In what is being seen as a significant step towards co-ordinated global regulation, the deal struck by the UK and US regulators is part of a larger effort to share information and co-ordinate regulation and enforcement between the two countries.
UK and US regulators took a step towards co-ordinated global financial regulation on Wednesday when they agreed they would ask hedge fund managers to report a common set of data to both countries.
The deal is part of a larger effort to share information and co-ordinate regulation and enforcement between the two countries, and came out of a meeting between the respective heads of the US Securities and Exchange Commission and the UK’s Financial Services Authority.
“The global crisis has underlined how intertwined financial markets and institutions are and regulators around the world have to work together to ensure appropriate oversight,” said Hector Sants, FSA chief executive.
The data sharing comes against a backdrop of clashing global approaches to hedge fund regulation. The European Union’s proposed directive for alternative investment managers sets such different standards that many US managers believe they cannot qualify.
© Financial Times
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