It is shown that general relativity coupled to nonlinear electrodynamics (N
ED) with the Lagrangian L(F), F=Fmu nuFmu nu having a correct weak field li
mit, leads to nontrivial spherically symmetric solutions with a globally re
gular metric if and only if the electric charge is zero and L(F) tends to a
finite limit as F-->infinity. The properties and examples of such solution
s, which include magnetic black holes and solitonlike objects (monopoles),
are discussed. Magnetic solutions are compared with their electric counterp
arts. A duality between solutions of different theories specified in two al
ternative formulations of NED (called the FP duality) is used as a tool fur
this comparison.