The SEC settled charges against two municipal advisory firms and their executives for the use of deceptive practices when soliciting business in five California school districts.

The SEC settled charges against a firm that provides administrative services to private funds. The agency found that the firm failed to respond to red flags and correct faulty accounting related to two clients.

The SEC charged two hedge fund managers and their source, a former government official accused of deceptively obtaining confidential information from the U.S. Food and Drug Administration, with insider trading. In addition, the SEC charged a third hedge fund manager from the same investment advisory firm with falsely inflating assets in portfolios under his management.

Based on the findings of a 50-state review of local government disclosure, issuance and audit practices, SIFMA asserted that state governments are in a "unique position" to ensure that local governments issuing bonds make complete and timely disclosure of financial information and comply with all federal contracting requirements.

FINRA proposed extending the implementation of FINRA Rule 4240's interim pilot program with respect to margin requirements for certain transactions in credit default swaps that are security-based swaps.