US Securities and Exchange Commission (SEC) Chairman Mary Schapiro and UK Financial Services Authority (FSA) Chief Executive Hector Sants said on September 16 that the agencies would seek common approaches to financial regulatory requirements and reporting, particularly for hedge funds and their advisers. The regulators announced that they had agreed to identify a common, coherent set of data to collect from hedge fund advisers/managers to help identify risks to their regulatory objectives and mandates.

The announcement resulted from a meeting of the SEC-FSA Strategic Dialogue, through which SEC and FSA leaders have met annually since 2006 to discuss areas of mutual interest. The other topics of discussion 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 regulators' announcement came ahead of the Group of 20 summit that convened on September 24 – 25 in Pittsburgh, Pennsylvania to discuss financial recovery, coordinating strategies and reforming the global financial system.

Press release: SEC and UK FSA Discuss Approaches to Global Regulatory Requirements (Sept. 16, 2009)