The European Securities Market Authority (ESMA) published a report on its 2016 thematic study on the operation of home and host responsibilities under the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS).  The study was conducted with the view to promote smooth operation of the EU passports for marketing and management. The report identifies good practices on the supervision in a number of areas including supervision of cross-border activities and cross-border marketing as well as supervision of branches.  The report also has an annex that shows the extent to which the AIFMD and UCITS passporting frameworks are used. If you have any questions in relation to this please contact Jennifer Wood.