ESMA calls for fines on asset managers who charge investors too much 

The European Securities and Markets Authority (ESMA) has called for fines on asset managers where they have wrongly overcharged investors. ESMA set out its position in a published "opinion" on 17 May to the European Commission with suggested clarifications of the legislative provisions under the UCITS Directive and the AIFMD relating to the notion of "undue costs" ESMA's view comes as the EU is due to publish draft rules next week to improve protection for investors who buy financial products to ensure value for money. "ESMA deems appropriate to ensure that fund managers reimburse ...