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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
16/10/2019 ESMA30-201-535 Response form to consultation on amended PRIIPs KID , Reference DOCX
576.23 KB
19/07/2019 ESMA65-8-6480 Money Market Fund Reporting Technical Reporting Instructions Reference ZIP
2.82 MB
16/07/2019 ESMA71-2333-1 Response form for consultation on UCITS performance fee guidelines Reference DOCX
751.38 KB
28/03/2019 rp1 Response form consulation on ELTIF RTS Reference DOCX
769.35 KB
22/03/2019 esma35-36-1590 Presentation on CPs MIFID-UCITS-AIFMD , , Reference PDF
187.17 KB
20/02/2019 ESMA34-32-418 AIFMD MoUs signed by the EU authorities , Reference PDF
105.68 KB
15/02/2019 ESMA34-47-218 Call for expression of interest Consultative Working Group of ESMA’s Investment Management Standing Committee Reference PDF
141.57 KB
15/02/2019 ESMA34-47-218 RF Reply form call for IMSC CWG Reference DOCX
34.63 KB
05/02/2019 ESMA50-164-1942 Alternative Investment Funds (AIFs) exposures to commercial real estate Reference PDF
326.45 KB
05/02/2019 ESMA34-39-795 Response from to consultation on liquidity stress tests Reference DOCX
773.16 KB
28/09/2018 RPMMF Response form for consultation on MMF stress testing guidelines Reference DOCX
770.87 KB
23/05/2018 ESMA34-47-210 IMSC Terms of Reference Reference PDF
130.07 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.

19/10/2017 Ares(2017)5008790 European Commission request to ESAs to issue recurrent reports- CMU action , Reference PDF
294.97 KB
01/02/2017 ESMA34-47-86 IMSC CWG Call for Candidates Feb 2017 Reference PDF
270.61 KB
01/02/2017 IMSC CWG Application Form Feb 2017 IMSC CWG Application Form Feb 2017 Reference PDF
198.5 KB
15/07/2016 2016/1137 reply form Reply form to the Consultation paper on Asset Segregation Reference DOCX
879.64 KB
06/04/2016 2016/570 RF Reply Form DP SC Reference DOCX
786.46 KB
04/04/2016 2016/224 ToR OWG IMSC Reference PDF
113.23 KB
04/04/2016 2016/223 ToR IMSC Reference PDF
100.2 KB