It has been five years since the E.U. introduced the Alternative Investment Fund Managers Directive (AIFMD) to address risks in the global financial system by harmonizing requirements, extending regulations and enabling oversight of alternative investment fund managers at the E.U. level. While the industry was initially wary of its potential impact, AIFMD has been widely adopted and implemented more seamlessly than anticipated. See “AIFMD Is Easier for Non-E.U. Hedge Fund Managers Than Commonly Anticipated” (Oct. 22, 2015). KPMG was contracted by the European Commission to carry out a general survey and evidence-based study to evaluate whether AIFMD’s objectives have been met. KPMG’s report provides an in-depth assessment of AIFMD’s success at achieving its objectives, while also identifying areas of weakness where adjustments may be appropriate. The report is a detailed resource that will likely underpin decisions about the future of AIFMD. This article reviews the key findings in the report. For a previous KPMG survey on compliance costs related to AIFMD, see “KPMG/AIMA/MFA Survey Quantifies the Impact of the AIFMD, FATCA, Form PF and Adviser/CPO Registration on Hedge Fund Manager Compliance Budgets” (Nov. 8, 2013).