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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
01/12/2017 ESMA22-106-484 2018 SMSG application form , Reference DOCX
39.24 KB
01/12/2017 ESMA22-106-483 SMSG Expresssion of interest 30 November 2017 , Reference PDF
321.68 KB
17/11/2017 ESMA22-106-475 Summary of Conclusions SMSG meeting 21 September 2017 Summary of Conclusions PDF
206.1 KB
17/11/2017 ESMA22-106-474 SMSG Advice on Guidelines on certain aspects of the MiFID II suitability requirements SMSG Advice PDF
771.46 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.

27/10/2017 ESMA71-99-623 Press Release on 2017 Enforcement Priorities , , , Press Release PDF
172.2 KB
23/10/2017 ESMA22-106-407 SMSG Advice- Response to the Public Consultation on Prospectus Regulation Level 2 SMSG Advice PDF
165.79 KB
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 ESMA22-106-135 Call for expression of interest- Academics and Financial Markets Participants , Reference PDF
320.76 KB
26/09/2017 ESMA71-99-599 EBA and ESMA provide guidance to assess the suitability of management body members and key function holders , , , Press Release PDF
243.97 KB

The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have published their joint Guidelines to assess the suitability of members of management bodies and key function holders.

26/09/2017 ESMA71-99-598 Final Report on Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders , , Guidelines & Recommendations PDF
1.48 MB
13/09/2017 ESMA22-106-349 SoC Joint BoS and SMSG meeting 6 July 2017 Summary of Conclusions PDF
131.13 KB
13/09/2017 ESMA22-106-348 SoC SMSG meeting on 6-7 July 2017 Summary of Conclusions PDF
200.62 KB
26/07/2017 ESMA32-62-91 Comment letter to the IAASB on ISA 540 Auditing accounting estimates , Letter PDF
361.8 KB
05/07/2017 ESMA22-106-295 Summary of Conclusions SMSG meeting 27 April 2017 Summary of Conclusions PDF
192.82 KB
26/06/2017 ESMA22-106-272 Joint Statement by BSG, IRSG, OPSG and SMSG on European Commission's Consultation on the operation of the ESAs Letter PDF
596.33 KB
22/06/2017 ESMA22-106-265 SMSG Advice- Securities lending Report SMSG Advice PDF
141.55 KB
22/06/2017 ESMA22-106-264 SMSG Advice- Own Initiative Report Product Intervention SMSG Advice PDF
1.08 MB
17/05/2017 ESMA22-106-210 SMSG Advice- Response to the Public Consultation on the Operations of the European Supervisory Authorities SMSG Advice PDF
523.99 KB
25/04/2017 ESMA22-106-196 Advice in response to JC Discussion Paper on the Use of Big Data by Financial Institutions SMSG Advice PDF
144.22 KB