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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
08/04/2022 ESMA81-459-57 Working group on euro risk-free rates- 2 March 2022 minutes Reference PDF
969.61 KB
02/03/2022 ESMA81-459-50 Working Group on Euro Risk-Free Rates – Work Programme for 2022/23 Reference PDF
186.08 KB
11/02/2016 2016/215 ToR CRSC Reference PDF
131.23 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.

01/03/2022 ESMA50-165-2033 The 2020 short selling bans – market impact Reference PDF
282.3 KB
27/10/2017 ESMA32-63-364 Summary of results of the fact finding exercise on IFRS 9 and IFRS 15 , Reference PDF
292.46 KB
02/12/2011 2011/BS/209 Summary of conclusions- Board of Supervisors meeting on 20 September 2011 Reference PDF
119.95 KB
02/12/2011 2011/BS/179 Summary of conclusions- Board of Supervisors meeting on 11-12 July 2011 Reference PDF
55.2 KB
13/02/2012 2011/BS/233 Summary of conclusions- Board of Supervisors meeting of 8 November 2011 Reference PDF
121.56 KB
22/07/2011 2011/BS/142 Summary of conclusions- Board of Supervisors meeting of 25 May 2011 Reference PDF
117.04 KB
22/07/2011 2011/BS/141 Summary of conclusions- Board of Supervisors meeting of 12 April 2011 Reference PDF
139.03 KB
02/12/2011 2011/BS/180 Summary of conclusions- Board of Supervisors conference calls on 25 and 28 July 2011 Reference PDF
98.62 KB
13/02/2012 2011/BS/234 Summary of conclusions- Board of Supervisors conference call on 23 November 2011 Reference PDF
22.39 KB
14/04/2015 2015/BS/32rev Summary of Conclusions BoS meeting on the 29th of January 2015 Reference PDF
227.63 KB
27/08/2013 2013/BS/122 Summary of conclusions BoS meeting 30/04/13 Reference PDF
188.99 KB
04/04/2013 2013/BS/30 Summary of conclusions BoS meeting 29/01/13 Reference PDF
268.86 KB
19/11/2014 2014/BS/159 Summary of conclusions BoS meeting 25/09/14 Reference PDF
187.74 KB
15/11/2013 2013/BS/155 Summary of conclusions BoS meeting 24/09/13 Reference PDF
193.33 KB
15/11/2012 2012/BS/125 Summary of conclusions BoS meeting 24/09/12 Reference PDF
222.36 KB

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