If my understanding is correct, then
- the test on a regression slope in a simple bivariate regression - i.e. the test of $\mathcal{H}_0$: $b = 0$ in $Y' = a + bX$ and
- the test of a correlation, i.e. $\mathcal{H}_0$ : $\rho=0$
appear to involve different assumptions. The first assumes normality of errors (conditional distribution of Y given X) while the second is reported to assume bivariate normality of X and Y. Yet the tests produce identical p-values in every case I've ever seen and several trustworthy sources (e.g. David Howell's Psych Stats Text, van Belle et al's Biostats text) assert that these are the same test.
Now, bivariate normality (as far as I can deduce) implies that the conditional distribution of Y given X is Normal with a constant variance (equal to $var(Y)\times(1-\rho^2 )$), which is the stated assumption in the regression slope test. So is it the case that bivariate normality is not truly required in the test of the correlation - that the more narrow assumption regarding the conditional distribution is the only required assumption?