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LONDON (Reuters) – EU plans for regulating the hedge fund industry still carry “significant risks,” warned Britain’s Financial Services Authority (FSA), even though many of the stricter rules have been toned down. “I would not underestimate the significant risks that still exist in this draft directive. It could still go badly wrong in some important areas,” Dan Waters, sector leader for asset management at the FSA, said at the EDHEC-Risk Summit on Monday.