UK/US - The Financial Services Authority and the US Securities and Exchange Commission are discussing approaches to reporting and other regulatory requirements for hedge funds and their advisers, the respective heads of the two organisations said.
FSA chief executive Hector Sants and SEC chairman Mary Schapiro said they agreed to identify a "common, coherent set of data" to collect from hedge fund advisers and managers to help the SEC and FSA identify risks to their regulatory objectives and mandates.
The announcement came out of the fourth meeting of the SEC and FSA's strategic dialogue, through which they discuss areas of mutual interest.
Schapiro said: "As the regulators of two of the world's major market centres, the SEC and the FSA have a strong interest in collaborating with respect to over-the-counter markets and hedge funds, credit rating agencies and other market participants with cross-border operations.
"Only through strong cooperation can we achieve coherent oversight of global actors and limit opportunities for playing the regulatory seams."
Sants added the global crisis underlined how intertwined financial markets and institutions were and the need for regulators around the world to work together to ensure appropriate oversight.
He also said: "We are all working alongside the Financial Stability Board and other international regulatory committees to drive forward global financial reforms. The strategic dialogue with the SEC is a valuable component of the discussions around these reforms, particularly in areas of joint interest and in identifying potential regulatory gaps."
Other issues discussed at the meeting included over-the-counter derivatives markets and central clearing; accounting issues; regulatory reform; credit rating agency oversight; short selling; and corporate governance and compensation practices.
The two organizations said they also recently worked to promote the use of central counterparties for the clearance of credit default swaps and are actively cooperating in the oversight of CCPs.
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