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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/05/2018 ESMA70-154-576 CDTF Terms of Reference Reference PDF
201.01 KB
18/05/2018 ESMA70-154-555 SMSC Terms of Reference Reference PDF
209.92 KB
18/05/2018 ESMA50-157-956 CEMA Terms of Reference Reference PDF
194.67 KB
18/05/2018 ESMA35-30-643 IPISC Terms of Reference Reference PDF
152.35 KB
27/03/2018 ESMA71-98-125 FAQ ESMA's product intervention measures in relation to CFDs and binary options offered to retail investors Reference PDF
389.95 KB
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26/03/2018 ESMA35-43-1000 Additional information on the agreed product intervention measures relating to contracts for differences and binary options Reference PDF
202.01 KB
26/03/2018 ESMA70-155-3832 List of trading venues benefiting from a transitional exemption from the access provisions under Article 36(5) of MiFIR Reference PDF
140.82 KB
26/03/2018 ESMA70-155-4809 List of trading venues and CCPs benefiting from a transitional exemption from the access provisions under Article 54(2) of MiFIR Reference PDF
139.42 KB
21/03/2018 ESMA71-99-964 CMU, Brexit and ESA review – What’s next? Steven Maijoor BVI Keynote , , Speech PDF
329.97 KB
23/01/2018 ESMA70-156-275RF Reply Form to ESMA70-156-275 Reference DOCX
763.24 KB
08/01/2018 20180103 Overview of MiFID II position management controls Reference XLSX
11.24 KB
22/12/2017 ESMA50-164-677 FAQs on MiFID II- Transitional Transparency Calculations , Reference PDF
303.58 KB
20/12/2017 ESMA65-8-5257 Instructions on download and use of double volume cap results files Reference PDF
238.39 KB
20/12/2017 ESMA65-8-5240 FIRDS Instructions on download and use of full and delta transparency results files Reference PDF
466.79 KB
19/12/2017 ESMA70-156-185 Template for reporting circuit breakers parameters to ESMA Reference XLSX
41.46 KB
19/12/2017 ESMA70-156-181 Procedure for reporting of circuit breakers’ parameters by NCAs to ESMA Reference PDF
462.58 KB
06/12/2017 ESMA71-99-669 ESMA MIFID and MAR Data Systems , , , Reference PDF
208.06 KB
30/11/2017 ESMA71-319-65 Keynote Address at ASIFMA Annual Conference 2017 Hong Kong- Verena Ross , , Speech PDF
208.99 KB
20/11/2017 ESMA71-99-662 GFMA-ASIFMA LEI WEBINAR 19.10.17 Speech PDF
688.5 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.