Welcome to first issue for 2008 of the Monthly Newsletter from IMS Consulting, the largest independent asset management and securities regulatory consultancy in the UK, with offices in London, New York and Connecticut. Our newsletter sets out some of the more important regulatory changes for asset managers and securities firms in the past month, focussing on FSA and SEC related developments. > read more

ALSO FROM IMS CONSULTING

IMS Consulting Launches Series of Hedge Fund Compliance
	Seminars
	We are pleased to invite you to two seminars that IMS is hosting at The Park Lane Hotel on the 4th and 23rd of June. The seminars are a practical, educational approach to compliance issues facing hedge fund managers. > read more
IMS Consulting launches ‘Introduction to Compliance’ training course
	IMS Consulting launches ‘Introduction to Compliance’ training course
	IMS Consulting is launching a training course that targets the regulatory and compliance awareness needs of staff at wholesale asset management and securities firms. > read more
IMS Wins ‘Best Compliance Consultancy 2008’
	IMS Wins ‘Best Compliance Consultancy 2008’
	IMS Consulting is pleased to announce that it was named ‘Best Compliance Consultancy 2008’ for the second consecutive year at the Hedge Fund Journal Awards Ceremony. > read more
FSA cold calling of traders: will you hang on the telephone?
	FSA and SEC act to confront market abuse
	The pressure from regulators on hedge fund managers in relation to market abuse continues to mount. > read more
Mandatory Voice Recording: the discretionary investment manager’s exception.
	The safest of harbours?
	In May 2007, the FSA outlined proposals to require firms to record telephone conversations and to retain certain electronic communications relating to client orders and the conclusion of transactions. This constitutes one of the many components of the FSA’s ongoing anti-market abuse drive. > read more
IMS and Buzzacott announce Joint Venture
	IMS and Buzzacott announce Joint Venture
	IMS Consulting Limited (‘IMS’) and Buzzacott LLP (’Buzzacott’) have announced the launch of IMS Buzzacott LLP, a joint venture set up to offer outsourced accounting, regulatory financial reporting, tax and administration services to the UK financial services industry. > read more
Market Abuse Systems and Controls: Just do it
	Market Abuse Systems and Controls: Just do it
	There has recently been comment in the financial press that senior management of investment firms may face the possibility of being disciplined by the FSA for maintaining weak defences against insider dealing, even in the absence of market abuse. > read more
Integrated Regulatory Reporting Update
	IMS News
	With MiFID done and dusted and ICAAPs well advanced, 2008 heralds another major change to the way FSA regulates firms in the UK. The introduction of Mandatory Electronic Reporting (“MER”) is the first significant overhaul of the method of financial and capital reporting since financial services regulation was introduced to the UK. > read more
Implementation of the 3rd EU Money Laundering Directive
	Implementation of the 3rd EU Money Laundering Directive
	The 3rd EU Money Laundering Directive was implemented into UK law on 15th December 2007 by means of the Money Laundering Regulations 2007. In addition, the Joint Money Laundering Steering Group (‘JMLSG’) has updated its industry guidance notes to reflect the new Regulations. > read more
IMS Asset Management Regulatory Update: 2007 Review
	IMS Asset Management Regulatory Update: 2007 Review
	Welcome to the final Monthly Newsletter for 2007 from IMS Consulting, the largest independent asset management and securities regulatory consultancy in the UK, with offices in London, New York and Connecticut. Our newsletter sets out some of the more important regulatory changes for asset managers and securities firms in the past month, focussing on FSA and SEC related developments. > read more
IMS Market Abuse Risk Assessment template
	IMS News
	As you will know, Market Abuse has been a significant area of focus for the FSA for sometime. A key stimulus for this appears to be the FSA’s occasional paper on market cleanliness which suggests “informed trading” prior to around a quarter of public takeover offers. > read more
IMS Asset Management Regulatory Update October 2007
	IMS Asset Management Regulatory Update October 2007
	Welcome to the October 2007 edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management and securities regulatory consultancy in the UK, with offices in London, New York and Connecticut. Our newsletter sets out some of the more important regulatory changes for asset managers and securities firms in the past month, focussing on FSA and SEC related developments. > read more
FSA consults on greater CfD disclosure
	FSA consults on greater CfD disclosure
	The FSA believes that there is potential for market failures to occur from using Contracts for Difference (“CfDs”) on an undisclosed basis to influence corporate governance and build up stakes in companies. They believe these failures need to be addressed to ensure market confidence and efficiency are maintained. > read more
Mandatory voice recording: FSA defers policy decisions and rule making until 2008
	IMS News
