WASHINGTON -- Rep. Edward J. Markey, D-Mass., has asked the General Accounting Office to determine whether legislation is needed to give securities regulators authority to establish sales practice standards for derivatives.

Markey, who chairs the House Energy and Commerce subcommittee on telecommunications and finance, and Rep. Mike Synar, D-Okla., asked the GAO in a June 10 letter to make the finding after conducting a survey of firms' current derivatives securities practice standards.

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