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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
19/11/2018 ESMA32-60-403 Video Tutorial on the European Single Electronic Format- Script Reference PDF
166.3 KB
04/04/2016 2016/217 ToR IFRS PG Reference PDF
95.62 KB
04/04/2016 2016/220 ToR FISC Reference PDF
90.34 KB
07/04/2020 ESMA50-157-2140 ToR FISC Reference PDF
97.63 KB
04/04/2016 2016/216 ToR EECS Reference PDF
103.12 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
10/02/2022 ESMA 80-195-1352 Text mining ESG disclosures in rating agency press releases , , Reference PDF
403.58 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
13/07/2016 2016/1096 Risk Dashboard up-date 13 July 2016 Reference PDF
384.05 KB
30/08/2016 2016/1236 Risk Dashboard No.3, 2016 Reference PDF
866.72 KB
11/05/2016 2016/647 Risk Dashboard No.2, 2016 Reference PDF
854.56 KB
17/03/2016 2016/349 Risk Dashboard No.1, 2016 Reference PDF
874.51 KB
16/12/2015 2015/1882 Risk Dashboard No. 4, 2015 Reference PDF
931.3 KB
14/09/2015 2015/1291 Risk Dashboard No. 3, 2105 Reference PDF
848.31 KB
02/06/2016 2016/773 RF Reply form for the Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets , Reference DOCX
755.79 KB
09/09/2021 ESACD 2021 Programme for the joint ESA Consumer Day 2021 , , Reference PDF
159.66 KB
22/03/2019 esma_50-158-1567 Presentation on short-termism Reference PDF
152.78 KB
07/01/2016 2015-12-16 OECD OECD A Blundell-Wignall speech for ESMA FI Day Reference PDF
502.52 KB

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