1. By 22 July 2017, the Commission shall, on the basis of public consultation and in the light of the discussions with competent authorities, start a review on the application and the scope of this Directive. That review shall analyse the experience acquired in applying this Directive, its impact on investors, AIFs or AIFMs, in the Union and in third countries, and the degree to which the objectives of this Directive have been achieved. The Commission shall, if necessary, propose appropriate amendments. The review shall include a general survey of the functioning of the rules in this Directive and the experience acquired in applying them, including:

(a) the marketing by EU AIFMs of non-EU AIFs in the Member States taking place through national regimes;

(b) the marketing of AIFs in the Member States by non-EU AIFMs taking place through national regimes;

(c) the management and marketing of AIFs in the Union by AIFMs authorised in accordance with this Directive taking place through the passport regime provided for in this Directive;

(d) the marketing of AIFs in the Union by or on behalf of persons or entities other than AIFMs;