WASHINGTON - The Securities and Exchange Commission and Commodity Futures Trading Commission have different regulatory approaches, which may pose challenges to harmonizing their rules and dividing up oversight of over-the-counter derivatives, market participants and others said yesterday at an historic joint-agency hearing.

Industry officials who testified at the hearing generally called for the SEC, which has prescriptive rules for securities, to move toward the CFTC's "principles-based" regulatory approach for futures, under which it would set forth core principles for firms but give them broad discretion in determining how to meet them.

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