WASHINGTON -- The Securities and Exchange Commission sees a rough legislative debate ahead on securities litigation reform, and issues such as who pays attorneys' fees and apportionment of liability "could be explosive," according to a commission paper prepared for a conference next month.

Securities litigation reform is a top priority of House Republicans, who have circulated draft legislation to change the federal civil justice system as part of their 100-day agenda. The draft bill would make it harder for investors to file securities lawsuits.

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