The President’s Working Group on Financial Markets issued a report Thursday that did not call for additional hedge fund regulation but that asks regulators to pay closer attention to their counterparties, such as banks, that might be able to detect questionable transaction activity, The Wall Street Journal reports.

The report also called for a “uniform” approach to dealing with hedge funds.

However, it was quite complementary of hedge funds, noting that since Long Term Capital imploded in 1999, there have been “significant improvements in the practices” of the hedge fund industry.

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