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June 12, 2006 at 08:00 PM
WASHINGTON (HedgeWorld.com)–As some U.K. hedge funds await examinations following their registration with the U.S. Securities and Exchange Commission, heads of the U.S. and U.K. regulatory agencies met last week to discuss hedge funds, among other topics.
SEC Chairman Christopher Cox, Financial Services Authority Chairman Callum McCarthy and FSA Chief Executive John Tiner and staff met on June 2 to explore the aspects of increased capital flow between the United States and the United Kingdom.
The agenda focused on implications of potential cross-border exchange mergers, interactive data reporting, financial crisis management and hedge funds. The meeting didn’t focus on specific transactions, the SEC announced late last Friday [June 2].
Officials said that valuable progress has been made in reducing duplication in reporting requirements for fund managers that are subject to regulation by both authorities. Both organizations agreed to collaborate in related areas of regulatory concern, but no direct mention of enforcement was made in the SEC press release.
In the area of crisis management, both sides agreed to conduct a desktop exercise to aid in the collaborative effort of responding “readily and effectively to a financial crisis.” Meanwhile, on the data front, the use of technology in enhancing transparency, simplifying investor disclosure and making regulation more efficient and effective was a topic of conversation.
