EFAMA's response to ESMA's second consultation on implementing measures for the AIFMD also stresses that ESMA should not go beyond the Level 1 text, as to do so risks undermining it. EFAMA also comments ESMA has gone beyond the scope of its mandate in some proposals. It wants a better alignment of the AIFMD framework with the existing UCITS and MiFID regimes. It reminds ESMA the AIFMD is aimed at providing a European passport for marketing of non-UCITS funds to professional investors, so regulation should be kept to a minimum. Member States should decide what stricter measures are appropriate for retail markets. (Source: EFAMA Response to ESMA AIFMD Second Consultation)