WASHINGTON — The Municipal Securities Rulemaking Board is warning it will report to enforcement agencies dealers that redact critical information from documents submitted to the MSRB's Short-term Obligation Rate Transparency system, known as SHORT.

In a notice published Wednesday, the board said some dealers have been redacting required information from liquidity facility agreements and other documents related to variable- and auction-rate securities. Dealers have been required to file the documents, which the MSRB says includes information critical to investors, on SHORT since last May.

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