Esma’s move on hedge fund leverage worries industry

Critics say proposed guidelines rely on patchy data and inconsistent calculations


On March 27, in the middle of the worst economic crisis in generations, Europe’s securities regulator published a proposal that, according to one hedge fund lobbyist, could upend the business models of scores of firms.

Others predict less drastic impact from the guidelines on regulatory leverage limits for hedge funds, private equity and real estate funds, and other alternative investment funds (AIFs). But most people in the industry agree the proposal by the European Securities and Markets

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