What was clear after even Level 1 adoption last year was that the AIFMD would require managers to disclose a good deal more to their home market authorities than has been their wont; that leverage shall be closely monitored once it is deemed to have been employed “on a substantial basis at the level of the AIF,” and leverage may well be limited outright; further, it was clear that depositary institutions will be saddled with new liabilities. These bullet points might be implemented with various degrees of rigidity, and that is the continuing subject of debate.