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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
07/02/2020 ESMA22-328-266 Board of Supervisors Rules of Procedure Reference PDF
221.17 KB
13/01/2020 ESMA63-43-1444 ESMA Budget 2020 , , Reference PDF
128.99 KB
16/10/2019 ESMA30-201-535 Response form to consultation on amended PRIIPs KID , Reference DOCX
576.23 KB
01/10/2019 ESMA20-95-1132 2020 Work Programme , , , Reference PDF
543.97 KB
05/04/2019 ESMA22-106-1736 SMSG Application Form 2019 , Reference DOCX
37.21 KB
05/04/2019 ESMA22-106-1733 Call for expression of interest- consumers, employee reps, SMEs April 2019 , Reference PDF
183.71 KB
14/03/2019 ESMA63-43-1131 ESMA Budget Amendment n.1 for 2018 , , Reference PDF
292.13 KB
07/02/2019 ESMA63-43-1190 ESMA Budget 2019 , , Reference PDF
164 KB
06/02/2019 ESMA42-114-647 ESMA's Supervisory Convergence Work Programme 2019 , Reference PDF
334.85 KB
03/10/2018 ESMA20-95-933 2019 Work Programme , , Reference PDF
470.98 KB
26/04/2018 ESMA63-43-964 ESMA Budget Amendment n.1 for 2017 , , Reference PDF
204.31 KB
07/02/2018 ESMA20-95-823 2018 Regulatory Work Programme , , , Reference PDF
251.91 KB
19/01/2018 ESMA63-43-874 ESMA Budget 2018 , , Reference PDF
194.52 KB
01/12/2017 ESMA22-106-484 2018 SMSG application form , Reference DOCX
39.24 KB
01/12/2017 ESMA22-106-483 SMSG Expresssion of interest 30 November 2017 , Reference PDF
321.68 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
18/10/2017 ESMA71-99-637 Speech by Valdis Dombrovskis- ESMA Conference 2017 , Speech PDF
381.97 KB
17/10/2017 ESMA71-99-635 The State of European Financial Markets- Steven Maijoor, Opening Address, ESMA Conference , Speech PDF
175.8 KB
16/10/2017 ESMA22-106-135 Call for expression of interest- Academics and Financial Markets Participants , Reference PDF
320.76 KB

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