Dealers would have to submit bidding information for auction-rate securities in a set of individual data points rather than in document form under changes the Municipal Securities Rulemaking Board submitted Friday on a proposed expansion of its transparency system for ARS and variable-rate demand obligations.

Under the amended proposal, which the board submitted to the Securities and Exchange Commission, dealers also will have five business days, rather than the originally proposed one business day, to commit their best efforts at submitting a new or amended version of documents for VRDO liquidity facilities such as standby bond purchase agreements and letters of credit.

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