On 10 January 2019, the European Commission published a Report on the operation of the alternative investment fund managers Directive (AIFMD). This report is a first step in the AIFMD review process and will ultimately lead to the revision of the rules. While emphasizing that AIFMD has globally been a key point in the development of a single market for alternative investment funds (AIFs), the report also shows that several points need to be improved. ..