We study nonlocal reductions of coupled equations in $1+1$ dimensions of the Heisenberg ferromagnet type. The equations under consideration are completely integrable and have a Lax pair related to a linear bundle in pole gauge. We describe the integrable hierarchy of nonlinear equations related to our system in terms of generating operators. We present some special solutions associated with four distinct discrete eigenvalues of scattering operator. Using the Lax pair diagonalization method, we derive recurrence formulas for the conserved densities and find the first two simplest conserved densities.
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