WASHINGTON -- Securities and Exchange Commission chairman Arthur Levitt has pledged to deliver to Congress by Dec. 12 a long-awaited report that outlines a framework for regulating derivatives affiliates of securities firms. Levitt, who is working with top-level securities industry representatives, asked two weeks ago for more time to draft the guidelines that had been expected to be released by Thanksgiving.

"We have been making good progress in our negotiations with the securities firms, and we are working toward completing our recommendations on an accelerated basis," Levitt said in a Nov. 1 letter to Rep. John Dingell, D-Mich.

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