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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
14/02/2020 ESMA22-106-2062 Procedure- ESMA Stakeholder Group Renewal Procedure 2020 Reference PDF
234.62 KB
14/02/2020 SMSG 2020 SMSG application form 2020 Reference DOCX
38.1 KB
14/02/2020 ESMA22-106-2097 Call for expression of interest to the ESMA Securities and Markets Stakeholder Group (SMSG) Reference PDF
128.74 KB
05/12/2019 JC 2019 19 The introduction of fallbacks in OTC derivative contracts and the requirement to exchange collateral , Statement PDF
80.41 KB
24/10/2019 JC-2019-64 Joint ESA Supervisory Statement – application of scope of the PRIIPs Regulation to bonds , Statement PDF
802.39 KB
16/10/2019 ESMA30-201-535 Response form to consultation on amended PRIIPs KID , Reference DOCX
576.23 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
05/07/2018 ESMA22-106-1050 Call for expression of interest regarding positions in the ESMA Securities and Markets Stakeholder Group Reference PDF
321.12 KB
05/07/2018 ESMA22-106-1052 ESMA Stakeholder Group Renewal Procedure 2018 Reference PDF
532.95 KB
27/04/2018 ESMA22-103-753 Multilateral MoU on cooperation, information exchange and consultation , Statement PDF
731.24 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
16/10/2017 ESMA22-106-135 Call for expression of interest- Academics and Financial Markets Participants , Reference PDF
320.76 KB
21/03/2017 JC1 Statement- ESAs welcome European Commission’s public consultation on their operation Statement PDF
206.55 KB
08/03/2017 2017/SMSG Application Form Application form- ESMA Securities and Markets Stakeholder Group 2017 Reference DOCX
35.08 KB
08/03/2017 ESMA22-106-136 Rules of procedure- ESMA Stakeholder Group Renewal Reference PDF
442.33 KB
08/03/2017 ESMA22-106-135 Call for expression of interest regarding two positions in ESMA's SMSG Reference PDF
321.57 KB

Call for expression of interest regarding two positions in the ESMA Securities and Markets Stakeholder Group (SMSG): “Users of financial services” category

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