Securities and Exchange Commission Chairman Mary Schapiro and UK Financial Services Authority (FSA) Chief Executive Officer Hector Sants announced that their respective agencies will explore common approaches to reporting and other regulatory requirements for market participants, including hedge funds and their advisors. Chairman Schapiro said, “As the regulators of two of the world’s major market centers, the SEC and the FSA have a strong interest in collaborating with respect to... hedge funds.” In particular, the SEC and FSA agreed to identify a common set of data to collect from hedge fund advisors and managers to help the agencies identify regulatory risks. The announcement came out of a meeting that was part of a series of strategic dialogues between the SEC and FSA on current matters impacting U.S. and UK capital markets.

To view the SEC press release click here.