Without risk capital, Europe will go nowhere, says Kamall. He regrets that stricter EU rules for hedge-fund and private-equity fund managers will be expensive for the economy. From 2018 fund managers for businesses in the EU will have to meet stricter guidelines monitored by the new European Securities and Markets Authority (ESMA). These fund managers will have to comply with strict disclosure rules about their business strategies and hold larger amounts of capital, which reduces their revenues. Kamall argues that European investors must not be isolated from the financial action in the rest of the world. While protection against default or negligence is desirable, nobody wants protection against risk itself.
Kamall is a conservative member of the European Parliament for London.
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