	In May 2007’s Consultation Paper 07/9 “Conduct of Business regime – non-MiFID deferred matters”, the FSA set out proposals to require firms to record certain telephone lines and to retain certain electronic communications. The key driver for this proposal was expressed as the prevention, detection and deterrence of market abuse. > read more
FSA widens visit programme to Hedge Fund Managers
	IMS News
	The FSA has today announced that it is widening its programme of visits to Hedge Fund Managers looking at the controls to prevent insider trading and market abuse. > read more
IMS Asset Management Regulatory Update September 2007
	Update September 2007
	Welcome to the September 2007 edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management and securities regulatory consultancy in the UK, with offices in London, New York and Connecticut. Our newsletter sets out some of the more important regulatory changes for asset managers and securities firms in the past month, focussing on FSA and SEC related developments. > read more
Updated Approved Persons Forms
	IMS News
	In the run-up to the introduction of the Markets in Financial Instruments Directive (MiFID) on 1st November, the FSA has updated its Approved Persons forms. > read more
FSA Private Equity Conflicts of Interest Questionnaire
	IMS News
	Principle 8 requires that a firm must manage conflicts of interest fairly, between itself and its customers and between a customer and another client. > read more
Chris Rexworthy to speak at Infoline’s ‘ Identifying & Applying Best Practice Approaches to Hedge Fund Operational Risk and Compliance’ Conference
	IMS News
	In today’s volatile markets investors and regulators are seeking greater assurances regarding hedge funds’ operational controls. This timely conference will help you demonstrate that robust compliance risk management underpins your investment strategy, and will benefit compliance, legal, risk, operations, internal audit and finance specialists from the hedge fund sector. > read more
Best Execution Monitoring Tools
	IMS News
	Our clients regularly ask us about technical support tools to assist them in managing their best execution obligations. We attach a short paper prepared jointly by software consulting firms Rontech Limited and GSCS Limited who have combined their resources to provide a solution for firms, which you may find of interest. > read more
One Month to MiFID
	IMS News
	The deadline to implement the Markets in Financial Instruments Directive is now less than 30 days away. For many firms there remains much to do to achieve full implementation. > read more
IMS Asset Management Regulatory Update August 2007
	IMS News
	Welcome to the August 2007 edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management and securities regulatory consultancy in the UK, with offices in London, New York and Connecticut. Our newsletter sets out some of the more important regulatory changes for asset managers and securities firms in the past month, focussing on FSA and SEC related developments. > read more
Complacency and Criminals:the FSA's thematic review of controls over inside information relating to public takeovers
	Market Conduct: July 2007
	In its July 2007 Market Watch Newsletter (Issue No.21), the FSA announced the results of its review of the controls over inside information relating to public takeovers. This review commenced in mid 2006. > read more
IMS Asset Management Regulatory Update July 2007
	Update July 2007
	Welcome to the July 2007 edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management and securities regulatory consultancy in the UK, with offices in London, New York and Connecticut. > read more
IMS Consulting hires senior FSA Executives to expand UK team
	Press Release
	25 June 2007, London - IMS Consulting ('IMS'), the UK's largest independent compliance consultancy focused on the asset management and securities industries, today announced that it has appointed four senior FSA executives in a move which significantly boosts its client delivery capabilities and further enhances its ability to meet increasing client demand for the Regulator's view on compliance issues. > read more
BIPPRU Financial Reporting Update
	IMS News
	The Capital Requirements Directive came into force on 1 January 2007 and with it the FSA has revised its reporting requirements. Quarterly returns remain which need to be completed and filed as before. > read more
FSA targets firms to report on inside information controls by 30 September 2007
	IMS News
	The FSA is now taking the next steps flagged in its recent M&A information handling report, discussed in our Market Conduct news update of 4 July 2007. > read more
Market abuse and conflicts of interest, key areas of FSA focus in private equity
	Market abuse
	Over recent months there has been increasing interest and pressure on the Private Equity industry from a number of parties. Fortunately, the FSA has not chosen to add to the pressure and continues to be supportive of the role that Private Equity plays while mindful of its own regulatory obligations. > read more
Market Conduct: June 2007
	Shareholder activism . . . with discretion and sincerity
	Every purchaser of shares hopes that the shares' value will increase as a result of the company's ability to make and sustain profits. Persons who leverage their shareholding in order to apply pressure to a company's management to achieve change and also secure financial benefit for the company's owners, have come to be known as Shareholder Activists. > read more
Market Abuse- Are the stakes being raised?
