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Hedge funds are facing direct rule

FSA chairman Howard Davies warns that hedge funds are facing direct

regulation unless they take on board the recent recommendations for more

disclosure and less risk.

The financial stability forum working group into highly leveraged

institutions, which Davies chairs, called for the changes after the

collapse of hedge fund LTCM, whose liabilities threatened the US banking

system. The group advises caution when choosing who to borrow from as well

as greater transparency.

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