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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
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.

06/11/2017 ESMA50-165-416 Report on Trends, Risks and Vulnerabilities No.2 2017- correction Final Report PDF
2.89 MB

ERRATUM - In TRV 2 2017,  p.39 table V.3, 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.

19/10/2017 ESMA50-165-421 EU derivatives markets ─ a first-time overview , , , Reference PDF
477.35 KB
12/09/2017 ESMA71-99-577 ESMA sees valuation risk at highest levels due to financial weakness and geopolitical uncertainty , Press Release PDF
131.39 KB

The European Securities and Markets Authority (ESMA)’s latest report on Trends, Risks and Vulnerabilities No. 2, 2017 (TRV) identifies high asset price valuations as the major risk for European financial markets in the second half of 2017. The main risk drivers are uncertainties around geo-political developments, the resilience of economic growth as well as debt sustainability. Market and credit risks, as a result of geopolitical, growth and debt concerns, continued to be very high, while liquidity and contagion risks remained stable but high. Operational risk remains elevated but the outlook is now negative due to heightened concerns around cyber security. Overall, ESMA’s risk assessment for the second half of 2017 remains unchanged from 1H17.

12/09/2017 ESMA50-165-413 ESMA Risk Dashboard No.3 2017 Report PDF
868.91 KB
20/06/2017 WP12017 ESMA working paper on collateral scarcity premia in Euro area repo markets Reference PDF
1.01 MB
14/06/2017 ESMA50-165-331 ESMA Risk Dashboard 1Q2107 Report PDF
744.43 KB
20/03/2017 ESMA71-99-371 Press release TRV No. 1, 2017 , Press Release PDF
226.09 KB
20/03/2017 ESMA50-165-279 Report on Trends, Risks and Vulnerabilities No.1, 2017 Final Report PDF
2.73 MB
20/03/2017 ESMA50-165-287 ESMA Risk Dashboard No. 1, 2017 Reference PDF
923.68 KB
07/02/2017 ESMA50-1121423017-285 Report on Distributed Ledger Technology Applied to Securities Markets Report PDF
508.75 KB
07/02/2017 ESMA50-1121423017-286 ESMA Risk Assessment Work Programme 2017 Reference PDF
422.57 KB
01/12/2016 RD 2016/04 ESMA Risk Dashboard No. 4 2016 Reference PDF
848.82 KB
08/11/2016 2016/1053 Call for expressions of interest Consultative Working Group for ESMA’s Financial Innovation Standing Committee (FISC) , Reference PDF
304.37 KB
08/11/2016 2016/1053 FORM Application Form for FISC CWG , Reference DOCX
22.29 KB
07/11/2016 2016/1547 Speech Public hearing on the review of the EU macro-prudential framework- Steven Maijoor, 7 November 2016 Speech PDF
154.77 KB
04/10/2016 2016/1432 Press release- ESMA reports on shadow banking, leverage and pro-cyclicality , , Press Release PDF
151.69 KB
04/10/2016 2016/1415 ESMA reporton on securities financing transactions and leverage in the EU , Report PDF
1.94 MB
30/09/2016 2016/1420 Financial Technology: The Regulatory Tipping Points , Speech PDF
273.28 KB
30/08/2016 2016/1283 ESMA sees risk outlook deteriorate for EU securities markets , Press Release PDF
146.14 KB

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