WASHINGTON - The Securities and Exchange Commission may have taken a step toward regulating municipal and other kinds of derivatives by issuing a rule requiring securities firms to report their holdings in them, some market participants said this week.

The temporary rule, which takes effect Sept. 30 and expires at the end of 1994 when the SEC is to decide whether to make it permanent, is designed to help the agency estimate the risks involved in the burgeoning derivatives market. But it also would increase administrative costs for broker-dealers, according to some market participants.

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