The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued its advice on proposed leveraged limits by the Central Bank of Ireland (CBI) on Irish real estate funds. ESMA’s advice concludes that the conditions for taking actions under the Alternative Investment Fund Managers Directive (AIFMD) are met and that the proposed measure is justified and should contribute to improving the resilience of real estate funds and to limiting the build-up of risk in the commercial real estate (CRE) sector.