AIFMD1 requires the European Commission to commence a review of the Directive by July 2017. The first stage of that review is now complete, with the publication on 10 January 2019 by the Commission of the report it had commissioned from KPMG into the operation of AIFMD, intended to 'provide and assess evidence' for the Commission's review. The report does not necessarily reflect the views of the Commission or prejudge future policy decisions. Rather, the Commission has indicated that it will continue its work on the AIFMD review, focusing on the areas identified in the KPMG report, with the intention of issuing its own report to the EU Parliament and Council on the functioning of the AIFMD during 2020. Accordingly, the key value of the KPMG report is that it gives an early indication of the key topics likely to be covered by the Commission in next year's AIFMD review.