IMA has responded to the CEBS consultation on remuneration policies and practices. It agrees firms should take responsibility for assessing what policies and procedures are appropriate for them and says all regulators must accept this. The response explains how the investment management business differs from other investment firms and how it is therefore important that firms can "neutralise" some provisions of CRD3 and apply the remaining parts proportionately. However, IMA thinks the implementation date of 1 January 2011 is unrealistic and says a transitional period would allow firms to develop effective policies over time.