Merrill Lynch & Co. and Lazard Freres & Co. have missed two deadlines set by the Massachusetts state treasurer to explain apparent omissions in a required 1991 disclosure form, an assistant treasurer said yesterday.

Last week, state treasurer Joseph P. Malone announced that neither firm would be allowed to participate in an upcoming state refunding issue because in a December 1991 disclosure questionnaire the firms did not reveal to the state a fee-splitting and retainer agreement on swap transactions.

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