9.16.2009 The Securities and Exchange Commission (SEC) and the UK Financial Services Authority (FSA) announced plans to explore common approaches to reporting and other regulatory requirements for key market participants such as hedge funds and their advisers. In particular, they agreed to identify a common, coherent set of data to collect from hedge fund advisers/managers to help the SEC and FSA identify risks to their regulatory objectives and mandates. This announcement came out of a meeting of the SEC-FSA Strategic Dialogue, through which SEC and FSA leaders meet periodically to discuss areas of mutual interest. The SEC and FSA have worked together closely to address the recent financial crisis, both on a bilateral basis and in international organizations, such as the International Organization of Securities Commissions. Recently, the SEC and FSA have worked to promote the use of central counterparties (CCPs) for the clearance of credit default swaps and are actively cooperating in the oversight of CCPs.

Click http://www.sec.gov/news/press/2009/2009-198.htm to access the release.