Non-EU Passports In 2015, an analyst for EurActiv.com, a European news and policy website, expressed concern that the directive puts non-EU funds at a disadvantage. In 2015, the European Securities and Markets Authority initiated a consultation to discuss issuing new rules to allow EU AIFMs to market their non-EU AIFs under the passport of Directive 2011/61/EU, and likewise for non-EU managers to market their funds under the passport. In July 2016 AIFM concluded that there were no fundamental obstacles to issuing passports to Canada, Guernsey, Japan, Jersey and Switzerland, seven other non-EU countries are also under consideration. Implementation The directive came into force on 21 July 2011. On 16 November 2011, ESMA issued technical advice to the European Commission (EC) on possible implementation measures for Directive 2011/61/EU. On 19 December 2012, the EC added a series of new regulations to supplement the text. EU member states were required to write Directive 2011/61/EU into national law by no later than 22 July 2013. As of July 2014, not every EU member state had transposed Directive 2011/61/EU into national law. Some, but not all, member states provided for a one-year transition period, beginning 22 July 2013, before AIFMs would become subject to the requirements of Directive 2011/61/EU. The directive has so far been supplemented by three Level II Regulations: Commission Delegated Regulation (EU) No 231/2013 on exemptions, general operating conditions, depositaries, leverage, transparency and supervision; Commission Implementing Regulation (EU) No 447/2013 on opt-in AIFMs; Commission Implementing Regulation (EU) No 448/2013 on the procedure for establishing the member state of reference for non-EU fund managers. The European Securities and Markets Authority has also issued a number of guidelines to national competent authorities including on key concepts of Directive 2011/61/EU and remuneration. Principality of Liechtenstein (1 April 2013) Since 1 April 2013, the FMA Liechtenstein accepts applications for authorisation of AIFMs and AIFs as well as other persons and entities requiring authorisation under the AIFM Act. On 30 September 2016, the EEA Joint Committee, whose decisions result in the inclusion of new EU law in the EEA Agreement, decided to incorporate the first package of legal acts relating to the European Supervisory Authorities (ESAs). Malta (27 June 2013) On 27 June 2013 (the measures were released on 25 June 2013) Malta became the first EU Member State to complete the transposition of the requirements of the Directive into national law. The Maltese legislator and