Charlie McCreevy has spoken on regulation and supervision. He focused on the AIFM Directive, which he said was proportionate and would not drive hedge and private equity funds out of Europe. However, he admitted there could be improvements to the draft. He discussed other measures underway, such as CRD changes and the Commission’s Communication on remuneration. He also stressed the importance of the forthcoming MiFID review. He said MiFID appeared to have opened up competition, but he was worried about the amount of business that had moved from regulated markets to OTC broker-operated markets with dark pools of liquidity. He wondered if this gave their operators unfair advantages or gave rise to other concerns. Finally, he spoke about international co-operation and EU supervisory strategies.