US to give details on regulatory reforms next week

WASHINGTON, July 2 (Reuters) - The Obama administration is aiming to release next week detailed legislative language for its proposals on corporate governance, shareholder rights, and derivatives regulation, a source familiar with government plans said Thursday.

The U.S. Securities and Exchange Commission is helping draft the legislative proposal for corporate governance and shareholder rights, which is expected to be released on July 9, the source said, speaking anonymously because the plans are not public.

The SEC has already proposed measures to improve shareholder rights, but some proposals require Congressional action.

The source also said the administration aims to release its legislative proposals on derivatives regulation on July 10, which are expected to call for a division of oversight responsibilities between the SEC and Commodity Futures Trading Commission. (Reporting by Karey Wutkowski and Rachelle Younglai, editing by Gerald E. McCormick)