On 22 October 2020, the European Commission launched a public consultation on the review of the Alternative Investment Fund Managers Directive (the AIFMD Review). The public consultation follows the European Commission’s review report from June of this year where the Commission stated that the provisions governing the functions and liability of depositaries had been effective elements of the regime for promoting investor protection, although there are areas that could benefit from targeted clarifications. The Commission also highlighted their concerns regarding the lack of a depositary passport, particularly in smaller markets.