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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
20/07/2022 ESMA50-164-2193 TRV Article_Key Retail Risk Indicators for the EU single market , Reference PDF
428.33 KB
11/02/2016 2016/209 ToR CEMA Reference PDF
128.84 KB
16/07/2020 ESMA71-99-1369 Timeline of upcoming MiFID II Review Reports ESMA pager Reference PDF
88.04 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.

01/03/2022 ESMA50-165-2033 The 2020 short selling bans – market impact Reference PDF
282.3 KB
01/12/2011 2011/SMSG/15 Summary of conclusions- SMSG meeting on 11 October 2011 Reference PDF
80.45 KB
17/03/2017 ESMA 22-106-143 Summary of conclusions- SMSG meeting 9 February 2017 Summary of Conclusions PDF
203.3 KB
27/08/2018 ESMA22-106-1137 Summary of conclusions- SMSG meeting 25 May 2018 Summary of Conclusions PDF
205.06 KB
19/10/2011 2011/SMSG/3 Summary of conclusions- meeting of the SMSG on 21 July 2011 Reference PDF
59.38 KB
27/08/2018 ESMA22-106-1098 Summary of conclusions- BoS and SMSG meeting 24 May 2018 Summary of Conclusions PDF
212.42 KB
24/02/2015 2014/SMSG/53 Summary of conclusions SMSG/BoS meeting 5 November 2014 Reference PDF
154.07 KB
25/03/2021 ESMA22-106-3216 Summary of conclusions SMSG- 9 February 2021 Summary of Conclusions PDF
108.05 KB
07/10/2022 ESMA22-106-4146 Summary of Conclusions SMSG- 8 July 2022 Summary of Conclusions PDF
179.02 KB
08/06/2022 ESMA22-106-3869 Summary of Conclusions SMSG- 3 February 2022 Summary of Conclusions PDF
207.92 KB
16/11/2022 ESMA22-106-3646 Summary of Conclusions SMSG- 28 September 2021 Summary of Conclusions PDF
129.15 KB
22/06/2021 ESMA22-106-3342 Summary of conclusions SMSG- 24 March 2021 Summary of Conclusions PDF
97.07 KB
24/02/2022 ESMA 22-106-3766 Summary of Conclusions SMSG- 18 November 2021 Summary of Conclusions PDF
151.54 KB
16/11/2022 ESMA22-106-3449 Summary of Conclusions SMSG- 17 June 2021 Summary of Conclusions PDF
116.55 KB
08/07/2022 ESMA22-106-4078 Summary of Conclusions SMSG- 13 May 2022 Summary of Conclusions PDF
231.25 KB
03/01/2019 ESMA22-106-1606 Summary of Conclusions SMSG meeting 8-9 November 2018 Summary of Conclusions PDF
186.81 KB

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