WASHINGTON -- The Securities and Exchange Commission and industry officials will develop voluntary standards for the unregulated derivatives affiliates of securities firms within two months, SEC chairman Arthur Levitt Jr. told a Senate panel yesterday.

"By Thanksgiving Day they will develop standards relating to capital, internal controls, reporting requirements, and sales practices," Levitt told Senate Banking Committee members at a hearing on the U.S. and international capital markets.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.