Federal regulators have softened a plan to oversee companies that trade financial derivatives, the complex investments that played a central role in the 2008 financial crisis.

The decision defines which companies that trade derivatives will face tougher oversight by regulators. Most companies that deal in derivatives would be exempt.

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Groups that advocate stricter oversight of the financial industry condemned the rule, saying regulators had bowed to industry demands and sidestepped Congress’ desire to crack down on derivatives.

“This rule is an indefensible retreat from financial reform,” said Dennis Kelleher, president and CEO of Better Markets, a group that pushes for stricter limits on financial companies’ activities. “It also is a poster child for … the influence that the financial industry has at the regulatory agencies,” Kelleher said in a statement.

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