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IMS Asset Management Regulatory Update 2008 - Issue 6, December
Welcome to the sixth issue for 2008 of the regulatory newsletter from IMS Consulting, the largest independent asset management and securities regulatory consultancy in the UK. Our newsletter rounds-up some of the more important recent regulatory changes for asset managers and securities firms, focussing on FSA related developments.
This issue kicks off with a series of articles on financial crime. The FSA’s current approach to market abuse is discussed, as is the regulator’s latest views on market abuse controls at hedge fund managers. The focus then turns to anti-money laundering with a fine for a Money Laundering Reporting Officer (and his firm) as well as a round-up of other AML issues.
We provide an update on the forthcoming disclosure requirements for contracts for differences and transaction reporting for over-the-counter derivatives.
A speech by the FSA’s CEO, Hector Sants, on the regulatory environment for hedge funds is summarised. Articles on a suspended sentence for an FSA approved persons applicant and an amendment to the regulatory reporting requirement round off the newsletter.
Finally, you may be interested in completing our short selling survey. This topic continues to be one of the hottest topics and regulatory bodies are showing an ever increasing interest. The FSA has itself committed to consulting the industry on new short selling prohibitions in January 2009. IMS continues to play a leading role in working with trade bodies and industry groups on this issue, and keeps the FSA notified of the state and mood of the market through our ongoing dialogue with them, so please take this opportunity to voice your opinion as to what the FSA's next steps should be.
The survey consists of 12 questions with multiple choice answers and should take no more than 3-4 minutes to complete. The survey will not ask you for your name, or the name of your organisation. We may however publish the results of the survey in aggregate.
The survey can be found here: IMS Consulting Short-selling Survey
We hope that you find this newsletter to be relevant and informative. If you have any further questions please contact Scott Wilson, Stephen Burke or Chris Rexworthy. Alternatively telephone 020 7408 2448 to speak to your usual IMS contact.
From all at IMS we wish you a Merry Christmas and a Happy New Year, and all the best for 2009!
Please click here for a Pdf of the whole content of this newsletter (printer friendly version).
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Market Abuse Update - The FSA's Current Approach The FSA’s ongoing programme to tackle market abuse has resulted in significant changes, especially in the increased use of criminal prosecutions to sit alongside their other regulatory powers. |
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FSA Publishes Findings on Market Abuse Controls at Hedge Fund Managers Following the FSA’s somewhat sensationalist headlines from October 2007, which claimed Hedge Fund Managers were demonstrating a complacent attitude toward Market Abuse Controls, they have now put out a more measured paper |
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FSA gets Personal and Fines MLRO For the first time, the FSA has taken action against an individual Money Laundering Reporting Officer ("MLRO") and imposed a fine for anti-money laundering (AML) control failings. Michael Wheelhouse, the MLRO of Sindicatum Holdings was personally fined £17,500 and his firm was fined £49,000. |
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Anti-money Laundering Update Our AML update provides details of a new HM Treasury money laundering/terrorist financing email alert initiative, summarises key issues discussed at a recent conference with the Proceeds of Crime Unit (held at Scotland Yard), details changes to JMLSG guidance notes, and recaps the FSA’s agenda for fighting financial crime in 2009. |
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FSA Update on Disclosure for Contracts for Difference (CfDs) The FSA announced in October 2008 that it would oblige investors whose aggregate stake in a company exceeds 3% to disclose their holding, whether the stake is held via shares or contracts for differences (CfDs). |
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Transaction Reporting for Over-the-Counter Derivatives The FSA has proposed amendments to the transaction reporting requirements for transactions in debt and equity related over-the-counter derivatives. |
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Sants and Sensibility: FSA Chief Executive Outlines Regulatory Priorities for Hedge Fund Managers In a speech delivered towards the end of October at the Hedge 2008 Conference, Hector Sants, the FSA Chief Executive, discussed the FSA’s current view of hedge funds. |
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Suspended Sentence for FSA Approved Persons Applicant The FSA has prosecuted an individual that provided false information in an application to become an FSA Approved Person… |
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FSA Amends Regulatory Reporting Requirement with Respect to Form FSA042 - UCITS The FSA has recently amended the regulatory reporting requirement with respect to Form FSA042 – UCITS… |
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