1.

By 22 July 2017, the Commission shall, on the basis of public consultation and in the light of the discussions with competent authorities, start a review on the application and the scope of this Directive. That review shall analyse the experience acquired in applying this Directive, its impact on investors, AIFs or AIFMs, in the Union and in third countries, and the degree to which the objectives of this Directive have been achieved. The Commission shall, if necessary, propose appropriate amendments. The review shall include a general survey of the functioning of the rules in this Directive and the experience acquired in applying them, including: the marketing by EU AIFMs of non-EU AIFs in the Member States taking place through national regimes; the marketing of AIFs in the Member States by non-EU AIFMs taking place through national regimes; the management and marketing of AIFs in the Union by AIFMs authorised in accordance with this Directive taking place through the passport regime provided for in this Directive; the marketing of AIFs in the Union by or on behalf of persons or entities other than AIFMs; the investment into AIFs by or on behalf of European professional investors; the impact of the depositary rules set out in Article 21 on the depositary market in the Union; the impact of the transparency and reporting requirements set out in Articles 22 to 24, 28 and 29 on the assessment of systemic risk; the potential adverse impact on retail investors; the impact of this Directive on the operation and viability of the private equity and venture capital funds; the impact of this Directive on the investor access in the Union; the impact of this Directive on investment in or for the benefit of developing countries; the impact of this Directive on the protection of non-listed companies or issuers provided by Articles 26 to 30 of this Directive and on the level playing field between AIFs and other investors after the acquisition of major holdings in or control over such non-listed companies or issuers. When reviewing marketing and/or management of AIFs referred to in points (a), (b) and (c) of the first subparagraph, the Commission shall analyse the appropriateness of entrusting ESMA with further supervisory responsibilities in this area.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.