WASHINGTON — The Municipal Securities Rulemaking Board today is expected to file long-awaited rule changes with the Securities and Exchange Commission that would implement the final phase of its transparency system for auction-rate securities and variable-rate demand obligations.
The expansion of the SHORT system, for short-term obligation rate transparency, would allow the board to collect and disseminate additional ARS bidding information as well as ARS and VRDO program documents. It would follow last year’s launch of the initial phase of the system that provided basic reset rates for both types of securities and the board’s release in July of draft rules for the final phase.
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