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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
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.

06/12/2017 ESMA71-99-669 ESMA MIFID and MAR Data Systems , , , Reference PDF
208.06 KB
11/01/2018 ESMA71-99-928 Factsheet on Credit Rating Agencies Fees Reference PDF
128.63 KB
08/02/2018 ESMA80-199-153 ESMA’s supervision of credit rating agencies, trade repositories and monitoring of third country central counterparties- 2017 Annual Report and 2018 Work Programme Annual Report PDF
1.03 MB
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
19/04/2018 ESMA 32-63-427 22nd Extract from the EECS’s Database of Enforcement Reference PDF
688.86 KB
18/05/2018 ESMA33-9-226 CRA Technical Committee Terms of Reference Reference
23/07/2018 ESMA41-137-1144 Danske- PUBLIC NOTICE Reference PDF
81.01 KB
15/11/2018 ESMA70-145-1081 Annual report on administrative and criminal sanctions and other administrative measures under MAR , Annual Report PDF
158.47 KB
04/12/2018 ESMA33-9-281 CRA market share report Annual Report PDF
827.25 KB
19/02/2019 ESMA80-199-273 ESMA supervision 2019 work plan and annual report 2018 Annual Report PDF
622.46 KB
22/03/2019 esma335-5-731 Presentation ESG factors in CRAs Reference PDF
222.96 KB
28/03/2019 ESMA-41-356-14 ESMA fine Fitch France Reference PDF
432.67 KB
09/04/2019 2019 19 Joint Committee Annual Report 2018 Annual Report PDF
198.17 KB
11/07/2019 ESMA41-137-1151 Swedbank- PUBLIC NOTICE Reference PDF
100.89 KB
11/07/2019 ESMA41-137-1149 Nordea- PUBLIC NOTICE Reference PDF
99.88 KB
11/07/2019 ESMA41-137-1148 Svenska Handelsbanken AB- PUBLIC NOTICE Reference PDF
100.13 KB
11/07/2019 ESMA41-137-1146 SEB- PUBLIC NOTICE Reference PDF
99.83 KB
04/10/2019 ESMA70-156-1394 Reply form for the Consultation Paper on MAR review report Reference DOCX
775.94 KB
16/10/2019 ESMA30-201-535 Response form to consultation on amended PRIIPs KID , Reference DOCX
576.23 KB