FSA and SEC to cooperate on hedge-fund rules

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Hector Sants, the chief executive of the Financial Services Authority (FSA), and Mary Schapiro, the chair of the Securities and Exchange Commission (SEC), on Wednesday agreed to cooperate on hedge fund regulation and reporting.

The regulators said they would identify a common, coherent set of data to collect from hedge funds to help identify risks to their regulatory objectives and mandates.

"The global crisis has underlined how intertwined financial markets and institutions are and regulators a

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