WASHINGTON - Bond market participants praised the Internal Revenue Service and the Treasury this week for producing a single set of arbitrage rules that will vastly simplify the regulation of tax-exempt bonds and give state and local issuers more flexibility in complying with federal arbitrage requirements.

The rules were published in final form on June 14, only about a year after IRS and Treasury officials first began consolidating and, simplifying several sets of arbitrage rules, some of which had been in effect since 1979.

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