WASHINGTON -- The SEC is working with securities finns to develop an "oversight framework" for unregulated derivatives affiliates that is "responsive to the public interest" but not "unduly burdensome," SEC chairman Arthur Levitt told Rep. John Dingell yesterday.

Levitt, who was responding to a letter from Dingell, said that the Securities and Exchange Commission is prepared to seek derivatives legislation if it is necessary. But for now, he said, the commission is working with a high-level industry policy group to develop voluntary risk management, reporting, and capital standards.

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