I've never known a photo pro that wasn't willing to sit on a subject for an entire dive and fill up a flash card.
Really? Personally speaking, I have NEVER shot one creature for a whole dive. Its not really about ethics but more about empathy and attitude. I actually like the marine creatures that I photograph and don't want to discomfort them more than I can possibly help. On land most natural history photographers will say the same - they use hides, remote systems and whatever else it takes, but above all they use field-craft and experience. Too many underwater photographers don't seem to over-worry about the effect they may have on their subjects, which is why I don't actually consider many of the underwater photographers that I see to really be natural history photographers. I started this thread to find out information and it has certainly yielded some very useful data, but please read on.
In the UK seahorses are a 'protected' species (although this is a designation which does lack teeth in some ways, but it may have disconcerting aspects aswell). Nesting birds are also protected. If you disturb a nesting wild bird you can be subject to a heavy fine, and photography of a bird on its nest without an appropriate licence is generally considered to be disturbance! But the question I would also pose is whether anyone thinks that we should consider a seahorse in the same way as we apparently consider a nesting bird - ie does anyone think that a licence should be required in order to photograph them, if it can be considered that photography may just have a negative effect on them? Please don't think that this is an idle question as UK law is vague and it is always possible that such licencing may be considered at some point! So I'm interested in objective answers rather than knee-jerk reactions.