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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
27/10/2017 ESMA32-63-364 Summary of results of the fact finding exercise on IFRS 9 and IFRS 15 , Reference PDF
292.46 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.

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
19/12/2017 ESMA33-128-107 response form Response form- Consultation Paper on disclosure and operational standards Reference DOCX
771.94 KB
19/12/2017 ESMA33-128-33 response form Response form- Consultation Paper STS notification Reference DOCX
766.04 KB
19/12/2017 ESMA33-128-108 response form Response form- Consultation Paper Third-Party Firm STS Verification Application Reference DOCX
766.9 KB
11/01/2018 ESMA71-99-923 Factsheet on Trade Repositories Fees Reference PDF
129.16 KB
22/02/2018 ESMA-180219 ESMA’s consultation papers on draft regulatory standards under the securitisation regulation Reference PDF
276.43 KB
13/04/2018 ESMA33-128-481 ESMA_public_hearing_slides_repositories Reference PPTX
2.32 MB
18/05/2018 ESMA31-69-78 CFSC Terms of Reference Reference PDF
208.33 KB
18/05/2018 ESMA32-65-42 CRSC Terms of Reference Reference PDF
198.38 KB
23/05/2018 JC 2018 14 reply form Reply form- Consultation Paper Securitisation/Emir clearing obligation , Reference DOCX
764.86 KB
10/12/2018 ESMA33-128-585 STS Reporting Instructions Reference PDF
456.26 KB
09/01/2019 ESMA32-65-97 Application form: Consultative Working Group for ESMA’s Corporate Reporting Standing Committee Reference DOCX
38.2 KB
09/01/2019 ESMA32-65-97 Call for expressions of interest: Consultative Working Group for ESMA’s Corporate Reporting Standing Committee Reference PDF
425.69 KB
01/02/2019 ESMA33-128-474 Annex 2 Securitisation ANNEX2_UNDERLYING_EXPOSURES–RESIDENTIAL_REAL_ESTATE Reference XLSX
27.03 KB
01/02/2019 ESMA33-128-474 Annex 3 Securitisation ANNEX3_UNDERLYING_EXPOSURES–COMMERCIAL_REAL_ESTATE Reference XLSX
42.87 KB
01/02/2019 ESMA33-128-474 Annex 4 Securitisation ANNEX4_UNDERLYING_EXPOSURES–CORPORATE Reference XLSX
27.85 KB