	An FSA priority, theme visits and a discussion of the legal position
	The FSA has stated that one of its key priorities for 2007/8 is the prevention, deterrence and detection of market abuse. During 2007 they will launch a new transaction monitoring system, which they expect will significantly enhance their capability in this area. > read more
IMS Asset Management Regulatory Update June 2007
	Update June 2007
	Welcome to the June 2007 edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management and securities regulatory consultancy in the UK, with offices in London, New York and Connecticut. > read more
IMS Asset Management Regulatory Update April 2007
	Update April 2007
	Welcome to the April 2007 edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management regulatory consultancy in the UK, with offices in London, New York and Connecticut. Our newsletter sets out some of the more important regulatory changes for asset managers and securities firms in the past month, focussing on FSA and SEC related developments. > read more
IMS Asset Management Regulatory Update May 2007
	Update May 2007
	Welcome to the May 2007 edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management regulatory consultancy in the UK, with offices in London, New York and Connecticut. Our newsletter sets out some of the more important regulatory changes for asset managers and securities firms in the past month, focussing on FSA and SEC related developments. > read more
IMS Asset Management Regulatory Update March 2007
	Update March 2007
	Welcome to the March 2007 edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management regulatory consultancy in the UK, with offices in London and New York. Our newsletter sets out some of the more important regulatory changes for asset managers and securities firms in the past month, focussing on FSA and SEC related developments. > read more
IMS Asset Management Regulatory Update February 2007
	Update February 2007
	Welcome to the February 2007 edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management regulatory consultancy in the UK, with offices in London and New York. > read more
The Capital Requirements Directive and the Markets in Financial Instruments Directive
	Implementing the "Common Platform"
	2007 promises to be a big year for FSA-regulated firms and the Regulator is wasting no time. The Capital Requirements Directive ("CRD") introduces certain organisation requirements which the FSA is bringing into force on 1 January 2007. > read more
Integrated Regulatory Reporting is here
	IMS News
	The FSA has recently issued an e-mail circular to a number of firms announcing its interim Integrated Regulatory Reporting regime entitled "New Reporting Rules for 2007- Action required for firms subject to the Capital Requirements Directive (CRD) (M&D678a). > read more
IMS Asset Management Regulatory Update January 2007
	Update Jan 2007
	Welcome to the January 2007 edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management regulatory consultancy in the UK, with offices in London and New York. Our newsletter sets out some of the more important regulatory changes for asset managers and securities firms in the past month, focussing on FSA and SEC related developments. > read more
IMS Asset Management Regulatory Update December 2006
	Update December 2006
	Welcome to the December edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management regulatory consultancy in the UK, with offices in London and New York. > read more
Integrated Regulatory Reporting (IRR)-the FSA starts to get it together?
	IMS News
	The FSA published its first policy statement PS 06/10 Integrated Regulatory Reporting (IRR) Credit institutions and certain investment firms - Feedback on Part 1 of CP06/11 and made text for 2007 reporting, on 27 October 2006 with feedback on Part 2 and 3 due in January 2007. > read more
IMS Asset Management Regulatory Update November 2006
	Update November 2006
	Welcome to the November edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management regulatory consultancy in the UK, with offices in London and New York. > read more
MiFID-the Big One!
	IMS News
	The FSA most certainly fired the starting gun for the race proper to implement MiFID yesterday with its publication of CP06/19-Reforming of the Conduct Of Business (COB) rules and a complementary review of the financial promotions regime, (foreshadowed in the FSA 2006-07 Business Plan) CP06/20-Financial promotion and other communications. > read more
IMS Asset Management Regulatory Update October 2006
	Update October 2006
	Welcome to the October edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management regulatory consultancy in the UK, with offices in London and New York. Our newsletter sets out some of the more important regulatory changes for asset managers in the past month, focussing on FSA and SEC related developments. > read more
IMS Asset Management Regulatory Update September 2006
	Update September 2006
	Welcome to the September edition of the Monthly Newsletter from IMS Consulting, the largest independent asset management regulatory consultancy in the UK, with offices in London and New York. Our newsletter sets out some of the more important regulatory changes for asset managers in the past month, focusing on FSA and SEC pronouncements. > read more
IMS Asset Management Regulatory Update August 2006
	Update August 2006
	Welcome to the second edition of the Monthly Newsletter from IMS Consulting. Our newsletter sets out some of the more important regulatory changes for asset managers in the past month, focusing on FSA and SEC pronouncements. > read more
MiFID
	Summary of Key Implications of the Markets in Financial Instruments Directive
	Seen as the biggest regulatory development since the FSA took over the regulation of financial services in 2001, MiFID will require thorough consideration by all EEA investment firms. However, it is not just a simple case of implementing MiFID. > read more