Hedge funds should disclose key data to regulators, including the identity of their administrator and custodian, according to a template issued today by the International Organisation of Securities' Commissions (Iosco) technical committee.

The task force on unregulated entities has drawn up the document as it believes the collection of data which can be shared by regulators and other bodies internationally will help to identify systemic risks in the sector. 

It has laid out 11 categories covering supervisory and systemic data, and says that these classifications may help to "inform the relevant legislative debates," according to Kathleen Casey, chairperson of the technical committee.

The Task Force has recommended the first data gathering exercise could be in September 2010, depending on pending legislation in certain jurisdictions. Regulators can also request additional information at a domestic level.

The provision of administrative data comes under the first category, general manager and adviser information. It is recommended that all key service providers should be disclosed, including prime brokers, custodians, fund administrators or independent valuers and outsourcing arrangements.

Trading and turnover issues, the sixth category, includes the disclosure of clearing mechanisms for balance sheet instruments such as exchange traded versus over the counter and the process for derivative clearing such as the use of central clearing counterparties.

Additionally, hedge funds must disclose performance and investor information related to covered funds, including the types of client, assets under management, gross and net product exposure and asset class concentration, geographic exposure, asset and liability issues, borrowing, risk issues and credit counterparty exposure.

Iosco's membership regulates 95% of the world's securities market in 100 regions. The technical committee includes 18 agencies from the more developed markets.