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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/03/2018 ESMA34-32-418 AIFMD MoUs signed by the EU authorities , Reference PDF
572.05 KB
08/03/2018 ESMA71-99-955 EU Agencies Joint declaration on harassment Statement PDF
495.66 KB
05/03/2018 ESMA42-646012687-331 ESMA Guidelines , Reference PDF
559.51 KB
28/02/2018 ESMA PARIS Visitor Handbook Reference PDF
2.39 MB
07/02/2018 ESMA20-95-823 2018 Regulatory Work Programme , , , Reference PDF
251.91 KB
07/02/2018 ESMA34-49-107 Letter to European Commission on MMF ITS and Technical Advice Letter PDF
61.18 KB
06/02/2018 ESMA20-92-76 ESMA Staff Stakeholder contacts in the Fourth Quarter 2017 Reference PDF
147.82 KB
16/01/2018 ESMA31-67-535 Practical Guide on notifications of major holdings under the Transparency Directive , , Reference PDF
1.51 MB
17/11/2017 ESMA34-49-103 Technical advice, draft implementing technical standards and guidelines under the MMF Regulation Final Report PDF
989.54 KB
15/11/2017 ESMA20-92-68 ESMA Staff Stakeholder contacts in the Third Quarter 2017 Reference PDF
144.95 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.

30/10/2017 ESMA32-51-370 Q&A on ESMA Guidelines on Alternative Performance Measures , Q&A PDF
566.5 KB
20/10/2017 ESMA31-62-780 Q&A on Prospectus Related Topics , , Q&A PDF
1.21 MB
19/10/2017 Ares(2017)5008790 European Commission request to ESAs to issue recurrent reports- CMU action , Reference PDF
294.97 KB
05/10/2017 ESMA71-99-610 ESMA maintains focus on supervisory convergence and risk assessment in 2018 Press Release PDF
148.97 KB

The European Securities and Markets Authority (ESMA) has published its 2018 Work Programme (WP), which sets out its priorities and areas of focus for 2018 in support of its mission to enhance investor protection and promote stable and orderly financial markets.

For 2018, the key areas of focus under ESMA’s activities of supervisory convergence, assessing risks, single rulebook and direct supervision will be:

  • Providing guidance and promoting the consistent application of MiFID II and MiFIR by market participants and National Competent Authorities (NCAs);

  • Ensuring the quality, integration, usability and transparency of the data that ESMA collects;

  • Contributing to the development of Level 2 measures in relation to the revised Prospectus regime; AND

  • Enhancing the effectiveness and lasting impact of supervisory activities at individual credit rating agencies (CRA) and trade repositories (TR) level.

The overall budget for 2018 is expected to be €42,051,386 with a projected staff of 232.



05/10/2017 ESMA20-95-619 2018 Work Programme , Report PDF
533.61 KB
05/10/2017 ESMA34-32-352 Q&A on the Application of the AIFMD Q&A PDF
670.36 KB
05/10/2017 ESMA34-43-392 Q&A on the application of the UCITS Directive Q&A PDF
608.75 KB
05/10/2017 ESMA71-99-612 2017 Calendar of the Chair and Executive Director Reference PDF
288.32 KB
04/10/2017 ESMA34-32-316 Compliance table for the Guidelines on sound remuneration policies under the AIFMD (ESMA/2016/579) , Compliance table PDF
310.68 KB