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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
03/10/2018 ESMA71-99-1046 WP 2019 Press Release , , Press Release PDF
282.94 KB
22/12/2015 2015/WP/2015/2 Working Paper No.2, 2015 “Monitoring systemic risk in the hedge fund sector” Final Report PDF
872.37 KB

The working paper proposes new measures for systemic risk in the hedge fund sector. These measures are based on the ability of hedge funds to influence (be influenced by) the performance trend of the entire hedge fund sector. The proposed measures display a high ability to identify periods of financial distress, are robust to modifications in the underlying econometric model and deliver an innovation in the monitoring of systemic risks in the fund industry.

22/09/2017 ESMA71-319-53 Verena Ross Keynote AFME Compliance and Legal Conference , Speech PDF
236.94 KB
05/02/2019 ESMA 70-155-7026 Use of UK data in ESMA databases in case of a no-deal Brexit , , Statement PDF
281.69 KB
07/10/2019 ESMA70-155-7658 Use of UK data in ESMA databases and performance of MiFID II calculations in case of a no-deal Brexit on 31 October 2019 , , Statement PDF
155.54 KB
07/10/2019 ESMA90-1-167 Update on the UK’s withdrawal from the European Union- preparations for a possible no-deal Brexit scenario on 31 October 2019 , , , Statement PDF
179.84 KB
20/09/2013 2013/1138 Trends, Risks, Vulnerabilities No. 2, 2013 Final Report PDF
2.92 MB
12/03/2014 2014/188 Trends, Risks, Vulnerabilities No. 1, 2014 Final Report PDF
2.33 MB
14/02/2013 2013/212 Trends, Risks and Vulnerabilities report Final Report PDF
2.03 MB
19/08/2013 OJ/06/08/2013 Travel Agency Services (New deadline for submission: 30/09/2013) CLOSED Procedure PDF
688.3 KB
Tender specifications Invitation letter Annex I Model contract Contract notice 2013/S 158-275078 Annex VII Financial proposal Annex X Questionnaire of professional capacities Annex XI Technical proposal Annex XII Mission Guide (ESMA) Annex XIII Mission Guide (EIOPA) Annex XIV Hotels ceilings Annex XVI Quality feedback form Q&A List 1 Q&A List 2 eNotices Corrigendum-2013-122902–F14-EN
08/08/2017 ESMA/2016/1452 TC Transaction reporting, order record keeping and clock synchronisation under MiFID II- track changes Guidelines & Recommendations PDF
4.75 MB
18/11/2013 OJ/06/11/2013-PROC/2013/007 Training services for ESMA (Deadline for submission: [UPDATED] new deadline 27/01/2014) CLOSED Procedure PDF
763.67 KB
Tender: Training services for ESMA New Deadline for submission: 27/01/2014 Invitation to tender (be updated deadline is 27/01/2014) Framework Service Contract with ESMA Contract notice Corrigendum – Change of Deadline Questions and Answers 1 Questions and Answers 2
30/04/2013 OJ/17/04/2013-PROC/2013/004 Training and e-learning services for ESMA — Deadline 3 June 2013 CLOSED Procedure PDF
574.86 KB
  Description of the contract The Authority intends to conclude framework contracts for the provision of: E-learning course catalogue (Lot 1)   And multiply framework contracts with reopening competition for: Development of an E-learning course (Lot 2) Blended learning courses in the domain of the financial markets and economics (Lot 3) Training courses in the domain of the financial markets and economics (Lot 4) Soft-skills development training related supervision and regulation (Lot 5)     Contract notice Annex I Model contract for Lot 1 Annex I Model contract for Lot 2,3,4 Q&A List 1 Q&A List 2 Q&A List 3 Q&A List 4
28/09/2015 2015/1468 Trading venue briefing , Reference PDF
304.63 KB
04/04/2016 2016/227 ToR SMSC Reference PDF
143.74 KB
04/04/2016 2016/221 ToR MDSC Reference PDF
116.48 KB
11/02/2016 2016/209 ToR CEMA Reference PDF
128.84 KB
11/02/2016 2016/210 ToR CDTF Reference PDF
134.83 KB
25/09/2000 00-064c The regulation of Alternative Trading Systems in Europe. A paper for the EU Commission Final Report PDF
84.28 KB
Alternative Trading Systems (ATS) offer electronic securities trading facilities outside the traditional trading channels. An expert group chaired by Howard Davies, Chairman of the UK FSA, has studied the impact of such systems in depth. The group has prepared a comprehensive report identifying and assessing the benefits and risks associated with the emergence of ATS and analysing the current regulatory treatment of such systems, within Europe and elsewhere. The report proposes both a short term and a long term option for a harmonised regulatory treatment of such systems in Europe.The paper was submitted to the European Commission as FESCO"s contribution to the preparation of the forthcoming Green Paper on possible amendments to the Investment Services Directive. The Green Paper will shortly be published as a basis for consultation with Member States, the financial services industry and other interested parties. However, the FESCO paper noted that, while the Green Paper on the ISD might be the catalyst for a far-reaching review of the regulatory approach to ATS, it would not provide a short-term solution. Accordingly, FESCO proposed that the short-term solution should take the form of a set of additional regulatory requirements for ATS operating as investment firms.FESCO will be working on proposals for what those additional regulatory requirements might be over the next six months, with a view to producing a consultation paper in the first half of 2001. This consultation paper will provide an opportunity for interested parties to comment in detail on the FESCO proposals. If, however, in the meantime interested parties have any specific comments on the possible additional regulatory requirements identified in paragraph 71 of the September paper, they should make these known to the Secretariat of FESCO via the following e-mail address: fdankers@europefesco.org
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.

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