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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
03/10/2018 ESMA20-95-933 2019 Work Programme , , Reference PDF
470.98 KB
30/08/2018 ESMA20-92-95 ESMA Staff Stakeholder contacts in the Second Quarter 2018 Reference PDF
329.99 KB
21/08/2018 ESMA02-91-1957 Audit Opinion on ESMA Final Accounts Financial Year 2017 , Reference PDF
937.4 KB
23/07/2018 ESMA41-137-1144 Danske- PUBLIC NOTICE Reference PDF
81.01 KB
18/05/2018 ESMA33-9-226 CRA Technical Committee Terms of Reference Reference PDF
288.41 KB
04/05/2018 ESMA20-92-92 ESMA Staff Stakeholder contacts in the First Quarter 2018 Reference PDF
145.32 KB
19/04/2018 ESMA03-169-46 2018 Calendar of the Chair and Executive Director of ESMA Reference PDF
337.01 KB
27/03/2018 ESMA33-9-235 reply form Reply form- Consultation on Draft Guidelines on “as stringent as” notion in the CRA Regulation Reference DOCX
766.45 KB
15/03/2018 15-03-2018 Big Data Factsheet Reference PDF
750.34 KB
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28/02/2018 ESMA PARIS Visitor Handbook Reference PDF
2.39 MB
07/02/2018 ESMA20-95-823 2018 Regulatory Work Programme , , , Reference PDF
251.91 KB
06/02/2018 ESMA20-92-76 ESMA Staff Stakeholder contacts in the Fourth Quarter 2017 Reference PDF
147.82 KB
11/01/2018 ESMA71-99-928 Factsheet on Credit Rating Agencies Fees Reference PDF
128.63 KB
15/11/2017 ESMA20-92-68 ESMA Staff Stakeholder contacts in the Third Quarter 2017 Reference PDF
144.95 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.

19/10/2017 Ares(2017)5008790 European Commission request to ESAs to issue recurrent reports- CMU action , Reference PDF
294.97 KB
05/10/2017 ESMA71-99-612 2017 Calendar of the Chair and Executive Director Reference PDF
319.74 KB
13/09/2017 ESMA43-318-1079 Warning- Unauthorised use of ESMA’s identity and logo , Reference PDF
241.2 KB
28/07/2017 ESMA20-92-66 ESMA Staff Stakeholder contacts in the Second Quarter 2017 Reference PDF
140.84 KB
18/04/2017 ESMA22-104-258 ESMA Staff Stakeholder contacts in the First Quarter 2017 Reference PDF
145.76 KB