Securities regulators from the United States and Britain plan to identify a common set of data to collect from hedge funds, the U.S. Securities and Exchange Commission said yesterday.

The agreement between the SEC and Britain's Financial Services Authority came out of a recent meeting that is part of an effort by the regulators to harmonize their rules.

Officials from the two agencies also discussed over-the-counter derivatives and central clearing, accounting issues, regulatory reform, credit rating agency oversight, short selling, and corporate governance and compensation practices.

"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 OTC markets and hedge funds, credit rating agencies and other market participants with cross-border operations," SEC Chairman Mary Schapiro said in a statement.

The SEC said having a common, coherent set of data from hedge fund advisers and managers will help the agencies identify risks those entities may pose to the financial system.