U.S. and British regulators are set to collaborate on hedge fund reporting and will share data with one another, under an agreement announced yesterday.
The U.S. Securities and Exchange Commission and U.K. Financial Services Authority will work together to craft “a common, coherent set of data to collect from hedge fund advisers/managers,” and will share the data they collect with one another. The two regulators also said they would work to create a common approach to hedge fund regulation and would coordinate with one another.
“As the regulators of two of the world’s major market centers, the SEC and the FSA has a strong interest in collaborating,” SEC Chairman Mary Schapiro said. “Only though strong cooperating can we achieve coherent oversight of global actors and limit opportunities for playing the regulatory seems.”
Schapiro and FSA chief Hector Sants met in advance of the Group of 20 meeting, set for next week in Pittsburgh, Pa.