The U.S. Securities and Exchange Commission will delay rules for the derivatives markets and will have only a “skeleton crew” tracking hedge funds if it doesn’t receive a 2012 budget increase, Chairman Mary Schapiro said.

“The new responsibilities assigned to the agency under the Dodd-Frank Act are so significant that they cannot be achieved solely by wringing efficiencies out of the existing budget,” Schapiro said in testimony prepared for a hearing of the Senate Banking Committee on the anniversary of Dodd-Frank enactment tomorrow.

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