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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
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
16/10/2017 ESMA65-8-5046 FIRDS- Instructions on access and download of full and delta reference data files , , , Reference PDF
291.36 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
07/03/2017 FI17 Agenda Financial Innovation Day 2017 Reference PDF
598.1 KB
23/01/2017 ESMA20-839860843-480 ESMA Staff Stakeholder contacts in the Fourth Quarter 2016 Reference PDF
237.74 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
03/11/2016 2016/1501 ESMA Staff Stakeholder contacts in the Third Quarter 2016 Reference PDF
251.14 KB
26/10/2016 2016/1525 Stakeholder meeting procedure Reference PDF
308.52 KB
13/10/2016 2016-IFRS IFRS Foundation and ESMA statement of protocols for cooperation on International Financial Reporting Standards , , Reference PDF
209.65 KB
11/10/2016 2016/202 rev1 ESMA 2016 Regulatory Work Programme , Reference PDF
227.41 KB
11/10/2016 2016/1419 ESMA 2017 Work Programme , Reference PDF
559.05 KB
15/07/2016 2016/1092 ESMA Staff Stakeholder contacts in the Second Quarter 2016 Reference PDF
247.63 KB
13/07/2016 2016/1121 REPLY FORM Reply form for the Consultation Paper on the Guidelines on the validation and review of CRAs’ methodologies Reference DOCX
770.06 KB
30/06/2016 MOU FSB ESMA MoU on the supervision of CRAs- ESMA and FSB South Africa , Reference PDF
504.28 KB