysis on fund performance measures, developing initial metrics to analyse the impact of ongoing fees, one-off charges and inflation on the returns of mutual funds. Key preliminary results for the EU fund industry show: Substantial reduction in net returns available to investors, especially in the retail sector and weakly cost- or price-sensitive investment decisions by retail investors

On average ongoing fees and one-off charges and inflation-reduced returns available to investors by 29% of gross returns between 2013 and 2015. These reductions apply to all market segments, while varying across jurisdictions, asset classes and client types. Relative return reductions range from 11% for passive equity fund shares to 44% for retail fund shares in bond mutual funds. Relative and absolute return reductions for actively managed and retail fund shares tend to exceed those of passively managed and institutional fund shares. Despite the impact of fees and charges on the net outcome to investors, these do not seem to be reflected in investor choices.

09/11/2018 ESMA35-36-1262 Technical Q&As on product intervention measures on CFDs and binary options Q&A PDF
147.84 KB
29/11/2017 ECB/ESMA/FSMA Risk Free Rate Working Group Application Form Reference DOCX
25.87 KB
13/07/2016 2016/1096 Risk Dashboard up-date 13 July 2016 Reference PDF
384.05 KB
30/08/2016 2016/1236 Risk Dashboard No.3, 2016 Reference PDF
866.72 KB
11/05/2016 2016/647 Risk Dashboard No.2, 2016 Reference PDF
854.56 KB
17/03/2016 2016/349 Risk Dashboard No.1, 2016 Reference PDF
874.51 KB
16/12/2015 2015/1882 Risk Dashboard No. 4, 2015 Reference PDF
931.3 KB
14/09/2015 2015/1291 Risk Dashboard No. 3, 2105 Reference PDF
848.31 KB
25/02/2021 ESMA81-393-96 Response form- Guidelines on methodology in excpetional circumstances Reference DOCX
753.15 KB
23/12/2020 ESMA81-393-84 Response form- CP Technical Advice Fines Reference DOCX
753.16 KB
29/09/2017 ESMA70-145-253 Response form for the Consultation Paper on Guidelines for non-significant benchmarks Reference DOCX
768.13 KB
29/09/2016 2016/1406 reply form Reply form to the Consultation paper on Benchmarks Reference DOCX
757.37 KB
02/06/2016 2016/773 RF Reply form for the Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets , Reference DOCX
755.79 KB
03/06/2016 2016/723 RF Reply form for the Consultation Paper on ESMA technical advice on Benchmarks Regulation , Reference DOCX
784.51 KB
29/03/2021 ESMA35-43-349 Q&As on MiFID II and MiFIR investor protection topics , Q&A PDF
883 KB
31/03/2017 ESMA35-36-794 Q&A Relating to the provision of CFDs and other speculative products to retail investors under MiFID Q&A PDF
948.76 KB
31/03/2021 ESMA70-145-114 Q&A on the Benchmarks Regulation (BMR) , Q&A PDF
486.27 KB

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