Process for Self-Bidding in Auction Rate Securities is Clarified

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On April 8, the Securities Industry and Financial Markets Association released a summary of discussions it has had with representatives of the Securities and Exchange Commission ("SEC") dealing with bidding by borrowers for their own auction rate securities. While the information in the summary is not binding on the SEC, the commentary provides greater comfort concerning a number of technical questions that have come up as borrowers have begun to bid in their own auctions.

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