As derivatives regulators hurry to implement key provisions of the Dodd-Frank Act, they face continuing questions over a firm that failed well after last year's passage of the law.

A hearing Thursday before the Senate Agriculture Committee had been scheduled for the heads of the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) to report on their implementation efforts. But the hearing quickly shifted focus to MF Global, the large derivatives broker that declared bankruptcy on Oct. 31.

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