Dan Waters spoke at the AIMA annual conference on how FSA plans to implement remuneration requirements for fund managers. He explained FSA's view that asset managers fall within MiFID and therefore the CRD because they invariably manage discretionary portfolios. He said it is right for the "General Requirement" to have remuneration policies and procedures that are consistent with sound risk management. The question is how to apply it proportionately. He explained the AIFMD recognises the importance of regulators gathering information on hedge funds to identify possible systemic risks. He also said an argument that investment bankers would just move to the hedge fund industry if it did not have similar controls on remuneration was flawed. (Source: Speech)