A broker-dealer group is warning the Municipal Securities Rulemaking Board that its proposal for dealers to disclose more information about short-term securities would be onerous and is urging it to do a cost-benefit analysis before proceeding any further.

The warning revolves around changes the MSRB proposed Nov. 18 to its Rule G-34 that would require dealers to report information on auction-rate securities and variable-rate demand obligations to its short-term obligation rate transparency, or SHORT, system. The submissions would include ARS auction procedures, interest-rate setting mechanisms, and bidding information, as well as contact information for VRDO tender agents and the identifies of, and data from, VRDO liquidity providers.

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