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The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published today a supervisory briefing on the supervision by National Competent Authorities (NCAs) of costs applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs).This briefing comes in response to the need to improve convergence across NCAs in the approach to undue costs.
ESMA's first annual statistical report in January 2019 on costs and performance of retail investment products, showed the significant impact of costs on the final returns for investors. Following the publication of this report, ESMA started work with the NCAs to assess the different national approaches to the supervision of the...
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