The Securities and Exchange Commission on Wednesday took the first in a series of steps aimed at giving regulators a better handle on risk in the $60 trillion asset-management industry.

The SEC voted 5-0 to significantly boost the volume of data the agency collects from the industry, requiring mutual-fund firms such as Fidelity Investments and BlackRock to give regulators more detailed and frequent information about the assets in their funds. The proposal includes requirements that funds report on their use of complex and potentially-risky derivatives products, data that isn't frequently or consistently captured by the SEC.