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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
25/03/2022 JC 2022 12 Updated supervisory statement on the application of the SFDR , Reference PDF
231.45 KB
20/07/2022 ESMA50-164-2193 TRV Article_Key Retail Risk Indicators for the EU single market , Reference PDF
428.33 KB
13/04/2021 ESMA70-145-1397 TRs IC_templates , Reference XLSX
30.4 KB
04/04/2016 2016/222 ToR MISC Reference PDF
130.02 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.

23/05/2022 ESMA50-165-2146 The drivers of the costs and performance of ESG funds , Reference PDF
532.34 KB
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
14/06/2021 ESMA30-379-602 Terms of Reference CNS Reference PDF
129.91 KB
26/09/2022 ESMA34-45-1580 Sustainable Finance- implementation timeline Reference PDF
179.97 KB
10/02/2022 ESMA30-379-1051 Sustainable Finance Roadmap 2022-2024 Reference PDF
331.38 KB
31/05/2022 ESMA34-45-1427 Supervisory briefing- Sustainability risks and disclosures in the area of investment management , Reference PDF
312.39 KB
02/12/2011 2011/MB/98 Summary of conclusions- Management Board meeting on 19 September 2011 Reference PDF
47.46 KB
13/02/2012 2011/MB/114 Summary of conclusions- Management Board meeting of 7 November 2011 Reference PDF
68.91 KB
22/07/2011 2011/MB/75 Summary of conclusions- Management Board meeting of 28 April 2011 Reference PDF
29.28 KB
22/07/2011 2011/MB/76 Summary of conclusions- Management Board meeting of 24 May 2011 Reference PDF
71.81 KB
02/12/2011 2011/MB/88 Summary of conclusions- Management Board meeting of 11 July 2011 Reference PDF
41.18 KB
22/07/2011 2011/MB/74 Summary of conclusions- Management Board meeting of 11 April 2011 Reference PDF
45.04 KB
04/04/2013 2013/BS/19 Summary of conclusions MB meeting 28/01/13 Reference PDF
155.85 KB

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