LONDON, April 2 (Reuters) - World leaders will pledge to regulate major hedge funds for the first time and set up a new oversight board to monitor the global financial system, according to a draft of the G20 communique.

The draft, obtained by Reuters on Wednesday from delegation officials at the G20 summit, also said leaders will vow to cooperate over economic policies to restore global growth and "refrain from competitive devaluation of our currencies."

Leaders of the world's largest industrialised and emerging economies are due to finalise their plan for reviving growth and stabilising the financial system at a summit here in London on Thursday.

The draft declared: "The era of banking secrecy is over."