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By Géraldine LÉONARD, Counsel David MAJZOUB, Associate at Arendt Medernach
Much like the Financial Conduct Authority (FCA) in the UK, ESMA has been increasingly focusing its attention on the costs and fees of investment funds. ESMA has identified costs and fees charged by fund managers as one of the new “Union Strategic Supervisory Priorities”, stating that this area was a key part of investor protection and that unfair and disproportionate costs and fees would be at investors’ detriment and affect investors’ trust in financial markets(1).
As part of its action to foster convergence on this topic across the EU, ESMA launched, in January 2021, a Common Supervisory Action (“CSA”) on the supervision of costs and fees for UCITS, in...
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