The IMS Group, the asset management and securities industry group, has launched a service aimed at non-US based investment managers affected by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The service focuses on meeting compliance demands for multiple regulatory bodies, such as the UK’s Financial Services Authority and the Security and Exchange Commission, in light of imminent regulatory changes. It is designed to create best-practice policies and procedures, reflecting the maximum requirements of both the FSA and SEC.

The offering was developed in conjunction with former SEC officials and will be co-delivered with the IMS’ US consulting practice to meet both full-registrant and Exempt Reporting Adviser (ERA) requirements.

The roll-out of the service comes after the majority of delegates at a recent IMS conference expressed concerns about regulatory requirements. The Dodd-Frank Act means non-US fund manager with over $25 million of assets under management attributable to US clients, or at least 15 US clients, must submit their application to register with the SEC by mid-February 2012. However, if less than $150 million of private fund assets are managed from a location in the US companies may be eligible for ERA status.

“Managers of private funds with US investors should start preparing for SEC oversight in some form. This could be adopting all of the typical rule requirements of a registered advisor or complying with US laws which they previously had not been subject to,” said Jon Wilson, director of project consulting and head of the new service.

“Our approach to FSA and SEC compliance is to accentuate the similarities of the two regulators whilst identifying those absolute requirements firms must have for the SEC,” he added.