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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
28/09/2015 2015/1468 Trading venue briefing , Reference PDF
304.63 KB
04/04/2016 2016/227 ToR SMSC Reference PDF
143.74 KB
04/04/2016 2016/221 ToR MDSC Reference PDF
116.48 KB
04/04/2016 2016/225 ToR IPISC Reference PDF
115.58 KB
11/02/2016 2016/209 ToR CEMA Reference PDF
128.84 KB
11/02/2016 2016/210 ToR CDTF Reference PDF
134.83 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.

19/12/2017 ESMA70-156-185 Template for reporting circuit breakers parameters to ESMA Reference XLSX
41.46 KB
01/12/2011 2011/SMSG/15 Summary of conclusions- SMSG meeting on 11 October 2011 Reference PDF
80.45 KB
19/10/2011 2011/SMSG/3 Summary of conclusions- meeting of the SMSG on 21 July 2011 Reference PDF
59.38 KB
24/02/2015 2014/SMSG/53 Summary of conclusions SMSG/BoS meeting 5 November 2014 Reference PDF
154.07 KB
24/02/2015 2014/SMSG/52 Summary of conclusions SMSG meeting 5-6 November 2014 Reference PDF
158.23 KB
19/05/2015 2015/SMSG/012 Summary of conclusions SMSG meeting 5 February 2014 Reference PDF
166.43 KB
06/05/2014 2014/SMSG/05 Summary of conclusions SMSG meeting 29 January 2014 Reference PDF
168.3 KB
13/11/2012 2012/SMSG/44 Summary of conclusions SMSG meeting 28/06/12 Reference PDF
198.96 KB
03/11/2014 2014/SMSG/45 Summary of conclusions SMSG meeting 23 September 2014 Reference PDF
135.32 KB
13/10/2014 2014/SMSG/44 Summary of conclusions SMSG meeting 10-11 July 2014 Reference PDF
158.39 KB
17/07/2014 2014/SMSG/022 Summary of conclusions SMSG meeting 10 April 2014 Reference PDF
167.19 KB
11/06/2013 2013/SMSG/02 Summary of conclusions of the SMSG meeting on 30-31 January 2013 Reference PDF
114.11 KB
20/12/2013 2013/SMSG/022 Summary of conclusions of the SMSG meeting on 25-26 September 2013 Reference PDF
74.17 KB

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