The North American Securities Administrators Association yesterday called for Congress to regulate derivatives and hedge funds as well as impose a fiduciary duty on all investment professionals.

Outlining NASAA's agenda for the year, Fred Joseph, Colorado Securities Commissioner and the group's president, also said that Congress should make bold reforms to the financial regulatory system in light of the financial crisis, but stressed that state securities regulators, whom NASAA represents, should be not be pre-empted by the new regulatory framework.

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