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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
02/06/2016 2016/773 RF Reply form for the Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets , Reference DOCX
755.79 KB
21/06/2016 2016/727 Call for expressions of interest for CEMA Group of Economic Advisers (GEA) Reference PDF
242.04 KB
24/06/2016 2016/727 APPLICATION FORM Application form for CEMA GEA Reference DOCX
26.09 KB
13/07/2016 2016/1096 Risk Dashboard up-date 13 July 2016 Reference PDF
384.05 KB
30/08/2016 2016/1236 Risk Dashboard No.3, 2016 Reference PDF
866.72 KB
08/11/2016 2016/1053 FORM Application Form for FISC CWG , Reference DOCX
22.29 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
01/12/2016 RD 2016/04 ESMA Risk Dashboard No. 4 2016 Reference PDF
848.82 KB
07/02/2017 ESMA50-1121423017-286 ESMA Risk Assessment Work Programme 2017 Reference PDF
422.57 KB
09/02/2017 ESMA42-397158525-448 2017 Supervisory Convergence Work Programme Reference PDF
540.81 KB
20/03/2017 ESMA50-165-287 ESMA Risk Dashboard No. 1, 2017 Reference PDF
923.68 KB
11/05/2017 ESMA32-60-172 Invitation to the ESMA European Single Electronic Format Meet-the-Market Workshop , , Reference PDF
270.83 KB
20/06/2017 WP12017 ESMA working paper on collateral scarcity premia in Euro area repo markets Reference PDF
1.01 MB
19/10/2017 ESMA50-165-421 EU derivatives markets ─ a first-time overview , , , Reference PDF
477.35 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.

04/12/2017 ESMA31-69-163 Call for expressions of interest for the Consultative Working Group of ESMA’s Corporate Finance Standing Committee (CFSC) , Reference PDF
275.59 KB
04/12/2017 ESMA31-69-163 FORM Application form for CFSC CWG , Reference DOCX
34.73 KB
06/12/2017 ESMA71-99-669 ESMA MIFID and MAR Data Systems , , , Reference PDF
208.06 KB
18/05/2018 ESMA42-113-769 SCSC Terms of Reference Reference PDF
153.42 KB
18/05/2018 ESMA50-157-956 CEMA Terms of Reference Reference PDF
194.67 KB