ESMA has published a speech given by Verena Ross, ESMA Executive Director, that sets out details of its ongoing work programme relating to the AIFMD. ESMA initiatives in this respect relate to: (i) asset segregation - ESMA is currently assessing merits of the different segregation models, in particular the use of omnibus accounts and the rules on segregation in other legislation, such as the CSDR, and intends to publish a document on this issue by the end of 2016; (ii)  leverage - ESMA has decided to develop more detailed guidance on powers to limit leverage under the AIFMD and also intends to update its AIFMD Q&A on issues concerning reporting of data by AIFMs, including information on leverage; and (iii) passporting - ESMA is currently assessing Australia, Japan, Canada, Cayman Islands, Bermuda and the Isle of Man and is also working to finalise its views on Hong Kong, Singapore and the US, the three countries in the first wave of assessments for which it did not provide definitive assessments.