The House of Lords EU Committee has published a report on the AIFMD. The report stresses how important it is for the Directive to be compatible with a global regulatory approach. It supports the principle of regulation of alternative investment fund managers (as opposed to the funds themselves), and introducing a single passport for managers. But the original proposal’s restrictions on marketing of non-EU funds is not acceptable and there should be an outcomes-based, principles-based definition of equivalency for third countries. Also the report stresses EU investors must still be able to invest in non-EU funds. Finally, the report criticises the “one-size-fits-all” approach of the Directive and says any disclosure requirements must be proportionate.